Seeing Entrepreneurially - Competition

8 important questions on Seeing Entrepreneurially - Competition

Assessing industry conditions and status provides a starting point to understanding ___________.

competition

To compete effectively, it's valuable to understand the influences that what 3 things have on entrepreneurial companies?

1. the learning curve
2. complementary assets
3. reputation effects

How is the learning curve depicted?

graphically as the relationship between the number of times something has been done on one axis and the level of proficiency demonstrated on the other axis
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What kind of things influence the learning curve?

--what you know today
-- your interests
-- your commitment
-- resources to learn new future things

What can give entrepreneurs advantage over competitors? 

When their knowledge, relationships, or financial capital are significant

What do reputation effects resemble?

advertising intensity (customers prefer to buy from trusted or known companies/brands or known through their social circle)

If the reputation of competitors is _______, be sure to invest in branding your company and products.

positiive

What 4 things can you do to conduct competitive research?

--Search the internet for customer insights
--Sign up for free subscriptions to competitor's publications
--Perform secondary research
--Search public records

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