| |
| |
|
Entrepreneurialism Information |
|
|
|
Competitive Edge
In his book, The Road Ahead, Bill Gates of Microsoft writes of "friction-free capitalism" made possible by developments in communications, chief among them the Internet and its World Wide Web. In this context, "friction" is everything that keeps markets from functioning as the "perfect competition" of economics textbooks. This friction can be a function of distance between buyer and seller, costs of overcoming this distance, and incomplete or incorrect information. Friction manifests itself by causing barriers to entry for new competitors, limiting the number of outlets from which the consumer has to choose. Large companies, with multiple sales outlets, and economies of scale, have greater power to direct the marketplace. The degree of friction in the developed world has been decreasing for some years now. Affordable air travel, overnight delivery, improved telephone and fax communications have shortened distances. Credit cards and toll-free numbers have spawned at-home shopping from sources across the country. The Web has taken the friction in our economy down another notch. In principle, we can sell products and services to a worldwide audience as easily and effectively as our largest multi-national competitor. In the friction-less economy, the challenge of differentiating ourselves from the competition becomes even greater. Successful small businesses tend to be those who can find some competitive edge, even when their product or service is similar to those around them. Marketing professionals often call a business' competitive edge their "unique selling proposition," or USP. Pinpointing and refining one's USP, however, is not a simple matter. An approach is unique only in the context of our competitors' marketing messages. Some marketing messages go beyond product and service characteristics. For example, Charles Revson, founder of Revlon, insisted that he sold hope, not makeup. Similarly, United Airlines sells "friendly skies," and Wal-Mart sells "always" the low price. Do these slogans convey how each company views their customers? Does their selling proposition appeal to your preferences? Sharpen your USP: ? Put yourself in your customer's shoes; satisfy their needs, not yours. ? Know what motivates behavior and buying decisions. ? Find the real reasons people would buy your product instead of a competitor's. Ask them! ? "Shop" the competition, be open-minded about your product, and never stop looking for ways to make your product stand out. Try now to recast your business idea in terms of its competitive advantage. Prepare an industry analysis (size, customers, trends, and competitiveness). Identify what you see as your specific market, and estimate the share you think you can capture. The Web can be a powerful research assistant. Virtually every major business puts product and service information on the Web, including business directory services and magazines. Search engines can help in improving your understanding of your industry, and the key success factors. Test the resources available on the Web. Visit sites of major companies in the industry, where appropriate. Search the archives of business magazines for articles that give background and statistics. John B. Vinturella, Ph.D. has almost 40 years experience as a management and strategic consultant, entrepreneur, author, and college professor. For 20 of those years, Dr. Vinturella was owner/president of a distribution company that he founded. He is a principal in business opportunity sites jbv.com and muddledconcept.com, and maintains business and political blogs.
MORE RESOURCES:
Entrepreneurialism - Google News |
|
|
|
RELATED ARTICLES
5 Tips to Step Boldly into the World & Set Yourself Apart from Others "Real champions believe in themselves even when no one else will!" Author UnknownTo take your life and business to a level that makes you ecstatic there is a good chance you will need to step boldly into the world and stand distinctively apart from others. Here are 5 tips to support you to embrace the unknown in a big way and maximize your results. Reducing the Stress of Being an Entrepreneur Starting and running your own business can be exciting and rewarding, but it can also be very stressful. For most of our almost 40 year marriage my husband has been an entrepreneur and I have sometimes worked with him. Goals and New Venture Creation More and more corporate workers are leaving their jobs to start new ventures. When taking this leap, it is important that the goals of these entrepreneurs are solid, as these goals may ultimately determine the success of the new venture. An Entrepreneur and a Life To Be Remembered I was reminded of my own mortality today. I guess you can say I had a near death experience, though the death I experienced was not my own. A Secret To Extraordinary Accomplishments I sat watching a documentary on U.S. How to Become a Successful Entrepreneur on the Web Becoming a successful entrepreneur in the online world is no different than becoming a successful entrepreneur in the brick-and-mortar world. Both tasks require vision, determination, and hard work. Franchises - Success and You Many people believe owning a franchise will make them rich, financially secure, and provide the life of their dreams. True, franchises have an extremely high success rate, and a very high satisfaction rate among their owners. The Perfect Little Coffee Shop: Are You Afraid of Failure? Are You Letting that Failure Cripple You Ah, coffee, the drink of choice when I want to share a special moment with friends, when I want to sit and ponder life or when I want a moment alone. I am an avid coffee drinker. Strategies for Overcoming Obstacles to Discovering Your Gifts What are the unique gifts that differentiate you from other solo entrepreneurs? The path to discovering your gifts may take a lifetime, but you can use the exploration process to begin to use your gifts NOW! Unfortunately, for many different reasons people get sidetracked or never even get started taking the actions that would help them discover their uniqueness. Here are some suggested strategies to help move forward and stay on the path of discovering your gifts. Pre-Money vs. Post-Money Valuation When a company decides that it must raise capital, a key question that must be answered is how much the company is worth. For example, if the business needs $500,000 to get started and/or grow, how much of the equity in that company should $500,000 command? Once this question is answered, the company will go out and try to find investors. Business Is No Guarantee of Riches Q: I'm thinking about starting a business since that seems to be how most rich people get rich. I don't have any business experience or much money, but I'm a fast learner and have lots of energy. Seven Key Qualities of Successful Entrepreneurs A recent poll conducted by Forbes magazine shows that majority of its readers would prefer to become a billionaire rather than a Nobel peace prize winner, a great scientist or a famous athlete. There is no secret that most of the average people dream about getting rich albeit very few makes any real effort to become one. Corporate Espionage in Franchising Franchising Trade Journals do not do well, because today with all the industry regulations only about 1800 active franchise actually exist in the US. Down sharply over the past five years. Franchise Business and Franchise Businesses Franchise business is being part of a successfully proven business that has a name or trademark that is well known and profitable. Franchise businesses are strategically tried and marketable with options to expand by offering products and services that appeal to the consumer. Staying Ahead of the Perils, Excerpt of Entrepreneurial Motivation Speech Running a business is not an easy endeavor, it takes courage, hard work and a strategic mindset. I feel now that I am retired looking back on it all, that it is my duty to provide to new entrepreneurs a few of the secrets of how to get things done. Solving the Million Dollar Mystery: 4 Steps To Create A Turn-Key Business You're a smart, hardworking entrepreneur, and you're moving fast. You are highly educated in your field and your business is growing and getting busier each day. Are You Sure You Want To Start Your Own Business? Part Two of a Series Why, exactly, do you want to go into business for yourself? Is it because you cannot stand the thought of working for an uptight, demanding, and perfectly dreadful boss?Is it because you cannot bear the thought of going through another downsizing or restructuring, knowing that your job could be on the line?Is it because you want to be your own boss, call your own shots, or see more up side in your earning potential, with the possibility of financial self-sufficiency? These are all good reasons for wanting to go into business. In fact, studies have shown that many entrepreneurs get their start due to some life-altering experience such as losing a job or finally walking away from a dead-end job or a demoralizing work environment. Independent Auto Detail Shop VS Biz Op or Franchise Owning a detail shop can be an exciting and rewarding business indeed. Many times an owner of an independent Detailing Shop will wish to add those items he/she believes their customers want. 5 Habits Of Successful Entrepreneurs Habits get a bum rap. When you think about your habits, I bet you think of the "bad" ones - the ones that you aren't particularly proud of, like eating too much sugar, or smoking, or dwelling on your negative thoughts. Before the Business Plan Purveyors of conventional wisdom would have you believe that the very first thing you ought to do when setting up a new business is to create a business plan.It doesn't matter whether you are selling odds and ends on eBay from your living room or something larger and more complex,Business plans are excellent and necessary.
|
| Good Credit Loans | home | site map | School Bus Clothing | Florida Pool Heating |
| © 2006 |
