If a business can make its product or service cheaper, faster, and better, then it can be ________.
Smaller companies- if well managed- are just as able as ____ ____ to develop strategies that offer a competitive advantage.
The beginning point of any competitive advantage begins with a commitment to ______.
It is essential that a business owner add a solid reputation for honesty and dependability to good customer service and excellent product quality.
To Maintain Strong Competitive Advantage
To act without regard for others- or worse, to act dishonestly.
Quickest Way to Lose Competitive Advantage
Reflected in what he or she says and does and determines the culture within a business.
The Core Values of the Entrepreneur
The foundation of all relationships, including business relationships.
Mostly independent of firm size. If there is an advantage, it most often goes to the smaller business.
An uncompromising commitment to _____ will move you a long way on the road to having a competitive advantage to other firms in your industry.
Both in products or services and in competitive strategies is within reach of the small business in ways that were not thought possible a few years ago.
- Produce more patents than larger businesses per employee (a measure of innovation).
- Outperform larger businesses in growth, citation and originality.
- Patents are twice as likely as those from large firms to be among the 1 percent most cited by others in their patent applications.
Small Business Innovation
- Focus on improvising existing products
- Creative ideas may be side tracked because they are not related to existing product lines or because the are unusual.
Large Firm Innovation
Can obscure the value of a new idea.
- Large corporations have missed major transformations in a number of industries.
Preoccupation with an Existing Product
Are better able to take inventions or innovations developed elsewhere and put them to use, which requires marketing, sales, and organization.
Entreprenuers- Rather than equating innovation to technologial break throughs and scientists in white coats.
- Also helped smaller firms compete.
- Web is full of free tools to help entreprenuers start, run, and grow their business.
- i.e. social networking
- i.e. social networking
Access to technology
A specific group of customers with an identifiable but narrow range of product service interests.
- Might consist of a uniquely specialized product or service.
- Might focus on serving a particular geographical area.
- Uniquely positioned small businesses to capture these markets
Niche Market Characteristics
- Integrity and responsiblity
- Customer focus
- Quality performance
- Niche Markets
The Entreprenuer's Competitive Edge