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Flashcards in The Entrepreneur's Competitive Edge Deck (18):
1

If a business can make its product or service cheaper, faster, and better, then it can be ________.

Competitive

2

Smaller companies- if well managed- are just as able as ____ ____ to develop strategies that offer a competitive advantage.

Larger Firms

3

The beginning point of any competitive advantage begins with a commitment to ______.

Integrity

4

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

5

To act without regard for others- or worse, to act dishonestly.

Quickest Way to Lose Competitive Advantage

6

Reflected in what he or she says and does and determines the culture within a business.

The Core Values of the Entrepreneur

7

The foundation of all relationships, including business relationships.

Trust

8

Mostly independent of firm size. If there is an advantage, it most often goes to the smaller business.

Quality

9

An uncompromising commitment to _____ will move you a long way on the road to having a competitive advantage to other firms in your industry.

Quality

10

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.

Innovation

11

  • 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

12

  • 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

13

Can obscure the value of a new idea.

  • Large corporations have missed major transformations in a number of industries.

Preoccupation with an Existing Product

14

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.

15

  • Also helped smaller firms compete.
  • Web is full of free tools to help entreprenuers start, run, and grow their business.
    • i.e. social networking

Access to technology

16

A specific group of customers with an identifiable but narrow range of product service interests.

Niche Market

17

  • 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

18

  • Integrity and responsiblity
  • Customer focus
  • Quality performance
  • Innovation
  • Niche Markets

The Entreprenuer's Competitive Edge