A Business Competitive Chain Is The Dynamic Outer Framework

Well to me it depends on the mind-set of an individual, his/her innate abilities and capabilities. I myself broadly classify entrepreneurs into two types, The Inventors (those who with their discrete and genius intellect pioneer goods and services that never existed) and the Innovators (take existing idea and innovate it with their brilliance). It is the category that defines the set of skills, traits and characteristics suited to that entrepreneur. For example the first type of entrepreneurs i.e. Inventors are revolutionary blended with growth orientation. They want to revolutionize the market or industry and grow at some rate so that their product becomes a necessity e.g. Thomas Edison, While on the other hand

“Competitive Advantage introduces the concept of the value chain, a general Framework for thinking strategically about the activities involved in any business and assessing their relative cost and role in differentiation”. Michael Porter, (1985).

Effective value chain as a competitive advantage can contribute significantly to the prosperity of a firm in the competitive arena, but it can cause dire situations if not operated properly (Guy, 2011). However, there are conflicts among companies as to how stakeholders think they gain competitive advantage. Porter (1996) suggests: A company can outperform rivals only if it can establish a difference that it can preserve. It must deliver greater value to customers or create comparable value at lower cost or do both.

Birth stage, in the birth stage an entrepreneur thinks about a business model, forms a management group to work with and then they form a business plan. The entrepreneur’s primary concern is securing funds for development and survival. At this stage, the organisation is a one man show with the founder/entrepreneur bearing all responsibility for development and management.

An Entrepreneur decides his future, time, happiness, duties and a whole lot of others. An Entrepreneur will use his imagination and come up with a way to implement his ideas even when others say it doesn't matter, planning, design, deployment and measurement are all subsequent to research. And, in the beginning of everything is the creation of the core product in its raw form a marketing skill. Most people don't understand that without marketing you do not have a product, or a service or a solution to sell.

A competitive strategy is a way for a company to have an edge over its competitors and help the company reach the consumers. A good business model with aid as a basis for the competitive strategy the business will use. Anheuser-Busch is the number one competitor in beer development and sales. This is because of its competitive edge it has over other beer distributors. Also they have made their distribution different and more complex compared to its competitors, for example, hiring brand managers that have more experience to boost sales, changing their sales system from traditional to a presell sales system.

Bygrave and Zacharakis draws concept of entrepreneur close to heart of students. When I study this book, as well as I do my own research on my venture it makes sense to me. On the other hand, this book have reliable information-packed with unique resource to shows me how to identify good business opportunities, create a business plan, do financial projections, find financing, and manage taxes. Yet, this book also had other topics which include marketing, selling, legal issues, intellectual property, franchising, starting a social enterprise, and selling your business. These entire analyst, I find myself benefit from this book. The authors outline some fundamental assumptions supporting the belief that all entrepreneur venture should know before start up a business. The authors say “entrepreneurship is an iterative cycle between thinking and acting.” I find they statement is true. When I make the comparison of my bakery venture , I find myself far back compare to the rates the areas I do researches on it. But now I go through this book I think my idea of bakery was “widely used throughout the business world.” The authors pays particular attention to enlighten the entrepreneurs paths, they argue that it is important to prepare well business plan. I like these outlines which Bygrave and Zacharakis had developed:

The value chain is a concept developed by recognized Harvard business management expert Michael Porter in his book "Competitive Advantage (1985)." It breaks up the various elements of producing and

A common viewpoint is that competition among peers of any industry is tapering out slowly. In its place a new competitive metric is playing out. Functions within the organization itself are viewing each other competitively. They are battling to gain competitive advantage. The replacement of traditional practices, due to globalization, in the late 1990s, with digital process cycles have led to the structural evolution within the supply chain dynamics.

Entrepreneurship is an attractive career choice. Most of people think of creating a new business, they think of beginning from scratch, developing your own idea and building the company from the ground up. But starting from scratch presents some distinct disadvantages, including the difficulty of building a customer base, marketing the new business, hiring employees and establishing cash flow, all without a track record or reputation to go on. Therefore, there are many decisions to be made before creating a new business (Rajiv Kumar, 2016).

Managers generally consider the rivalry among competitors as a major source for deriving strategy. As explained by the Michael Porter it is a narrow view of competition. A set of other parameters should be evaluated, mentioned in article as five competitive forces, along with industry structure, which affect the competition within an industry. These forces also impact the profitability of any industry. Different industries have different structure and different competitive forces which will affect the industry average of return on capital invested. Executives should do detailed analysis of different competitive forces and their strength at industry level and shape strategy to take advantages of these forces by positioning organization where forces are weak, exploit changes in the forces and reshape the forces in organizations favor. The five competitive forces that shape the strategy are threat of entry, power of suppliers, power of buyers, threat of substitute products or services, and rivalry among existing competitors.

Competitive business strategies facilitate a firm to sell or produce products and services with more efficiency and with the sole aim of having a competitive advantage over their competitors (Mandarini, 2014). There are a variety of business strategies that are used by managers as they have choices between using set standard strategies or creating their own set of strategies and therefore it

In the journal, “From Founder to CEO: An Entrepreneur’s Roadmap,” by Joseph Picken, he outlines entrepreneur characteristics, specific obstacle’s most experiences and mainly how he got to where he is. Out of eight specific hurdles, the first one is setting direction and maintaining focus. The first step entrepreneurs have to undertake is launching their startup. However, before doing that they need to have a clear understanding of their goal and establish an exact direction. Which includes, who they are targeting, what are they offering, value proposition, their model and key milestones (Picken 2017).

The plan is to cater to Southern India for special occasions which can serve 5000 or more guests. With units set up in each southern state. Also start up the Mobile catering in Manipal and Bangalore where the students or younger generation’s population is high. We would want to employ more of Women workers and provide a good salary by increasing our clients by 20%, as our services have exceeded the expectations of our customers in terms of good quality food and brilliant services.

An entrepreneur needs to take a proactive approach to the venture by employ key strategies to understand the market and expose opportunities that the business can profit from. First, it is important to understand the industry the venture is entering. Though