How Entrepreneurs Face When Building And Running Their Businesses? Essay

Secondly, knowing your competitors is vital to be a business, because there could be a new business

10. Visit the website for a large bank or credit card company, and learn about a type of credit card being offered by the company. Describe at least four features of the card and where you got this information. (3-6 sentences. 2.0 points)

3.1.10. Management and Leadership ................................................................................. 8 Context Analysis ............................................................................................................ 8 Competitors and Industry Analysis .............................................................................. 11 Key Competitors ................................................................................................... 13 Market segmentation and target market group ..................................................... 16 Customer Analysis ....................................................................................................... 14 Collaborators ................................................................................................................ 17

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

Businesses are not only faced with competition within the industry they operate in. They also face competition from businesses in other industries.

What particular elements of each organization’s culture, processes, and management systems and styles work well to support innovation?

• If you want employees to display initiative and come up with new ideas (Intellectual) you must give them responsibility and provide interesting work and

A competitive strategy, or business-level strategy, is the way a business used to successfully enter and penetrate into a market (Eastwood et al, 2006), and also, to succeed in this chosen market against its competitors (Johnson et al, 2014). A company needs to develop and apply appropriate strategy to help the company to generate distinctive competences (David, 2007). Compared with the strategies implemented in other levels of operation, competitive strategy is more focused on the competition against other competitors and strategic choices to better attain market share (Harrison and St. John, 2009). According to

Innovation is not a single activity; it is a process. For businesses, innovation means fresh ideas, developing new products or services and its effective processes. Innovation can be key to any business or company in the future. Bringing innovation into your business can help you save time and money and gives you the competitive advantage needed to grow your business.

All companies desire to dominate any given market without being outfought or outwitted by rivals. However, the implications of

To remain competitive a company must consider who their biggest competitors are while considering its own size and position in the industry. The company should develop a strategic advantage over their competitors’

Explain and critically analyze unique traits of an Entrepreneur, discuss these related to personal strengths and weaknesses

 In general, manager’s look at competition has been too narrow. There is a broad set of competitors that need to be looked at, which are described in “The Five Competitive Forces That Shape Strategy” by Michael E. Porter. The model explains that there are several other forces in the competition for profits that the strategist should be aware of when forming a stagey. Those forces determine the profitability of the industry and are the most important to look at when you are forming a strategy. These five forces are are the “industry structure” model which contain: New Entrants, Suppliers, Buyers, Substitutes, and Existing Competitors.

1. The most significant challenge to business success you see in this rapidly changing global economy;

First core characteristic is being an innovator, in here an entrepreneur introduces new ideas, products or methods that will be beneficial and will give entrepreneurial change to both organisation and the people they serve. An example of this within Auckland City Mission is that, they continue to strive hard to foster innovation based on research and practical experience of clients and knowledge from staff and other agencies in order to be effective.