competition

Want to Expand? Take your Business Global Without the Travel

A guest post by Sloan McKinney Expanding internationally is no longer for the privileged few big businesses. Today, small businesses everywhere are able to expand globally, and with nothing more than the help of the internet. Planting the Seed If you have ever been apprehensive about expanding your small business abroad, you are not alone…. Read More »

Why the Women’s Hockey Gold Medal Game Has Nothing to Do with Skill (Ditto for Your Business)

It’s a controversial opinion, but it’s mine: whichever team wins the Women’s Hockey Gold Medal will win not because of skill, but because of two intangible but critical things: intention and mindset. It has little to do with skill or talent or training. Neither team is more skilled than the other; they are evenly matched… Read More »

Differentiate or die

Small businesses cannot just be like everybody else out there. They must have differentiated service. Differentiate or die means that you cannot beat the big players at the uniformity game. Your small business will never produce bottled water as cheaply as Nestle. Your book store will not sell more than Amazon. You cannot put out… Read More »

Don’t Reinvent the Wheel: The 30-Day Blog Challenge, Day 9

When we’re new to entrepreneurship, we tend to think we must do everything ourselves. After all, our businesses are all unique – but do our processes, tactics, and products have to be unique too? The short answer is NO. If you’re building a business, whether it’s online or brick and mortar, one of the smartest… Read More »

Analyzing Your Industry: Threat of New Entrants

You might not have much competition now…but what will you do when new companies enter your industry and try to take some of your share of the market? If you’ve planned for this, then you’ve already assessed the threat of new entrants in your industry. This is the fifth and last post in the series… Read More »

Analyzing Your Industry: Buyer Power

Buyer power is the control that your customers have over whether or not they buy from you. If it’s easy for them to get your product somewhere else, then buyer power is high. If you’re fulfilling a need that can’t be met easily elsewhere, then buyer power is low. This is the third post in… Read More »

Analyzing Your Industry: Substitutes

Substitutes are defined as products or services that consumers can buy instead of your product or service, to try and fulfil the same need. This is the second post in a series of five describing various aspects of the 5 Forces analysis, which is a useful tool for defining strategy in your business plan. You… Read More »