How Can Entrepreneurs Gain a Competitive Advantage?
Entrepreneurs can gain a competitive advantage through various strategies, such as:
1. Differentiation: Offering unique products or services that stand out from competitors. 2. Cost Leadership: Achieving lower costs than competitors through efficient operations and economies of scale. 3. Focus Strategy: Targeting a specific market niche with tailored products or services. 4. Innovation: Continuously improving products, services, and processes to stay ahead of competitors. 5. Customer Relationship Management: Building strong relationships with customers to enhance loyalty and retention.