How Can Entrepreneurs Identify Their Competitive Edge?
Identifying a competitive edge involves thorough market research and an honest assessment of the business's strengths and weaknesses. Here are some steps to follow:
1. SWOT Analysis: Conduct a SWOT analysis to understand the internal strengths and weaknesses of your business, as well as the external opportunities and threats. 2. Customer Feedback: Engage with your customers to understand what they value most about your product or service. 3. Benchmarking: Compare your business with competitors to identify areas where you excel or need improvement. 4. Value Chain Analysis: Examine each step of your value chain to pinpoint where you can add more value than your competitors.