The Entrepreneur's Competitive Edge

Question 1

If a business can make its product or service cheaper, faster, and better, then it can be ________.

Answer 1

Competitive

Question 2

Smaller companies- if well managed- are just as able as ____ ____ to develop strategies that offer a competitive advantage.

Answer 2

Larger Firms

Question 3

The beginning point of any competitive advantage begins with a commitment to ______.

Answer 3

Integrity

Question 4

It is essential that a business owner add a solid reputation for honesty and dependability to good customer service and excellent product quality.

Answer 4

To Maintain Strong Competitive Advantage

Question 5

To act without regard for others- or worse, to act dishonestly.

Answer 5

Quickest Way to Lose Competitive Advantage

Question 6

Reflected in what he or she says and does and determines the culture within a business.

Answer 6

The Core Values of the Entrepreneur

Question 7

The foundation of all relationships, including business relationships.

Answer 7

Trust

Question 8

Mostly independent of firm size. If there is an advantage, it most often goes to the smaller business.

Answer 8

Quality

Question 9

An uncompromising commitment to _____ will move you a long way on the road to having a competitive advantage to other firms in your industry.

Answer 9

Quality

Question 10

Both in products or services and in competitive strategies is within reach of the small business in ways that were not thought possible a few years ago.

Answer 10

Innovation

Question 11

• Produce more patents than larger businesses per employee (a measure of innovation).
• Outperform larger businesses in growth, citation and originality.
• Patents are twice as likely as those from large firms to be among the 1 percent most cited by others in their patent applications.

Answer 11

Small Business Innovation

Question 12

• Focus on improvising existing products
• Creative ideas may be side tracked because they are not related to existing product lines or because the are unusual.

Answer 12

Large Firm Innovation

Question 13

Can obscure the value of a new idea.

• Large corporations have missed major transformations in a number of industries.

Answer 13

Preoccupation with an Existing Product

Question 14

Are better able to take inventions or innovations developed elsewhere and put them to use, which requires marketing, sales, and organization.

Answer 14

Entreprenuers- Rather than equating innovation to technologial break throughs and scientists in white coats.

Question 15

• Also helped smaller firms compete.
• Web is full of free tools to help entreprenuers start, run, and grow their business.
  
  • i.e. social networking

Answer 15

Access to technology

Question 16

A specific group of customers with an identifiable but narrow range of product service interests.

Answer 16

Niche Market

Question 17

• Might consist of a uniquely specialized product or service.
• Might focus on serving a particular geographical area.
• Uniquely positioned small businesses to capture these markets

Answer 17

Niche Market Characteristics

Question 18

• Integrity and responsiblity
• Customer focus
• Quality performance
• Innovation
• Niche Markets

Answer 18

The Entreprenuer’s Competitive Edge