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BP (20-30) (Sec.5 Business Model Explanation 1P (The important aspects of…

- - - - *Consider whether any of the following exist for your company and others wanting to enter the industry: high capital costs, high production costs, high marketing costs, consumer acceptance and brand recognition, extensive training and skills, unique technology and patents, tariff barriers and quotas, legislation or regulation.
        How will you overcome the barriers to entry?*
    - - Who are the customers?
      - Do they have significant power or influence over the prices they pay?
      - Do they have significant choice when buying the product or service?
    - - What is the likelihood that customers will switch to a substitute product or service? Will you have important indirect competitors? (For example, video rental stores compete with theaters, although they are different types of businesses)
    - - What products and companies will compete with you?
        How will your products or services compare with the competition?