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CHAPTER 8 ENTREPRENEURIAL STRATEGY & COMPETITIVE DYNAMICS - Coggle…
CHAPTER 8
ENTREPRENEURIAL STRATEGY & COMPETITIVE DYNAMICS
Entrepreneurial Venture to Create New Value
Entrepreneurial Opportunities
Discovery
Evaluation
Extent the opportunity is viable
Attractive - must be market demand
Achievable - practical & physically possible
Durable - attractive long enough for development & deployment to be successful
Value creating - potentially profitable, benefits must surpass the cost of development
Entrepreneurial Resources
Financial resources
Human capital
Social capital
Government resources
Entrepreneurial Leadership
Entrepreneurs characteristics
Personality traits/Characteristics for successful entrepreneurial leadership
Vision
Dedication & drive
Commitment to excellence
Entry Strategies
Pioneering new entry
Imitative new entry
Adaptive new entry
Competitive Dynamics
New competitive action
Hardball strategies - 5 ways to aggressively attack your rivals
Devastate rivals' profit sanctuaries
Plagiarize with pride
Deceive the competition
Unleash massive and overwhelming force
Raise competitors' costs
Threat analysis
2 factors to assess whether or not companies are close competitors
Market commonality - vying for the same customers & how many markets share in common
Resource similarity - the degree which draw the same types of resources to compete
Motivation & capability to respond
Several factors to consider
How serious is the impact
Motivation for responding & the intent of the competitive response
Seeks to improve competitive advantage
Assess capability to respond - resources can be deployed, internal strengths, operating from a position of weakness
Role of firm age & size - smaller size: respond quickly, uses of technology: deploy resources in unique ways, start-ups: limited financial resources, older & larger firms: more resources, slower to respond, tend to be predictable
Types of competitive action
Strategic action
Tactical action
Likelihood of competitive reaction
Market dependence
Competitor's resources
Actor's reputation