On this episode 8 of Straight Outta Classroom podcast, the host, Aaron Dendero, talks about who are competitors.
Key takeaways from this episode:
Competitors are rival enterprises that an enterprise shares the customers with by offering a category of products or services with common characteristics. Competition determines whether a market is profitable and what it takes to enter. If low costs or differentiation cannot be achieved, there is no point to enter the market. Once low costs or differentiation can no longer be achieved, it is time to cut losses and exit the market.
To enhance your learning, grab a complementary visual book - Entrepreneurship: Mastering ABC of Business at Amazon.
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