Making Your Business Model Last
In This Chapter
Creating competitive advantage
Keeping competitive advantage
Up to this point, you have found a great market for your product, created a niche, picked quality customers, and found a way to sell your product for a profit. Great job! Now it’s time to find a way to make it last.
Business would be much easier without those pesky competitors. You come up with a great business model, and they steal all your great ideas. Unfortunately, competitors emulating your best practices won’t go away, but you can mitigate the adverse effects of competition by creating sustainable competitive advantages. It also helps to out-innovate the competition and to avoid pitfalls. (I cover these topics in Chapter 11.) Business models that leverage these factors have more success than those that don’t.
In this chapter I show you how to protect your business model from competitors and keep it humming for a long time. By fully understanding and then fine-tuning your competitive advantage, you can complete the building of a strong business model.
Creating Meaningful Competitive Advantage
Competitive advantage is a complex and far-reaching concept. In the interests of keeping it simple, competitive advantage is what keeps your business model strong and ...