If you’re in any kind of business, whether it be product or service related, you would face competition.
However is competition just about others who are offering the same type of business as you do? Are there any other kinds of competition you should be worried about? Should you be worried about them in the first place, or can you cooperate for synergy?
One of the most widely used models, and probably the best one still on competition is Michael Porter’s Five Forces model. Developed by analysing industry case studies, the model brings together what goes on in the real business world, and allows the business manager to better understand his competitive landscape, and make decisions to better influence his business for his industry.
(Click on the post title if you’re unable to see the video)
Start thinking about the industry you are in and the five forces you experience. Is your business trying to ride too many competitive currents, or is it surfing well amidst the oceans of competition? Share your thoughts and questions in the comments.