The blog post “Knowing Your Business Competitors” published by Mike Michalowicz gives some suggestions to young entrepreneurs who want to start new businesses and make something that does not exist before.

As is said in the post, the business needs to offer the market something that “is currently missing; whether it is better efficiency, lower prices or higher quality”, which can be considered as the value proposition of the company.

As a consequence,  “knowing the competitors” becomes crucial because this can help entrepreneurs make correct decisions in terms of the direction of the company, avoid losses and evaluate the market.

One of the best ways to get to know the competitors is using online research. Through the Internet, entrepreneurs can easily get access to the data they need. For example, knowing some of the strategic mistakes their rivals have made can help entrepreneurs avoid doing the same thing . On the planning stage,entrepreneurs should make full use of the information that is available to make the best choice. And, the final target of the business should be providing customers things that competitors don’t have, which can differentiate the business from the competitors.

Reference:

http://www.toiletpaperentrepreneur.com/getting-clients/knowing-your-business-competitors/