6.4 Entrepreneurial Strategy (Competition)

Always keep an eye on the competitive landscape. Regularly research competitors’ features, pricing, and customer feedback. Use competitor analysis to differentiate your offering – emphasize what you do better (better UX, lower price, niche focus). A few strategies: innovation (build new features faster), cost leadership (operate lean to undercut prices), or niche targeting (dominate a sub-market before expanding). As a founder, maintain agility: if a competitor launches a breakthrough, be ready to adapt your product strategy. Strategic pivots (like Netflix moving from DVD rentals to streaming) can redefine your startup’s trajectory. In short, aim to stay a step ahead through continuous product improvement and customer empathy. (No specific citation available, but competitive strategy is standard startup advice.)