Question: When deciding whether a business concept is viable, it is essential to determine its competitive advantage and whether it is strong enough. While a company
When deciding whether a business concept is viable, it is essential to determine its competitive advantage and whether it is strong enough. While a company needs to do all of the following to be successful, barriers to entry are particularly relevant and must be carefully considered when attempting to
a
sell to a market that is large and growing
b
sell to a market in which the competition is able to make a profit
c
sell a product or service that solves problems consumers may have with the competition
d
sell a product or service at a competitive price that will attract customers
e
sell to a market in which the competition is succeeding but is not so powerful as to make it impossible for a new entrepreneur to enter.
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