Competitive Strategy in Entrepreneurship

Competitive strategy in entrepreneurship refers to the methods and plans a business uses to gain an advantage over its rivals in the marketplace. It involves understanding what makes a business unique, such as its products, pricing, or customer service, and leveraging these strengths to attract customers. Entrepreneurs analyze their competition and market trends to identify opportunities and challenges. By developing a clear competitive strategy, they can position their business effectively, meet customer needs better, and ultimately strive for greater success and profitability in their industry.