The focus of this lesson is to identify “existing alternatives” to their businesses to better understand direct and indirect competitors.
- Student will create a list of key competitive factors.
- Students will research direct and indirect competitors for their business idea and another team.
- Students will analyze their competition to understand the strength of their idea.
- Students will refine their BMC based on their learning.
Competitive Analysis Grid
Use the Competitive Analysis Grid worksheet with your group to identify four direct or indirect competitors to your business. List as many different competitors factors as you can for each competitor.
Understanding the competition will help you better understand your own business.
- Understanding Your Competition by Jessica Oman
- Keeping Tabs on the Competition as a Start Up by Michael Fertik
- Knowing Your Business Competition is Crucial When Starting Up by James Caan