Potential entrants become competitors unless you can customize the product and / or service you are offering to get them to become buyers and hope that your suppliers don’t lose the desire to go to the factory warehouse every day.
And then tossed out like the garbage floating around (like that plastic bag in American Beauty)
Michael Porter is famous. Never heard of him? If you’re a strategy wonk you have — likewise an entrepreneur, a business school grad, or a business leader. Ohh, that Michael Porter. The Michael Porter who is most cited author in business and economics. The Bishop William Lawrence Harvard University Professor Porter. The father of modern strategy. He published his seminal work, Competitive Strategy, when he was 33 years old in 1980. It’s now in its 60th printing in English and translated into nineteen languages.
His real genius was that he was able to reduce the concepts and ideas contained in his 397 page, 2lb, 1200 plus word tome into one simple picture, with 5 boxes, 5 arrows and a few words. It’s on page 4, blandly titled Figure 1.1, Forces Driving Industry Competition.
I wonder if he hadn’t drawn those boxes and arrows if we would have ever heard of…
View original post 274 more words