When building a strategic plan, entrepreneurs must understand their industry and their competition. One way of analyzing these is through Porter's 5 Forces. Here's how it's done.






Comments


Written by AngelBiz
2568 days ago

Good job explaining the difficult concept and relating to small business.



Written by CateCosta
2567 days ago

Thanks!



Written by lyceum
2568 days ago

Nice overview of Porter's model. Will social media and tech development be factors for a paradigm shift in the future?



Written by CateCosta
2567 days ago

I don't think social and tech will lead to a paradigm shift at all - they're just things to consider as you analyze the 5 forces. All of the 5 forces are still relevant and any new tech doesn't create a new force, it just changes the way the already identified forces act on a particular business in a particular industry.



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Share your small business tips with the community!
Share your small business tips with the community!
Share your small business tips with the community!