Problem
As an entrepreneur, apply the Stakeholder Analysis and Porter's Five Forces Model to your new small venture in Canada. Porter referred those forces affect its capability to serve its consumers and make profit. Organizations must apply their core competencies, business model and competitive advantage to achieve a profit over other competitors.
Consider the important perspectives but not limited to the following: customer, internal, innovation and learning, financial, and corporate citizenship.
1. Customer: How do customers see us?
2. Internal Business: At what must we excel?
3. Innovation and Learning: How can we continue to improve and create value?
4. Financial: How do we look to stakeholders?
5. Corporate Citizenship: How do we meet our responsibility to society as a whole, the environment, the community, and other external stakeholders?
After surveying the power these five forces exert on an industry, entrepreneurs can evaluate the potential for their companies to generate reasonable sales and profits in a particular industry to answer the question, "Is this industry a good one for my business?"
Here are some questions to help guide you in developing your business's competitive advantage but not limited to the following:
1. What are the key factors in determining if your idea is a viable business opportunity? Is this just an idea or a real business opportunity? Can the new product or service work?
2. What contextual (economic, regulatory, industry) factors should you be aware of? What markets and market drivers should you focus on? What are the specific competitive advantages will the product or service offer? Who are the customers/ buyers likely to be?
3. Who would make up the team? In your opinion, what is the greatest risk? Why and how should this risk be mitigated? What resources you will need? Who is going to finance it?
4. What would be the business strategy?
5. What partners and alliances (important stakeholders) will you need in order to be successful in production, distribution, marketing, and overall? What distribution channels will be used?