CYPRUS – MESI COURSE (ENGLISH) - Vifin Course Creator

Understanding your competition

Understanding the real need for your products or services is the difference between a successful business and a hobby. You need to know your market, competitors and potential customers inside out, and thorough research will help you uncover any gaps in the market. You need to make sure that you have a ”unique selling point”, something that makes your offer stand out against the competitors.

Imagine, for example, that you want to open a restaurant. You need to understand what other restaurants offer. If there are ten pizzerias in the town, you will probably want to open another kind of restaurant, or at least a pizzeria that serves a new kind of pizza.

This section is about understanding the competition, and other things that can affect the customers wants and needs.

How to understand the competition

In order to be really clear about your competition, do a thorough research. Depending on your business idea, you could:

Make a google search – list all the competitors you can find
If you have a local business, visit all the competitors
For every competitor, try to figure out:

What do they offer?
What makes them stand out from others?
Who are the customer they are targeting?
What is there price level?
How do they find their customers?
What do they do really well, what do they do less well

Market segmentation matrix

The market segmentation matrix is a map, that shows you where there is a niche that is not filled by anyone else. In the left column, you list the groups of customers that are relevant for your and your competitors businesses (more about that in the next section). In the other columns, you try to identify which offerings your competitors have, and what groups they target. If we use the restaurant example, offerings can be different kind of restaurants that are located in your town. Is there a need that is not fulfilled by anyone so far? That might then be your business idea.

Trends

The world is changing around you. That means, our businesses are changing too. Because of that, you as an entrepreneur will need to understand trends related to your business. Here are three reasons to follow trends closely:

Following trends will help you get better business ideas
Following trends will help you develop new ideas faster
Following trends will decrease the risk of loosing customers

How to follow and analyse trends

There are many ways to understand the trends in society.

Read newspapers and magazines
Subscribe to newsletters – in most industries there are organisations that that do trend watching
Search social media channels for competitors and industry leaders and follow them
Discuss trends regularly with your friends, customers and collegues

Finding the trends is important, but even more important is what you do with the knowledge. How can you develop your business, your products or your services to meet new needs?

Thoughts and reflections

What are your thoughts and reflections on this section?
What do you need to do now?
When are you planning to do it?
Who can help you doing it?

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Kursus oversigt

Introduction to MESI platform

Introduction to modules and platform implemented

Glossary implemented

Module 1: Introduction to entrepreneurship - entrepreneurial attitudes and skills

Introduction to module implemented

Entrepreneurship implemented

Traits and attitudes of an entrepreneur implemented

Developing your own business idea implemented

Assessing your business idea implemented

Developing a Business Plan implemented

Module 1: Quiz 13 out of 14

Module 2: Legal and regulatory framework

Introduction to module implemented

1 Introduction and requirements under the residency law implemented

2 Legal structures and regulatory framework implemented

3 Formalities and public authorities implemented

4 Taxes implemented

5 Insurances implemented

6 Legal regulations & Contracts implemented

Module 2: Quiz 8 out of 9

Module 3: Strategic planning and project management

Introduction to module implemented

1 Introduction implemented

2 Strategic planning – creating vision and goals implemented

3 Strategic planning – analyzing possibilities implemented

4 Project management implemented

5 Time management implemented

Module 3: Quiz 13 out of 14

Module 4: Access to markets

Introduction to module implemented

Introduction – from idea to market implemented

Understanding your market implemented

Understanding your customers implemented

Developing your products or services implemented

Marketing and sales implemented

Module 4: Quiz 16 out of 17

Module 5: Understanding the local business culture

Introduction to module implemented

Introduction implemented

Communicating across cultures implemented

Verbal communication etiquette in business 6 out of 7

Non-verbal communication etiquette in business implemented

Active listening and empathy not started

Module 5: Quiz not started

Module 6: Funding and fundraising

Introduction to module implemented

Introduction implemented

Funding your business idea implemented

Different types of funds implemented

NABC implemented

Investor Pitch not started

Module 6: Quiz not started

For trainers / teachers

Inspirational material implemented