External analysis for new ventures
The external analysis is perhaps more useful for larger companies than for startups[@ianuzzi2017Entrepreneurship for Physicists]. However, it can be important to understand the framework in order to judge future processes. The focus should be to create sustained competitive advantage by deploying a strategy unique to us and that competitors can't imitate.
To realize if we can succeed, we can use the VRInS criteria (this refers to a strategy not to a product):
- Valuable
- Rare
- Imperfectly imitable
- Non-substitutable
Entrepreneurs, however, focus on control over prediction, and therefore are willing to move the boundary conditions (see: Piloting a new venture). Especially for scipreneurs, this gives them the first-mover advantage[@ianuzzi2017Entrepreneurship for Physicists]. However, this advantage can only be achieved in specific contexts (see: first-mover advantage)
The next step in the process is to study the Categories of competitors.
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