It’s unlikely that you will be entering a completely empty market place. You will have to compete with incumbents of some form. It is therefore vital to have a strong competitive advantage over the competition. A commonly used model is the VRIO framework. Although this is a good model, it is too complex for a startup situation instead we will use the model suggested by Bill Aulet in The Disciplined Entrepreneurship Workbook.
According to Aulet an advantage, or core as he puts it, should be:
- important to the customer
Identify the value proposition and key competitive advantage of the following entities.