From the course: Defining and Segmenting Competition
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Handling indirect competition
From the course: Defining and Segmenting Competition
Handling indirect competition
- Now let's take a look at defining your competition, and most entrepreneurs only think about direct competitors, they really don't like to think about indirect competitors, and so your competitive set is very, very small, but, we've got to look at alternatives, we've got to look at who are those other folks out there that really can compete with me that I might not have thought of initially and that's what we're going to drill down in on now and really understand a little bit more about that. So I like to think of that in terms of a circle, first of all I have kind of the inner circle, the inner circle are where I plop my direct competitors, and then I draw another circle around that and that's the circle I plop my indirect competitors on, and anybody outside the circle, of those two circles I just ignore, right? But I like to draw this 'cause I can get a visual representation and kind of plop my competitors in these two…
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