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Chapter Recap

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 Ideas do not have inherent value until they are developed into opportunities. Opportunities are actionable, and they have the potential to provide value both to customers and to you.

 Opportunities are cultivated from a number of sources including active search, different or new information, change, and the process of effectuation.

 Opportunities that are executable, that are not obvious to others, and that solve problems for customers—regardless of whether or not the customer was aware of the problem—have the potential to be great opportunities.

 If an opportunity can be executed in a strategic space that isn’t too crowded and where your entrepreneurial thumbprint and competitive advantage converge, you may have the foundation of a business that is successful and sustainable.

 Competitive advantage is the sum of conditions that put one business in a superior or favorable position over another. The elements that make up a winning competitive advantage are valuable to customers, rare, difficult to imitate, and not easily substituted.

 A startup’s distinctive competencies are a key driver of that venture’s competitive advantage. Small firms are agile, and they often benefit from specialized knowledge, a high degree of team cohesion, and fewer internal bureaucratic barriers.

Starting a Business QuickStart Guide

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