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Key Success Factors
- Identify the key success factors necessary for success in the industry in which your venture would be competing, including the expectations of customers.
- Weigh each factor to reflect its relevance to success in the industry.
- Identify two competitors in your industry.
- Evaluate your competitors and your venture against those key success factors, assigning weights.
- Sum individual ratings to get overall measure of competitive strength for each rival and for your new venture.
- Evaluate your venture's overall competitive strength relative to rivals and to customer expectations.
- Determine a course of action to enable your venture to achieve competitive advantage in your industry relative to the industry's key success factors and the position of your competitors.
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