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Summary

The people who read your plan want to know who your competitors are, how they compete with you, and how your business is positioned to compete with them. In this chapter you've learned that the important thing to do when preparing the Competitive Analysis section of your plan is to first do a little homework. Pick a dozen or so of your nearest competitors and start a file on them. You've also learned to include both direct and indirect competitors in your research, and to remember you're competing in a global market.

In addition to describing your competition, this chapter has also discussed how you should describe the barriers to competition in place for your business. No successful business can keep competitors from copying it, but readers want to know how you plan to keep one step ahead of the competition during the first three to five years of your business.


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