Creating A Competitive Advantage For Business Owners

4. Creating a Competitive Advantage It is essential for the managers and the business owners to ensure that they work in order to create a competitive advantage for the business. This will help the business is differentiating itself from other businesses in the same industry (Gorgievski, et.al, 2011, pp. 209). Furthermore, competitive advantage is something that is the unique point of a business, thus it should be carefully designed and worked upon by the business owners. Successful business owners should be capable enough to develop a unique competitive advantage that will help the company in succeeding in the industry. John Bull needs to make sure that his company has a competitive advantage in order to stay ahead of his competitors. This means that he should differentiate his shop from others so that more customers are attracted and his profits increase. 5. Innovation Innovation is something that should be adopted by all companies. Business should be able to innovate constantly and bring changes to its new products or create new products to keep the interest of the customers, or else the customers will be attracted by other company’s products (Fleisher Bensoussan, 2014, pp. 20). In order the business to innovate or bring new changes to the existing business, it is important for the businessmen to understand the essentials of innovation. This will help in innovating and staying ahead and different from rest of the companies in the business. Considering the nature ofShow MoreRelatedA Family Business1570 Words   |  7 PagesA family business can be defined as a commercial organization owned, controlled, or led by a family (usually related by either blood or marriage). Alpha Academy, a daycare located in High Point, NC, is a family business acquired by Lucious and Melissa Turgeon in 2006. The daycare currently employees a total of 19 people and brings in an average of about $600,000 yearly. 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