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COMPETITIVE ADVANTAGE A competitive advantage exists when a firm has a product or service that is perceived by its target market customers as better than that of its competitors. Unfortunately, entrepreneurs are often confronted with two myths surrounding the creation of a competitive advantage. One is that most good business opportunities are already gone. The other is that small firms cannot compete well with big companies. Both of these ideas are erroneous! Nevertheless, existing companies, large and small, do not typically welcome competitors. As one well-respected author, Karl H. Vesper, puts it: Established companies do their best to maintain proprietary shields... to ward off prospective as well as existing competitors. Consequently, the entrepreneur who would create a new competitor to attack them needs some sort of "entry wedge," or strategic competitive advantage for breaking into the established pattern of commercial activity. Before choosing such an entry wedge, the entrepreneur needs to understand the...

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