BootStrapMe

Ed Yourdon

The most useful tool in a new business's toolbox is knowledge. Whatever your specialty is, there are other companies out there who specialise in the same thing. Knowing your competition and studying the way they conduct business is crucial to success. Here are some tips on conducting competitive analysis so that company directors can help their business outshine and outsell.

1. Study how your competitors advertise themselves. Marketing is important for all businesses to get the word out and show your unique angle in the marketplace. Burying your head in the sand in terms of knowing what your competitors are putting out there is a crippling move. Try to investigate as a consumer would, and take note of what aspects of their website, brochure, taglines, and commercial are effective. Then put that knowledge to good use when creating your own advertising.

2. Get personal. Talk to your competition's customers. More often than not, people are more than happy to tell you what exactly they're looking for in a business. Find out what they value and work those values into your practices.

3. Utilize technology. When investigating your competitors, don't shy away from the latest technological search aids. Pay attention to what people are saying on social media sites like Twitter and Facebook. People are a lot more likely to be honest when they're writing about something in cyberspace rather than telling someone to their face – that way you will learn about what people like and don't like that way. You can also set up keywords that are pertinent to your business in Google Alerts so that you don't miss out on something that appears on the web.

4. Don't only investigate current competitors. Research what companies were in your industry and failed. Was their product too expensive or not user-friendly enough? What tactics did they use to reach their consumers that failed? Knowing what didn't work will help you avoid making those costly mistakes in the future.

papalars

How much we've lost as a society can sometimes only be fully appreciated when visiting overseas. On stepping off the plane, it's as if we've jumped back in time, experiencing life as it used to be years ago back home. That's certainly the case in Oman, an outwardly-modern, forward-looking Arabian Peninsula state. But we're not talking bricks and mortar and 21st century infrastructure. No, we're talking about family and the deep loyalties and ties which bind family members together. To successfully operate a business in Oman requires an understanding of the power the family wields in all aspects of day-to-day life.

Sounds ominous but it really isn't. It's very much cultural, an echo of the country's tribal roots. There are certainly dos and don'ts which the entrepreneur must know about in order not to step on toes, or cause offense or loss of face. It's something to bear in mind whether conducting business discussions, for example, or even when opening a simple business bank account. To forget to do so could very well signal the end of any business venture.

The small and medium sized family-run business is at the heart of the Omani economy with the head of the family usually the guiding force. But don't be surprised if other family members – sons, brothers, uncles – are also heavily involved. In fact, to get to the decision-maker may mean working through lesser members of the family hierarchy first. Only when a certain level of trust has been established will access be allowed to the top man.

As in many other Arab countries, time is an elastic concept. In the United States, Europe or other western countries, business is conducted on all levels with one eye firmly on the clock. Time, after all, is money. Turning up late for a business meeting is like saying you don't want the contract or the job on offer. Not so in Oman. Expect the business meeting you've been at pains to set up to be delayed or even rescheduled without notice of any kind. Don't be disappointed or offended and don't take it personally either. It's just the way business is conducted in Oman. So better get used to it.

Oman is an extremely conservative country, especially when it comes to dress code. Even although the weather may be extremely hot and uncomfortable, attending a business meeting wearing a smart business suit, shirt and tie is expected. It shows respect for the host. Women must be careful to dress appropriately, too, which means no tight-fitting clothes. Arms and shoulders must be covered at all times, too.

If time in the context of a business meeting is considered differently in Oman then so is the idea of formality. You may be eager to get down to discussing your latest startup idea but your host will likely be more interested in indulging in a bit of idle chatter – and drinking a cup of coffee with you. Don't be fooled. Your host is sussing you up, deciding whether you're someone he'd be comfortable doing business with.

Then there's the interruptions, the telephone calls and members of the family wandering into the meeting without an invite and talking about something completely unrelated. There's no such thing as a formal business meeting in Oman. Get used to it. Don't show any annoyance or impatience if you want a successful outcome.

The US government has produced a handy guide to doing business in Oman which can be found here.

© Michael Lewkowitz

Entrepreneurship is the act of undertaking innovative moves in the field of finance and business to create economic goods or provide services. The most obvious form of entrepreneurship is starting a new business by formulating new ideas and recognizing opportunities but it also includes revitalizing an existing firm with newly perceived opportunities to create more social value. Entrepreneurship activities range from going solo with innovative ideas in a small startup business to creating job opportunities for hundreds in a larger enterprise.

As per Frank. H. Knight and Peter Drucker entrepreneurship was all about taking risks but recently studies are being done on how understanding the environment and taking cues from the surroundings lead to success in some entrepreneurial ventures while others are lost into oblivion even before they can garner speed. Study of successful entrepreneurship ventures and the personality traits of those who take the risks to start new ventures have led to research in the field of cognitive factors and environmental factors in entrepreneurship.

Many fruitful entrepreneurship examples have a common variable. Behavioral science and cognitive factors are greatly influenced by the environment in which the entrepreneur exists. It may be the social, economic, legal, and competitive or the political environment that impacts his thinking pattern and psychology the most. The environment definitely helps him recognize the opportunities that exist around him and urges him to take positive innovative steps in entrepreneurship acts and create wealth and value for the society and the economy as a whole.

Entrepreneurship is no longer about the person but the influence of the environment on him.