1. January 28, 2011 Objective: Students will identify the niche for their business ideas.

2. Lesson 3.3 - Niche What will you do that is better, faster, cheaper than your competitor? How will you differentiate yourself from the competition? What makes your business model unique? Discuss with a partner these questions about each of your businesess… you have 7 minutes.

3. Competitive Advantage The answers to these questions will help you identify a “niche” which is also known as your “competitive advantage”. It is common that a competitive advantage includes one or several of the following planned elements : – Price – Quality – Location – Speed – Service

4. Niche Areas In the United States, consumers already expect “good” service. Therefore, it is very hard and rare for a U.S. based business (or a business looking to sell to U.S. citizens) to have a competitive advantage resting solely on service. It therefore must be combined with another advantageous attribute to create a competitive advantage. Talk with your partner about the niche you identified for your business. In what areas have you identified a niche for your business? Document the competitive advantages for your business in your notebook.

5. Section 3.3 – Assignment Part 1: For your BIG IDEA discussed in the prior module; identify 3 REAL direct competitors and assess each of their competitive advantages. Be specific. Part 2: Explain the plans for your BIG IDEA to be able to compete. What will be your “niche” or “competitive advantage”?