1. How does the learning curve influence your success?

2. Objectives Examine learning curves in the context of competition
Explore the impact of learning curves on your success as an entrepreneur

3. Exploring competition & opportunity
Assessing industry conditions and status provides a starting point to understanding competition and entrepreneurial opportunities
Recognize opportunities and out-compete existing companies by understanding the:
learning curve,
complementary assets;
and reputation effects.

4. The Opportunity Analysis CanvasTM
Industry
Condition
Entrepreneurial Motivation
Competition
Learning curve
Complimentary assets
Reputation effects
Entrepreneurial Mindset
Industry
Status
Opportunity Identification
Entrepreneurial Behavior
Value
Curve
Macroeconomic
Change

5. Defining learning curves
“Rate of learning with experience (time)”
Influenced by what you know today,
as well your interests, commitment, and resources to learn new things in the future.

6. The learning curve advantages existing companies versus entrepreneurs
The learning curve allows existing companies to use their experience operating in an industry to improve their efforts for success
You are unlikely as a novice entrepreneur to start at the same point on the learning curve as an established company,
which has through its past operations and moved up the learning curve through trial and error.

7. Be different
Fortune 500 Companies

10. Learn from prospective customers
Onyemah, V., Pesquera, M. R., & Ali, A. (May 2013).
What Entrepreneurs Get Wrong. Harvard Business Review,

11. Learning resources General tips to get you started
Inc.com’s Guide to Conducting Competitive Research
Entrepreneur.com’s Guide to Market Analysis
University resources
Go to the University library to see if these databases are available to you:
IBIS World
Hoovers Company Information
Factiva

12. Learning resources (Con’t)
Other resources that exist are particularly useful for market size estimations and competitive research
Eurostat European Census and Statistics
SBDC’s Small Businesses Market Information
US Census’ U.S. Population Estimations and Statistics
Claritas’ U.S. Market Segments by Zip Code
Use the "Zip Code Lookup" feature to get market demographic information by zip code for common market segments
Use the "PRIZM" feature on the left hand side for common segments or explore general segments via the menu at the top of the page

13. Summary Do your research and embrace learning
To climb the learning curve quickly, it’s advantageous to pursue entrepreneurial ideas in:
new industries and/or
new markets.
Minimize the gap between your knowledge and your existing competitors’ knowledge