# Business Modeling --- Entrepreneurs and business professionals use diagrams to graphically assess the moving parts of their activities and strategies. ---  --- Luckily, there's a _model_ for that ---  --- ## What does each part entail? ---  --- ### Real world examples ---  ---  --- ## What does each part mean? ---  --- ### Customer models --- Empathy Map ---  --- Value Proposition Canvas ---  ---  ---  --- ### Competition models --- What is a SWOT Analysis? ---  ---  --- Read [How to Conduct a SWOT Analysis for Your Small Business](https://www.thebalancesmb.com/swot-analysis-for-small-business-2951706) --- Ways to diagram competitive analysis ---  --- ## Many other models ---  ---  --- Competitive Analysis Matrix --- Harvey Ball Chart  ---  --- ## Competitive Landscape --- The vast majority of "new" business ideas aren't entirely new. They're usually - a twist on an existing product or service - a new approach to a traditional method - an improvement to an inefficiency --- ### Your business will have direct and indirect competitors --- Direct competitors have: - Similar products and services - Similar businesses and models --- Indirect competitors are: - People's time and attention - Personal connections and concerns - People's money and disposable income --- Your aim is to: - Identify your key competitors - Conduct competitive analysis - Adapt your business model --- ### Assignment part A In Slack, brainstorm the competitors you'll research and solicit feedback from classmates. --- ### Assignment part B In Docs, complete the competition assignment: 1. Identify 3-5 companies, products, or services that compete with yours 2. Complete the Competitive Analysis Worksheet 3. Summarize your findings. In a few paragraphs, identify what works and what doesn't work in the market; analyze your competitive advantage and disadvantage; explain your plan to improve your weaknesses and capitalize on your strengths.