Studying your competitor is one of the most important responsibilities of an entrepreneur. By gaining knowledge about a competitor they will be more equipped to handle the competition. But how do you go about this function especially if you have limited financial resources?
Company formation and business solutions experts agree that it doesn’t necessarily have to be expensive to study the competition. Some of the competition-studying tactics that can be done are:
• Study the competitor’s website
• Talk to the competition (depending on the sector, this is possible but you must follow certain etiquettes)
• Ask friends and associates
• Investigate the competitor’s SEC papers
• Use Google or Yahoo!