Key Success FactorsIdentify the key success factors necessary for success in the industry in which your venture would be competing, including the expectations of customers.
Weigh each factor to reflect its relevance to success in the industry.
Identify two competitors in your industry.
Evaluate your competitors and your venture against those key success factors, assigning weights.
Sum individual ratings to get overall measure of competitive strength for each rival and for your new venture.
Evaluate your ventures overall competitive strength relative to rivals and to customer expectations.
Determine a course of action to enable your venture to achieve competitive advantage in your industry relative to the industrys key success factors and the position of your competitors.