How To Use Porter’s 5 Forces To Analyse Your Business’s Viability
There are so many market forces that are constantly in operation today.
Have you ever wondered how competitive your business is going to be in two years time?
In five years time?
In this podcast, I talk about a framework that I’d studied when I did my MBA. It’s called Porter’s Five Forces and was first presented in 1979 by a young associate professor from Harvard. His name was Michael E. Porter.
Resources Mentioned
Related / Mentioned Podcast Episodes:
- Episode 048 – John Logar on How To Maximize Your Business Profitability
- Episode 043 — The Membership Economy with Robbie Kellman Baxter
- Episode 030 – Taki Moore On How To Use Frameworks To Increase Your Productivity
- Episode 022 – $50 Million and Counting with Ed O’Keefe
- Episode 011 – Dan Norris on Startups
- Episode 002 – James Schramko on Recurring Income Models
Key Points (Timestamps)
- 1:17 — What is Porter’s Five Forces Framework? How can it help you with your business?
- 2:15 — Porter’s Five Forces of Framework, explained in detail.
- 1:54 — One of the biggest mistakes businesses make is to treat their business like a promotion.
- 2:42 — Threat of New Entrants – and its impact on your business
- 3:22 — Threat of Substitutes – and its impact on your business
- 4:07 — Buyer Power – and its impact on your business
- 4:41 — Supplier power – and its impact on your business
- 5:19 — Competitor power – and its impact on your business
- 5:38 — Porter’s Five Forces, explained with a hypothetical example.
- 10:33 — Related podcast episodes mentioned
