Week 6 Reading Reflection

From reading this weeks assigned readings, I got to learn about the forces/framework that analyzes the framework of competition. Porter lists those forces as the following:

1.) Threat of new entrants
2.) Substitute products/services
3.) Bargaining power of customers
4.) Bargaining power of suppliers
5.) Competitive Rivalry 

After reading about these forces, the thing that surprised me the most about the forces is how each of the forces under neath has so many other important points you have to focus on. For example, just under the first one, I noticed that there were over ten other little points you have to cover. Things such as capital requirements, government policy, taking considerations of the size of your business, retaliation from other companies, sunk cost, and even have to take into consideration the loyalty that other customers have to established companies.This is just going into the #1 ( Threat of new entrants.)

Going deeper into the readings, I realized how little I knew of the these forces and I realized that this class really helps me with understanding the deeper levels of a new business. It was definitely a great text to read and I believe Michael Porter gives insight to the world of entrepreneurship.

I feel like I am not in the place to correct Michael Porter and his list of forces. I am here to learn from scholars like him and so far, every week, I have enjoyed the texts given. I find it very hard to pin point something that I disagree with.