The Curious Case of Copycat Entrepreneurs: How to be Motivated in the World of Competition?

Many entrepreneurs face competition when they succeed with their business plans especially when others copy their successful formula for their financial gains. Those entrepreneurs who copy other entrepreneurs are called “Copycat Entrepreneurs”. However, some of these successful entrepreneurs become demotivated and disappointed after the increasing competition within the market. This cycle creates an ecosystem called Red Ocean Strategy, where there are several competing businesses offering the same products and services.
While the chance of copycat entrepreneurs to sustain their businesses diminishes over time, they eventually could end up eating a big chunk of your market revenues. In fact, it is a good chance for entrepreneurs to come up with new or modified products, services, and re-shifting their strategy to focus on keeping their loyal customers, as well as having new customers.

At this workshop we will dig deeper into the definitions and meaning of being an entrepreneur and understanding the factors that keeps the business surviving on the long run. We will go through some examples and stories of businesses on both the red and blue oceans strategies, we will also learn about the customer and user experiences, as well as how others copied businesses has failed, while others had to innovate and survived.

After listening to several examples, we will go into the Lean Method of entrepreneurship, where participants will learn how to make their business more efficient and effective by cutting cost, time, and waste. Each group will have a 3D modular cutout of retails or factories with fictional scenarios, and they must adopt lean methods to make the production smoother or to generate more sales. (Alt: images will be used for the activity in the case of an online session)

Towards the end we will get the feedback from the participants on how they modified their business models, and how they can implement the lesson learned towards their future entrepreneurial projects.