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Summary

In this video, the host discusses essential considerations for starting a business, emphasizing the importance of understanding market competition, potential new entrants, supplier power, buyer power, and the threat of substitute products. The video introduces Michael Porter's Five Forces model as a framework for evaluating business viability. Additionally, the host recommends using the Shopback app for cashback on e-commerce purchases to support business operational needs, highlighting special promotions and discounts for increased savings.

Takeaways

• 😀 The video discusses the importance of understanding various factors before starting a business.
• 💡 Michael Porter's Five Forces model is introduced as a framework to analyze the viability of a business.
• 🏢 The first force is the number of competitors in the industry, which can affect the business's ability to thrive.
• 🚀 The threat of new entrants is the second force, highlighting the ease or difficulty of new competitors entering the market.
• 🛒 The bargaining power of suppliers is the third force, emphasizing the importance of not being overly reliant on a single supplier.
• 💼 The fourth force is the bargaining power of customers, which can influence the pricing and profitability of the business.
• 🔄 The threat of substitute products is the fifth force, which can affect the demand for a business's products or services.
• 💰 The video suggests using the Shopback app for cashback and discounts on e-commerce purchases to support business needs.
• 📈 The presenter shares personal experience and success with using Shopback, encouraging viewers to take advantage of offers.
• 📆 Special promotional events like 'cash99', '10 10', '11 11', and '12 12' are highlighted as opportunities for additional savings.
• 🎉 The video concludes with an invitation to stay tuned for more financial insights on the channel.

Q & A

What is the main topic discussed in the video?

The main topic discussed in the video is the considerations and key points to examine before starting a business, with a focus on Michael Porter's Five Forces model.

Who is Michael Porter and what is his significance in the video?

Michael Porter is a senior business consultant and a professor at Harvard Business School. He is known for his extensive work in observing business developments and researching the factors contributing to the success or failure of businesses. In the video, his Five Forces model is discussed as a framework for analyzing the viability of a business.

What are the five forces that Michael Porter's model suggests to analyze before starting a business?

The five forces include: 1) The number of competitors in the industry, 2) The threat of new entrants, 3) The bargaining power of suppliers, 4) The bargaining power of customers, and 5) The threat of substitute products.

Why is it important to consider the number of competitors in an industry before starting a business?

Considering the number of competitors is important because it affects the level of competition and the potential for price wars. A high number of competitors can lead to limited room for maneuver as a new business and may result in a challenging market entry.

What does the threat of new entrants mean in the context of Porter's Five Forces?

The threat of new entrants refers to the ease with which new competitors can enter the industry and potentially disrupt the market. Factors such as high initial capital requirements, specific knowledge needed, or regulatory barriers can make it difficult for new entrants, thus protecting existing businesses.

How does the bargaining power of suppliers impact a business?

The bargaining power of suppliers can influence the cost and availability of raw materials or services needed for the business. A business is more stable if it is not overly dependent on a single supplier and has alternative options to avoid supply disruptions or price manipulations.

What is the significance of the bargaining power of customers in the business context?

The bargaining power of customers affects the pricing and terms a business can offer. If customers have high bargaining power, they can negotiate for lower prices or better terms, which can impact the business's profitability and growth.

Why is it crucial to consider the threat of substitute products when starting a business?

The threat of substitute products is crucial because it indicates how easily customers can switch to alternative products that offer similar functionality. A business is more vulnerable if there are many substitutes available, which can lead to decreased demand for its products or services.

What additional advice does the video provide for those planning to start a business?

The video suggests using the Shopback app to get cashback and discounts on e-commerce purchases, which can be beneficial for new businesses needing to buy operational equipment or supplies.

How can the Shopback app help businesses save on their expenses?

The Shopback app offers cashback and discounts on various e-commerce platforms. By using the app before making purchases, businesses can save on their operational costs, especially during promotional periods like the double cashback days mentioned in the video.

What are the special promotional events mentioned in the video for using the Shopback app?

The video mentions special promotional events on dates with repeating numbers, such as 9/9, 10/10, 11/11, and 12/12, where Shopback offers extra cashback and additional discounts, making it an ideal time for businesses to make purchases.