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Question
List the 5 main first-mover advantages discussed in the text.Answer
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A narrow scope strategy reduces the risks associated with competition.
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A narrow scope strategy is better than a broad scope strategy in an environment high in uncertainty.
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Adaptations necessary to meet changes in market demand are difficult because an organization resists change.
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First movers suffer a cost disadvantage as they are not able to move down the experience curve.
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The knowledge needed to generate innovation cannot be easily learned from a textbook.
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_____ refers to the probability, and magnitude, of downside loss.
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The U.S. Chamber of Commerce and Small Business Development Centers are good places to get information and assistance in starting a new business.
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