Come up with five examples of firms that have used imitation as a way of reducing the risk of entry. What aspects of risk was it meant to reduce? Was it successful? What aspects of the firm were not generated by imitation, made the firm unique, and were a potential source of advantage over competitors?
Provide two examples of firms with a broad scope, two with a narrow scope, and two that started narrow and became broader over time.
Is it a waste of time to detail the firm's strategy in the business plan when the audience for that plan (e.g., venture capitalists) knows that things are not going to turn out as expected and, as a result, place considerable importance on the quality of the management team? Why not submit only the resumes of those in the management team? If you were a venture capitalist, would you want to see the business plan? How would you assess the quality of one management team relative to another?
