Porter's Five Forces framework does a fantastic job at helping a us understand some of the competitive forces within an industry. Through analyzing these forces a company or potential entrant may find ways to differentiate or at the very least understand how to play within the industry.
Like most companies, I find myself in a competitive market. I'm here through many choices I've made, both small and large. As I think about my future career it occurs to me that these same five forces may be of use to me in framing the work environment in which I compete; an environment that can be a times just as fierce and unforgiving as the cruelest industries. Of the five force, are two that standout to me as most applicable; though there is some overlap.
Looking at potential entrants I can see there are many. In hunting for an good internship I sat in 25 formal interviews making it to final rounds 6 times. Each time I was on a fly-back I often sat next to and mingled with my very competitors for the internships. Depending on the company that feeling of competition can be very real. The are many potential entrants and the bar continues to be raised each passing year. The questions how am I going to set myself apart from others? How do I lower the threat of substitutes? Can I create a barrier to entry?
The answer to all of these I believe is fairly simple yet difficult to do. In the MBA program a lot of learning takes place at the price of significant time and effort. I've noticed that as people mature in their careers they build some very specific business knowledge from experience that is valued and rewarded by their employers. However, I seen many whose mind are limited by only their experiences as they have continued to rely on the same lessons learned in MBA school or early on in their careers.
How will I be different and create real value and an advantage over others? I believe the key is in learning curves. I plan to be active mentally in my career talking with people outside of my immediate function do understand more and learn from other. Books and staying abreast on current trends, news, and tools is also important. I chose the book pictured here because it is a fairly new book that is patterned like from another time period. It's pages contain old stories but that are no the less interesting today. By continually thirsting for knowledge and acquiring it from many source I can build a competitive advantage that can not be replace by a recent college grad nor the seasoned manager that knows his business very well but know nothing else.
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