Achieving Competitive Advantage in Economic Crisis

Abstract

This paper seeks to encourage potential and existing entrepreneurs to do business, even in economic crisis and global recession. The global economic crisis strongly affected less developed areas, especially small entrepreneurs in these areas. In such conditions there is not much space left for successful entrepreneurship, entrepreneurs are forced to search new opportunities, and to do businesses with higher risks. They must have a modern approach to entrepreneurship, which tries to discover new opportunities in an innovative way. The paper shows that crisis and recession can provide new opportunities that need to be detected at the right time Competitive advantage may be gained if the entrepreneur is able to offer something valuable and important to the market, and if it differs from the competition in a way that offers better quality. In addition, there must be many other sources of competitive advantages which should support the main source of competitive value. The aim of the paper is to help entrepreneurs to find sources of competitive advantage in time of economic crises.

What is next for sustainable competitive advantages in pandemic outbreak context?

“…Adoption of SCA strategies has become relatively crucial in this context. Electronics manufacturing organizations in Malaysia may regain and sustain organizational competitive advantages in the economic crisis, if they are able to offer valuable and essential goods to the world electronics market, and if it differs from the competition in terms of providing a better-quality product (Salem, 2015). As such, sustainable competitive advantage (SCA) practices conceived in this study include lower cost advantage (LCA) and differentiation advantage (DFA).…”