ENTREPRENEURSHIP

Detailed explanation-1: -Competitors are other businesses who can offer the same or similar goods and services to your customers.

Detailed explanation-2: -Industry competition includes businesses that sell a similar product or service. So if you’re starting an online clothing store, your industry is digital retail and your competitors are other online apparel companies.

Detailed explanation-3: -Direct competitors. A direct competitor probably comes to mind when you think of your competition. These are businesses offering similar (or identical) products or services in the same market. They also vye for the same customer base.

Detailed explanation-4: -Indirect competitors are businesses that offer slightly different products and services, but target the same group of customers with the goal of satisfying the same need. These are sometimes also known as substitutes.