An entrepreneur's new business may have a first-mover advantage, but competitors can follow its lead and develop similar products and services. To sustain a competitive advantage, an entrepreneur must address the following critical questions and potential consequences: Yes Yes Yes 1. Does the Information technology lower costs or provide a better product or service? 2. Do all companies have access to the same technology and use it in the same way? 3. Does the company have sole ownership and rights to the use of the Information technology? Sustained competitive advantage 7. ted No INO NO Competitive disadvantage Competitive parity Temporary competitive advantage From: Adapted from F. 3. Fuerstand. B. Barney (December 1995). Information Technology and Sustained Competitive Advantage: A Resource-Based Analysis". Mes Quarterly, 1944), 487-505. 1995, Regents of the University of Minnesota, Reprinted with permission Which of the following statements is an accurate interpretation of the diagram for sustaining a competitive advantage? O A new business can answer yes to only two questions and still sustain a competitive advantage A new business must answer yes to all three questions to sustain a competitive advantage. The best way for a new business to sustain a competitive advantage is to have large hard drives for data storage. A business plan summarizes the decisions an entrepreneur has made about the business strategy and structure. The U.S. Small Business Administration suggests that a good business plan include the following components