In general, you can not expect to capture any value if you do not create any. Getting paid to play?\ is an exception, but is unlikely to yield very high profits

在许多不同的市场中,一个公司想要成功必需要结 合数种不同的资源。 有数种方式可以集结公司所需的资源,如

Many markets are such that a firm needs several resources to success Resources can be brought together in several ways Self-development acquire/be acquired

较大的市场空缺提供较多的价值创造机会, 但是可抓取的价值相为较小。 这种情势对于较弱小的竞争者来说较有吸引力。 译注∶当市场空缺大时,小小的一杯羹就足以养活一家小公 司,但能获取的利润很小

More openness allows more value creation, but less value capture More attractive for weaker players

并井所有的经济力量都遵守产业疆界的 要制造所有的儿童都喜爱的卡通? 或 针对部份儿童制造全方位的娱乐产品?

Not all economic forces respect industry boundaries Cartoons for all kids or All entertainment for some kids

「当一个有良好声誉的经理人进入一个恶名昭章的产业服务,通常他无法对这个产业的名声有任何提升华伦巴菲特

你为甚么能赚到钱? 那个资源会发生甚么变化? 你可以利用现有资源来创造可以取代 它的事物吗? 你有任何劣势吗?

When a manager with a good reputation meets an industry with a bad reputation. It is normally the industry that leaves with its reputation intact.” Attributed to Warren Buffett