 So we have been discussing the five forces as conceptualized by Porter, which impacts the industry's profitability. So the same framework is shown in a figure. Here we can see that figure, which expresses the five forces framework by Porter. So you can see that the five forces that includes suppliers, so bargaining power of the supplier. What is bargaining power? If you are getting any supply, then there is no shortage of supply. So they exert on you to increase the price, maybe to revise the buying conditionalities. For example, if you were taking credit, then you would say, give cash. So these kinds of things can be exerted on the industry and on some individual manufacturer. Similarly, here we can see the buyer. So if the number of buyers is less, if there are a lot of buyers, then it is not easy for you. But if the buyers are less, and you have to sell your product, and the buyer is bigger, then they can exert their power and bargain on the selling price as well as the terms and conditions of supplying the product. Similarly, we see that there are potential entrants. There is a threat of new entrants, including entrepreneurs. So here, basically, our project that is being focused here. An entrepreneur has to understand the mechanism of this industry and its character. How it will be involved in this industry and how it will cross the boundaries of the industry. And how it can impact the overall industry. Similarly, the substitutes, i.e. the product industry, and other industry-made products, can be used as substitutes for the products of this industry. So that threat of substitute products and services, that also is pressurizing the industry. And then within the industry, we see here, there is an internal competition, and the competitors are the rivalry between them. And the existing firms are coming into that competition and reducing the prices. And there is a constant competition between them. So all these forces are compromising the profitability, growth and success of the industry. Let's look at them one by one. Who are the new entrants? They enter due to reduced manufacturing costs and new product design. This entrepreneur, if he thinks that the barriers in the industry are not so strong, then I will take a new product with which the cost is less and more efficient, and enter the market. So what will happen to increase the competition in the market? And they are restricted by some barriers like economies of scale. What is economies of scale? The first firms in the industry are doing a production, and their production is a sizable production, and they have been doing it for a long time. Their scale has improved. The scale has improved means that the number of units they are producing, that is quite large, and due to producing more in large numbers, their cost to produce those huge number of products, that cost is less. It is less than that which a new entrant will come, and in the beginning manufacturing will start in a smaller size. So the cost of that product will be more, comparatively, those firms are already present and are doing their production. But the entrepreneur, who has brought an innovative product, who has brought a better technology, he will cross the barrier, because he knows that due to new technology, the cost of production is less than the regular technology. Similarly, those who have problems, that is brand loyalty, that is people are used to it, and people have selected themselves with a specific brand, bringing them from that brand to their brand, could be a challenge for an entrepreneur. Similarly, capital, you have a new entrant, you have a startup, and the firms working in that industry, they have a lot of options. Switching costs, the customer who is using the product, already a technical product, it has an infrastructure, in which the product is used. So if he wants to buy a product based on new technology, then he will have to change the infrastructure, there will be some financial cost, then to understand that new technology, you will have to take technical help, and you will have to understand, then your efforts and your financial resources, they will be called your switching costs. Then access to the distribution channel, the downstream line chain, through which existing firms are selling their products, they need to be able to sell their products, because it is a new product, that could be a challenge. In addition, R&D, research and development, the use of that product, the upgradation, the development, that also would be requiring certain resource allocation. So deep-rooted beliefs and routines help managers, to make decisions efficiently, but also limit them in responding to new trends. Firm dependence on a certain group of customers, may make a firm less responsive to new technologies, that are less effective in the beginning, to serve these customers. Those already present, firms, their special customers, along with their special customers, are related in such a way, that they think, that I have enough for me, that their requirements, their needs, and their specific infrastructure, according to that, and the internal competition, are so involved, that they are not capable of focusing on new technologies. And, the growth, through evolution, keeps on growing, otherwise, in that industry, even in the long term, there is not much change. So, the industry is a state of inertia, and it gives a chance, to the new entrants, who are bringing in efficient technology, and they are bringing in efficient applications, so that those barriers, cross them and join the industry, and enter the industry, then through their better technology, and innovative applications, in the market and in the industry, make their place successful.