How did you do with your homework from yesterday? Could you produce a short statement about the unfair advantage of your business?
If you cited a single element, such as “Bill is a god!” then you don’t understand unfair advantage. My research revealed that serial entrepreneurs use many things to build an unfair advantage. They assemble several elements and weave them together into an impressive tapestry. They create grandma’s secret recipe, a collection of ingredients for a dish that is unforgetable.
Try using the following elements to improve your advantage. They are from Chapter 2 of The Power of Unfair Advantage: How to Create it, Build it and Use it to Maximum Effect: Customers, Competition, Capitalization and Investors, Strategic Partners, Strategy, Progress, Culture, Compensation of Workers, You and Your Core Team, and Experience Capitalizing on the Big Breaks.
Can you weave more of those elements into your statement of the competitive advantage for your enterprise? When you can, you will be on your way to building an advantage that your competitors will complain is “Unfair!”
Try giving me an example or two of elements you think are especially important to use to build an unfair advantage. Ill tell you if I agree with you.