The Hustle Video Series Episode 20 – Competitive Advantage

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You can create your own competitive advantage in business. Sometimes people are gifted an advantage such as a being naturally smart or inheriting a large sum of money that can be used for their start-up but if it isn’t handed to you, it doesn’t mean that you can’t create it for yourself.

For example, to put yourself in a stronger position you can wake up early to give yourself more work hours in the day or stay late at the office instead of leaving early for happy hour.

To set gain the competitive advantage you have to take into consideration three important points:

  1. Benefit. How does your product or service benefit the consumer?
  2. Target market. Who are your customers?
  3. Competition. This not only includes your direct competitors but also includes ways in which your customer can get the product or do the service themselves.

With these factors in mind, you must communicate what benefit you bring to your target market in a way that is better than your competition.

So when your competitors are taking a break, focus on the points above and double up and take the lead. Whether it’s a lower price, faster service, or a better product – find the ways that you can create your competitive advantage.

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