What is your company’s competitive advantage?

In my work I have often been approached with these questions; “Do you think this is a good idea” and “should I go into business?”  I usually asked them to further describe their business idea for me.  They begin by speaking calmly and at an average pace, then, as they begin to get excited, their voice tone starts to rise, the pace of their speech increases and they often become animated.  This is a great sign since it shows they have a true passion for what they are describing.  Passion for what you’re doing is one of the critical ingredients for success as a small business owner. Next, I ask them to describe their competitive advantage.  If they respond with, “What’s that?”  I tell them not to quit their day job; end of discussion. Having and identifying a competitive advantage is so important that if a business owner cannot describe their competitive advantage then I believe they are destined for failure. As the owner of your business, you must identify or develop your company’s competitive advantage.  Once you’ve done that, you have to teach your key management and employees how you plan to use your competitive advantage to outsell the […]