Building an unfair competitive advantage is the prime objective of the startup.
An advantage so strong your competitors complain about it.
It is NOT ONE thing or person.
It IS a COLLECTION of things.
Think of it like a recipe: a unique collection of ingredients, which together produce a dish that is awesome.
Here are some examples of ingredients for creating your own unfair advantage.
Great team of leaders and key employees – no one else can copy you and them.
Knowledge of what gets customers excited – that leads to hot selling new products
Respected investors – that bring a bag of help in addition to money.
Attractive culture, great place to work – at your company instead of the other places.
Ability to deliver multiple new products – operations team that can do and does.
Effective marketing – that leads to brands that dominate new market categories
Powerful strategic customers – blocking competitors
First to get it right – let pioneers make the mistakes.
And there are many more you can use to build your unfair advantage.
It is unique: no one else can have it.
It must be changeable over time: to respond to competitors attacking you.
It must endure over years, to give you time to create the significant increase in wealth that will be the reward for the high risk taken by your investors.
I wish you The Best on your Adventure!