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Identify your Competitive Advantage to Find your Business Idea
Filed under BusinessOct 13One of the most effective ways to find a business idea (business to know what) is wondering which ones are the competitive advantages that one or possesses, and then devise a business that could exploit these advantages.
When we talk about competitive advantage mean that one can have benefits to other people (other entrepreneurs or business) or to existing businesses or companies in any aspect that will enable one to obtain a competitive edge in business terms.
These benefits can be classified as personal competitive advantages and competitive advantages of business:
Personal competitive advantage
Personal competitive advantages are advantages of our person, related to the knowledge, experience, skills, personality or attitudes you may have.
To find a business idea by leveraging our personal advantage, we must first identify the advantage, for example, wondering what we’re good, or what we emphasize or highlight the other, and then devise a business that allows us to take advantage of it.
An example might be to a person who realizes his good taste for good clothing or fashion, for example, when compared with their friends or be recognized by them.
His good taste for fashion would be their competitive advantage, and then the business ideas that this person would take into account, would allow businesses to harness this competitive advantage, for example, a sewing shop, a fashion boutique, a Fashion Design Academy, a fashion consulting, etc.
Another example could be a person who is good to write, this ability would be their competitive advantage, and then, business ideas suited to that person, would allow businesses to harness this ability, for example, writing books, online articles, book reviews, business manuals, brochures for agencies, etc.
Business competitive advantage
Business competitive advantages are advantages of a business that will allow one to achieve a competitive edge over similar businesses.
Business competitive advantage can be in any aspect of the business, for example, a business can have a competitive advantage in customer service in cost, speed of service, distribution, infrastructure, location, technology, logistics , etc.
To find a business idea competitive advantage by leveraging our business, we must, first, to identify such an advantage, for example, asking what knowledge we have that other businesses will not, with what technology we do not have other businesses, what we have business contacts, what knowledge and market experience we have other business does not have, etc and then, designing a business that allows us to capitalize on that advantage or benefit.
An example might be a person who has the knowledge or technology that allows you to produce a product at a lower cost than other existing businesses (and therefore can sell it later at a lower price), but with the same quality.
Such knowledge or technology would be competitive business advantage, and then the right business idea for that person, would be the creation of business to take advantage of such knowledge or technology.
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