from INC.com Zine 18 Aug 15 enhanced by Peter/CXO Wiz4biz
Starting your own small business can be scary, especially those times when you wonder how you will be able to compete with those incumbent businesses that seem so far ahead of you. But, don’t despair, you have a few unfair advantages that they don’t have. Here are a few:
1st Mover Advantage. See something no one else sees? Is your product or service so unique that replication would be futile? Get it out fast and show the world what you got.
2. Passion. Big companies lose most of their passion in their bureaucracy. Big company employees are less motived to stay that extra hour. They have little or no stake in it.
3. Schmardt. You have been thinking about this idea and this product for a long time. You have explored every angle and used your network to validate certain truths. You are smarter than you think.
4. Experience. I love entrepreneurs that forge their idea from their own professional experiences. You lived on the front line. You have a considerable understanding of what the customer want – that no one else can has.
5. Listening. The world is littered with startup founders who can pitch & pitch & pitch. But if you can listen better than them and with that skill, you will uncover insights to customers & operations that others can’t hear.
6. Curiosity. One of my favorite words – and an even better trait – is your innate curiosity about company building, customer development, or product development or etc. Curiosity is the launch point for great things.
7. Community. Great entrepreneurs use their community to create something great. They can review & validate your ideas and also give you new ideas.
8. Goals. I push hard for 3-month goals; any longer and you risk building a team that puts the cart before the horse. Set realistic goals for you and your team and the next thing you know, it’s 2 years later and you have out-executed your competitors.
9 Flexibility. There is a fine line between focused & stubborn. A good middle ground is flexibility, mix of personality traits that enables you to focus on what the customer wants – even tho’ it may be different than your original product.
10. Exclusive Partnerships. Whether these are manufacturing or distribution partnerships, exclusive deals can create a great barrier to entry against your competitors.
11. Trade Secrets/Patents. I am not a fan of patents in SW, but anything that you can touch could/should be considered. The little brother (you know the one that is talented – just younger) is the Trade Secret and that in many ways is even more powerful than the patent. What is a trade secret?
12. Networks. Your ability to get advice, help, funding, & hiring from a well established network is one of the least expensive but more powerful weapons you own.
13. Speed, to do most anything is an unfair advantage and when you can sell , make or distribute your product faster than others, you compete like no other and win.
Conclusion: These are but a few of the unfair advantages your new business can compete with. I am not advocating trying to do all of them, but pick your best few and double-down on those and you will find yourself in a strong competitive position and winning a lot !!!
Comments: Can you add anything to the Advantages of being an Entrepreneur vs working for a BiG company?