What is the critical factor that determines the success or failure of any company? It is its competitive advantage, or "area of excellence." Every company comes into being and survives because it has a unique capacity to offer the market something that is better in some way than anything being offered by its competitors. It stays in business as long as it continues to satisfy its customers in a particular area better than anyone else.
The competitive advantage or unique selling proposition of a company determines its rate of growth, its level of sales, its profitability, and its very survival. Companies without a competitive advantage soon disappear from the marketplace, to be replaced by other companies with clear, unmistakable, competitive advantages that customers can and will pay for.
You are no different. As the president of a company of one, you, too, must develop and maintain meaningful competitive advantage. You must develop an area of uniqueness.You must be absolutely ex cellent in the work that you do so that you can rise to the top of your field. Your choices and decisions about what your competitive advantage is, and will be, are the critical determinants of your financial success in your life and career.
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Among the hardest transitions for individuals is to move from the employee to the entrepreneur mentality. The idea of getting on your own, getting your own business is fantastic. It's the desire of a lot of individuals to leave their jobs and get to be successful business owners.