DO YOU HAVE AN EDGE?
Many entrepreneurs have sunk in the euphoria of starting small. They have excluded themselves from the very standards set in the industry that they want to operate in. The danger of this is that SMEs are knocked out of business even before they step into the market. Having values to offer in business is not enough, but you must offer it in a better way than other competitors do, that is what gives you an edge.
Michael Porter discussed the importance of having an edge in business in his books: Competitive Strategy and Competitive Advantage. These are two concepts that entrepreneurs must take seriously while starting up. Not having an advantage or developing a strategy that will give you an edge in the market is killing your business before it starts. Having an edge in business is the reason consumers may want to buy from you rather than your competitors.
The bigger businesses are not your friends, they see you as a threat, and will fight you with all they’ve got. This makes it a big risk to go into business without having a value, and a means to deliver such value better than competitors
Although Adam Brandenburger and Barry Nalebuff in their book: Co-opetition, looked at ways firms can complement the role of each other in business, competition in business serves the consumers better. According to Michael porter, competition reflects on the performance of the firm, and influences how things are done. As a small business owner, you must learn how to survive with the competition in the market.
An edge in business helps you to match your business strength with the market need and neglecting this aspect in business, tantamount to being myopic in your business.