You are better than an average person at a few things. But the thing that you’re better at than anybody else is your ‘core competency’.
The word ‘core competency’ is borrowed from strategy classes at business schools. I prefer calling it an ‘unfair advantage’.
An unfair advantage help when you start something new. It makes you more likely to succeed than an average person. It gives you a headstart over others.
Let’s assume you’re starting a new agency. Your unfair advantage could be your relationship with clients in your old agency. Some of these clients will jump ship with you and provide you the much-needed fuel to kick off the new agency.
When I started freelancing, my unfair advantage was not having any financial responsibilities.
I didn’t have to support my family.
My living expenses were minimal.
The rental income from my real estate investments took care of my bank installments.
This unfair advantage allowed me to be picky about the projects I chose to work on. I didn’t have to worry about covering my monthly expenses. I could, thus, command a price that I felt was right. I have been transparent with my clients about this unfair advantage that I enjoy. They trust me more.
When you think of your next big idea, will you also explicitly describe your ‘unfair advantage’?