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’?

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