Competitive Advantage

Notes

Competitive Advantage is finding the thing you are best at Mastery. That doesn't mean you have to be the best in the world in, but rather this is the most effective outcome you can make.

For example, if someone is either able to produce 5 oranges or 5 apples, and you are capable of producing 2 oranges or 1 apple, then clearly you should stick with oranges, even though someone else is still better than you in both categories. In real life, it is tough to know what you competitive advantage is, it requires Self-awareness of your skills and capabilities, and also to measure the quality of your work, which can be difficult due to both over confidence and Imposter Syndrome. Similarly, since we are focusing on what counts as an advantage compared to others, we can't escape making Comparisons, although we should focus on using these to gain information what to do next, rather than to discourage our progress.

Often, your competitive advantage is the result of your Skill synthesis, the unique combination of skills and perspective that only you (and perhaps few others) can provide. A competitive advantage can either be a result of a Specialization in a specific field, or pursuing a Range of different fields and combine their domain knowledge together.

Usually, a competitive advantage doesn't last forever, we have to keep honing it. To continue to optimize and practice it constantly to maintain our advantage. If we stay in place, we would fall behind.

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🔼Topic:: Economics (MOC) ↩️Origin:: 🔗Link::