Friday, July 21, 2017

The Competitive Advantage

When trying to get ahead in the entrepreneurial world, attention needs to be given to two factors:

COMPARATIVE advantage:  I need to make sure I can offer my product or services at a lesser price but uphold the quality of what I am offering.
(image: https://tinobusiness.com/what-is-a-competitive-advantage-benefits-tips-tricks-definition/)
                                                                                       DIFFERENTIAL advantage:  I need to make sure that the quality of what I am providing outweighs that of the competition.

Primary to both of these factors, I would think, would be sustainability.  I would have to find a way to uphold quality while remaining affordable in a changing economy.  Even if I would interchange parts or find other manufacturing shortcuts, I could not sacrifice the integrity of my work!