Competitive Advantages

Being a business major, I hear a lot about competitive advantages. Companies are always seeking them, trying to make them sustainable over the long term. Competitive advantages are so heavily discussed in business curriculum, but they are some interesting applications to individuals

Competitive advantages stem from two areas: cost and differentiation. The former giving you an advantage because you can do business cheaper than anyone else, thus charging a cheaper price. The latter meaning  that higher quality (and a differentiated product) allows for a higher price point. Additionally, a competitive advantage is only sustainable if you can maintain an advantage over your competitors (aka they cannot easily imitate or mimic it).

How does this relate to you personally? I’ve been working a lot on my resume and portfolio recently and noticed that I am acting like a corporation,  seeking out advantage over my competitor (in this case, other applicants).  Here lies a motivational crossroads: do you settle for being average to see average return, or do you strive to be the extraordinary and reap the maximum benefit?

I then started to think about sustainable competitive advantages. Here is a useful framework for identifying these SCA’s:

A short list of my reflections on competitive advantages:

Presentation skills: One of my strongest talents, and one considered quite valuable for any job in my field. Great speakers are hard to come by, and it can take years of practice to become great at it. Definitely a sustainable competitive advantage.

Technical Knowledge: A desirable talent, but one that can be imitated. Anyone can pick up and learn SPSS, Creative Suite, etc. All it takes is the motivation.  I am definitely competent in my technical knowledge, but I wouldn’t call it a sustainable competitive advantage.

Leadership: An infinitely valuable talent. Leadership is obviously a scarcity in this world, exemplified by the exorbitant pay grade of today’s leaders. Few have leadership potential; I have learned that much from watching my fellow classmates. Here lies an important distinction. Management can be taught, obviously. There is a major for it. But getting a degree in it does not necessarily make you a good leader (from what I’ve seen,  it rarely does).  Thus anotherer SCA emerges.
Starting to see the distinction?

Where do your competitive advantages lie, and how are you making them sustainable?