While speaking recently at the monthly meeting of Team Ivy here in Atlanta, I witnessed a rather unique way of introducing yourself to others. As part of the opening of the meeting, all of the attendees took turns giving their 2 minute personal pitch. As part of that pitch, they included a statement about their personal “unfair competitive advantage.”
I began thinking about how this ties into entrepreneurship at the early stage. Establishing and understanding your unfair competitive advantage early on gives you, well, an advantage!
If you don’t have an unfair competitive advantage, one would have to question your rationale. Note, your “unfair competitive advantage” is very likely different from “barriers to entry” or “how you are different from your competition”. I would hope that you business plan already outlines what makes your business or idea rise above the others in your field, or why customers will want to buy your dog food rather than Chuck Wagon’s.
What I am referring to here is your unfair competitive advantage as an entrepreneur. If charged with marrying someone else’s money with your idea, what gives you the ability to achieve success (over your competition)? Remember the old adage – investors are betting on the jockey, not just the horse. Anything you can do to put investors at ease in the early stages of reading your business plan or hearing your pitch is going to be a good thing.
Here are some thought starters:
Imagine the impact that a simple, easy statement along these lines could have in your executive summary or pitch.
As always, feel free to drop a comment below. If you need help with your business plan, I encourage you to visit our new free community at StartupLounge.com and get the help you need!Cheers.