According to Harvard business professor, Michael Porter, competitive advantage is the ability to outperform competitors. Within Orisa Lifestyle, we count isegun ota (victory over enemies) as one of the five blessings of Ifa. Porter articulates three strategies for creating competitive advantage; cost leadership, differentiation and focus. While they were intended for organizational purposes, I have adapted these three strategies for the purpose of personal application.
However, before we get into the strategies for creating competitive advantage, it is essential that you have a basic understanding of how your natural gifts and talents set the stage for creating competitive advantage in the first place.
The three determinants above are what set the stage for creating competitive advantage. What follows are Porter's three strategies for creating competitive advantage; cost leadership, differentiation and focus. When applied to creating competitive advantage for the individual, the strategies can be described as follows:
To truly succeed, it’s not enough to simply match your competitors. Success comes to those who can deliver a superior product or service in a way that is different, meaningful and based on their tribe's needs and desires.