Entrepreneurs have to be confident in their abilities, otherwise, they’d never take the risk of starting a business. However, this confidence can backfire if it’s adopted as a company strategy. If you think you’re smarter or more hard-working than your competitors, your competitors are also thinking the same.
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Competitive advantage arises out of true and exclusive advantages that give you an edge over competitors. Believing you’re the best or the most hard-working is probably neither true nor exclusive to you. Invest in actually building some real, hard-to-copy advantages in your business.
Remember: assume that your competitors are smart, hard-working, and hell-bent on growing their business. Only then you’ll do what’s needed to build a defensible business.
This essay is part of my book on mental models for startup founders.
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