Careers and skills are as good as nothing if they cannot be monetized. That is why we do not only share how amazing tech is, but we leverage the finance one can get from pursuing a career in tech. Therefore, business is a major topic of concern in every content we create.
There are two major components necessary for businesses to thrive in the 21st century. They are core competence and competitive advantage.
Core competence on the one hand has to do with the unique skill-set possessed by a company that makes her different from her competitors. It is a mix of different resources that places a company in an advantaged position. Firstly, core competence should offer the company access to different markets, it should be beneficial to the consumer in terms of reduced cost, as well as increased product quality. And finally, core competence should be unmatched with products from her competitors.
Competitive advantage on the other hand has to do with the performance of a company in relation to its competitors. The company with a competitive advantage has a strong industry performance which places her above her competitors. It embodies competence plus marketing as well as sales.
Core competence and competitive advantage are intertwined in business. The main difference is that while competence focuses on excellence, the competition focuses on winning the market.
As an entrepreneur, your focus should be on leveraging those skills that place you at the top of your industry. Building a competitive advantage requires competence and when a company is competent, it already has a competitive market advantage.
Every entrepreneur in tech or whatever field needs a strategic competence position and a competitive market position in order to thrive in business today. If what you do is done by everyone else in your sector, you are merely a shadow of others and will hardly ever grow to the top 5% of successful entrepreneurs in your industry.
-Evaluate your competence in whatever you are into, can your skill-set place you above your competitors in the next 5years?
-What seminars have you attended?, how many books have you read? Which courses are you undergoing that can take you from point A to the next?