Here\u2019s one of the most obvious business lessons that some entrepreneurs don\u2019t learn until years down the road: business is not fair. While there are certain laws that exist to guarantee a relatively even playing field, you can never truly have a purely fair business competition or market environment because of the sheer variety of players and their innate advantages.<\/p>\n\n\n\n
Does this sound bad? It\u2019s actually not. While some entrepreneurial competitors might have a few advantages over your own enterprises, you, too, have one or more unfair advantages you can leverage to achieve even greater business success.<\/p>\n\n\n[et_pb_section global_module=”44763″][\/et_pb_section]\n\n\n
What is an Unfair Advantage?<\/h2>\n\n\n\n
An unfair advantage is best understood as a unique advantage, talent, or leg-up that you have working in your corner as you run or start your business<\/a>. Even better, any unfair advantage is valuable precisely because your competition can\u2019t access it due to one or more factors.<\/p>\n\n\n\n Here are a few examples of unfair advantages:<\/p>\n\n\n\n All of these advantages and many others that would take too long to describe can provide serious boosts to a business. If you\u2019re an entrepreneur, identifying and utilizing any unfair advantages is one of the best tactics to start and grow your business<\/a> into the future.\u00a0<\/p>\n\n\n\n Remember: business isn\u2019t fair, and everyone is playing to win.<\/p>\n\n\n\n But how do you identify what unfair advantages you currently possess if you haven\u2019t reflected on them before? You can follow the so-called \u201cMILES\u201d framework to audit yourself and discover those advantages.\u00a0<\/p>\n\n\n\n Let\u2019s break down each letter of the acronym one by one:<\/p>\n\n\n\n Money is the first area you should investigate. If you have a nest egg, bundle of cash, or potential loan you can get from a family member, this can be a clear and tangible bonus to your business or startup ambitions. Money isn\u2019t everything for a startup, but it sure does help.<\/p>\n\n\n\n It doesn\u2019t even have to be money you put directly into the business. Save up cash to act as a safety net in case your entrepreneurial enterprise goes under. Just having the possibility of total bankruptcy removed can free up your options for more creative or risky endeavors that could pay off in the long run.<\/p>\n\n\n\n Intelligence and insight are not necessarily referring to IQ or formal education (although they can play a big role). Instead, intelligence and insight are more relative or contingent on context.\u00a0<\/p>\n\n\n\n For instance, someone may not do very well in high school, but have a shrewd and intelligent business mind that they can use to create one of the most successful startups of their generation. Insight specifically refers to one\u2019s ability to look at a situation and divine certain instinctual moves, opinions, or ideas that lead to business success<\/a>. They might see an opportunity for a great website purchase, for example, that leads to big growth.<\/p>\n\n\n\n These two aspects are most often identified by characteristics like creativity, experimentation, and social and emotional intelligence. The last two are particularly important \u2013 someone with a good judge of character could have an unfair advantage in that they hire excellent workers every time.<\/p>\n\n\n\n Location and luck can play a huge role in whether or not your enterprise is successful. Being born with access to some of the earliest computers gave Bill Gates an undeniable advantage before he\u2019d ever dreamed of Microsoft.\u00a0<\/p>\n\n\n\n Similarly, look at where you live and consider the business advantages that that place might provide. Do you live near Silicon Valley? You can imagine the social benefits that can provide to any software startup.<\/p>\n\n\n\n Luck is a little more intangible, but you\u2019ll know it when you see it. If you end up getting a big break on office space, a loan approval, or anything else, be sure to capitalize on it ASAP. <\/p>\n\n\n\n Your education or expertise can also lend you an unfair advantage in some scenarios. A good education is particularly advantageous<\/a> not necessarily for the raw knowledge but for the social connections it facilitates. There’s a reason why people attend Harvard, and it’s not because of the quality of the classes, it’s because being a part of the Harvard alumni club affords a level of exclusivity and business connections you can’t replicate anywhere else.<\/p>\n\n\n\n Expertise can be acquired both from formal education centers and from any life experience you\u2019ve collected so far. That expertise might bring you a critical insight, give you some industry instinct for your startup, or offer another unfair advantage in some other way.<\/p>\n\n\n\n Lastly, status can be summed up as your perceived ability to add value to customers and clients.\u00a0<\/p>\n\n\n\n It\u2019s a social benefit, but the more status you acquire, the greater the unfair advantage, and the more easily you’ll be able to acquire things like high-value loans, excellent workers, and so on to help improve your cash flow. Remember, as a golden rule, businesses are worth between two to six times<\/a> their cash flow. After applying the MILES framework for a six month period, calculate your total cash flow versus where it was six months ago see how far you\u2019ve come along. <\/p>\n\n\n[et_pb_section global_module=”44763″][\/et_pb_section]\n\n\n\n
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<\/figure>\n\n\n\nThe MILES Framework<\/h2>\n\n\n\n
Money<\/h3>\n\n\n\n
Intelligence and Insight<\/h3>\n\n\n\n
Location and Luck<\/h3>\n\n\n\n
Education and Expertise<\/h3>\n\n\n\n
Status<\/h3>\n\n\n\n
How does MILES help you identify and use your unfair advantage?<\/h2>\n\n\n\n