How To Find Your Unfair Advantage

QUOTE OF THE DAY

DISCOVERING YOUR UNFAIR ADVANTAGE

382 | 1 Min 23 Sec Read

Life isn’t fair; good timing and luck can matter more than hard work; people get rewarded for things that they shouldn't, and the rich keep getting richer.

You can either let the unfairness of life deter you from trying something bold or you can focus on developing your own unfair advantage to try and swing life’s unfairness in your favour.

The book ‘The Unfair Advantage’ helps you identify your already existing unfair advantage and explains how to use it to give you an edge on your competition using five primary advantages that allow entrepreneurs to stand out in a marketplace, which form the acronym MILES.

Let's dive in.

Money

In order to develop a product or bring your unique idea to market, the more money, the better. If you were building the first aeroplane, then more money in the bank means more trial planes and more runway to get that plane to liftoff speed.

But with many success stories, it's not the wealthy that succeed; it's the ones that have limited money that can creatively deploy the funds.

“Frugality drives innovation.” - Jeff Bezos

If you don’t have a bunch of money in the bank, create an unfair advantage by making your money go further.

Intelligence and Insight

If you’re smarter than people, then you can solve problems quicker than people, but the less obvious advantage is finding the problems that are overlooked.

When you can identify a problem before anyone else, you have a significant unfair advantage in solving that problem.

Luck

The most successful people seem to have perfect timing, but what's less talked about is that you can’t just ‘get lucky'; you need to prepare for luck, as luck is when preparation meets opportunity.

Therefore, the more you prepare for luck, the luckier you will get.

Education and Status

You can’t say you’ve been to Harvard if you haven't, but what you can do is get so good that they can’t ignore you through the unique skills that you develop.

Making it a priority to learn new skills will put you miles ahead of your competition simply because they won’t.

ACTIONABLE NEXT STEPS:

Don’t let the advantage of other people deter you from trying something bold; work on finding and exploiting your own unfair advantage using the framework above.

TAKEAWAYS:

5 ways to create an unfair advantage for yourself:

Money - Make your money go further

Intelligence and Insight - Look for overlooked problems that you can solve

Luck - Prepare for luck

Education and Status - Make education a priority

LESSON OF THE DAY ⤵️

It takes far less effort to show than to persuade.

Do it and show them what you did.

What are you going to regret the most on your deathbed—choosing to pursue the thing that someone else told you that you should or the thing that you loved?

There is no easy answer to this, but just know that it's never too late to start something new. Your skills are evergreen, which means you can always fall back on them.

Remember that regret comes from the path not taken - It’s your life, you live it.

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