Words of the Week: Competitive Advantage

If you already have or plan to start a business, you'd better know what competitive advantage means and how to take advantage of it if you want to be truly successful.

Competitive advantage is all about knowing what you and your business do better than anyone else. It's the core reason why people should do business with you and not someone else. Competitive advantage can be especially important in a weak market, like the one we're experiencing right now. Being able to separate yourself from your competition could become critical, especially if the economy weakens even further.

• Competitive Advantage Defined
• Related Term: Value Proposition

Related Topics on Competitive Advantage

• Competitive Advantage - Building a Lasting Organization
• Developing a Business Strategy