Success in the startup world is not simply awarded to the hardest workers. It is awarded to those who develop and use their Unfair Advantages.
meritocracy – the idea that hard work and ability alone will lead to success.
the pressure of the idea that anyone can be anything if they just try hard enough imbues us all with too much guilt for not achieving what they have.
This second mindset (fate and luck) is also valuable if you want to avoid worshipping the statistical outliers who have had massive success ‒ the Buffetts, Winfreys and Zuckerbergs of the world ‒ and avoid believing that people who haven’t done well in life are simply losers who deserve everything they got. It helps us to have compassion and to resist arrogance and a smug feeling of superiority when we do have success, and it also helps us to resist having an inferiority complex and experiencing envy when we see people with more than us.
God grant me the serenity to accept the things I cannot change, the courage to change the things I can and the wisdom to know the difference.
An Unfair Advantage is a condition, asset or circumstance that puts you in a favourable business position.
Your Unfair Advantages can’t easily be copied or bought. Your set of Unfair Advantages is unique to you.
For any early-stage startup, the Unfair Advantage of that startup is the sum of the individual Unfair Advantages of the founders.
Always partner up with somebody with unfair advantages that balance out yours.
Investors and venture capitalists (VCs) expect you to be able to articulate what they call ‘your personal edge’, or your unfair advantage. If you aren’t able to do so, you may have a tough time getting the investments you want.
It is those who are successful … who are most likely to be given the kinds of special opportunities that lead to further success.
the more unfair advantages you have, the more you are likely to accrue. The key is to start identifying and developing your own unfair advantages as soon as possible, no matter your age.
In a world where market giants and big funded startups can make one decision and crush fifteen budding startups, speed is absolutely critical to survival.
‘Before dreaming about the future or making plans, you have to articulate what you already have going for you ‒ as entrepreneurs do.’ These are the words of Reid Hoffman, co-founder of LinkedIn,
However, in our research and first-hand experience mentoring entrepreneurs, we’ve found that entrepreneurs rarely if ever carry out this kind of ‘audit’, let alone the kind that we are recommending.
The MILES Framework is a powerful tool to help you identify your unfair advantages. It will tell you whether you should be focusing on leveraging your location, whether your education sets you apart or whether your true strength lies in your status.
five categories of unfair advantages, which comprise the MILES Framework. They are: Money Intelligence and Insight Location and Luck Education and Expertise Status Money is the capital you have, or that you can easily raise. Intelligence and Insight includes ‘book smarts’, social and emotional intelligence, as well as creativity. Location and Luck is all about being in the right place at the right time. Education and Expertise is both your formal schooling and also your self-learning, which gives you intellectual and technical know-how. Status is your social status, including your network and connections. It’s your ‘personal brand’ ‒ in other words, how you’re perceived. It also includes your inner status, which is your confidence and self-esteem.
The best strategy is to partner up with people who have unfair advantages that complement yours.