By Ed McLaughlin with Wyn Lydecker

What unique experience, skills, knowledge, or insight do you have in the business you want to start? If you believe you have a breakthrough idea, you will need to use your special knowledge to execute it. If you do not possess the necessary knowledge or ability, you need to hire or partner with someone who does. 

I struggled for years pondering the type of business to start, its potential for profit, and the cost of possible failure. I thought through hundreds of scenarios and the associated risks, when one day, it struck me: The answer to all of these questions was distinctive competence.

When I looked back on all of my past successes, they all had one thing in common: I had some combination of tried-and-true experience and a track record of accomplishment that enabled me to succeed. This combination defined my distinctive competence. I believed that if I built a new business around my distinctive competence, I could substantially improve my probability of future success.

The same principle applies to you. If you can identify a need for a disruptive product or service in an industry where you have a distinctive competence, you could have a bankable business. You could minimize the risks by utilizing your knowledge of existing models, customer base, customer needs, pricing sensitivity, and competition. If you don’t have a distinctive competence, you can team up with someone who does. 

“The Purpose Is Profit” is scheduled for release in summer 2014.

Copyright © 2013 by Ed McLaughlin   All rights reserved