What's Your Unfair Competitive Advantage?

"“Have some form of unfair advantage,” Tadler said. “If you can’t discuss that, you ought to rethink what you are doing.”"

"He went on to add two other crucial points:"

"“How much does the entrepreneur know about the competition? One of the best hires a company can make, even if it’s a summer hire, is to do intense, strong research in your space. So many executives are glib about the competition."

"“Have one or two pages that you can look at weekly, monthly and quarterly that tells you where you are as a company. It is something you can show the board and investors. It should be the same metrics used by your managers."

"“It’s different for every company,” he added. “But they are important in understanding how you look at your business. I’d rather see that than 100 PowerPoint slides and information about the size of your space.”"

"Klausner added that executives need to know the “important drivers” for their business and a thorough examination of funding strategy based on requirements in the life science space. (For further insight on that subject, see today’s LTW Entrepreneurial Spirit column)."

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