“The fundamental task in strategy is to find a way of achieving a sustainable competitive advantage over your rival or rivals”
— Michael Porter
Simplified Meaning:
Every business or individual needs to find a way to do better than their competitors, not just for a short time, but for the long term. This could mean having better products, lower prices, exceptional customer service, or a unique way of doing things that others can't easily copy. For example, a small coffee shop might gain an edge over a big chain by offering a cozy atmosphere and personalized service that makes customers feel special. This unique charm could keep customers coming back regularly, even if the prices are slightly higher. By constantly finding new ways to stand out and maintain that special element, the coffee shop ensures it continues to thrive no matter what the big competitors are doing. This approach can help anyone in business or life achieve lasting success.
