Summary of 5 Ways Your Company Can Keep Its Competitive Edge

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5 Ways Your Company Can Keep Its Competitive Edge summary
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6

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  • For Beginners

Recommendation

In the 1990s, a movie night at home most likely involved renting a video from Blockbuster. But with the rise of Netflix and other competitors, the video rental behemoth began losing significance. Blockbuster managers failed to see the writing on the wall. Apparently, its executives snubbed those of fledgling Netflix when the latter proposed a working relationship. Blockbuster eventually disappeared not with a bang but a whimper. To help businesses stay on top, Collaborative Fund partner Morgan Housel explores five “sustainable advantages” they must nurture. Today’s successful businesses, he says, must be able to learn more quickly than their competition, communicate more effectively and be willing to fail. Housel’s list isn’t earth-shaking, but his advice is clear and concise. getAbstract recommends his article to new executives looking to hone their leadership skills and to seasoned executives looking for a refresher.  

About the Author

Morgan Housel is a former columnist with The Motley Fool and The Wall Street Journal. Today, Housel is a partner at the Collaborative Fund.

 

Summary

Many thriving companies struggle to stay ahead of the competition. Business success stems from “sustainable advantages” that others are unable to copy. Nurture these five traits to keep your competitive edge:

  1. “The ability to learn faster than your competition” – Many managers focus too much on optimizing outdated products rather than innovating for the future. Average intelligence with the ability to navigate changes quickly beats ...

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