If you want to make it, you need some kind of “unfair advantage.”
While timing can be on your side it’s also become super competitive – so it’s not always enough. This is why it’s critical to always be learning (e.g. read, network, and work with (and for) more clever people that yourself).
Here’s my unfair advantage in the context of creating Hotjar:
- I’ve been in the CRO (conversion rate optimization) world for nearly 15 yrs.
- I have a background in UX/software/product
- I already grew a very successful software company and made a lot of mistakes doing so
- I’ve worked with some of the best CRO/Growth companies in the world
- I’ve attended many events and connected with thought leaders
I’m also the ideal customer myself, and for this reason (together with extensive digital marketing experience), I know how to reach a very large number of prospects.
Finally, my passion (see how this is leveraged to bolster my unfair advantage) is UX and building products. I’m a product designer at heart.
All of those factors combined make for a compelling unfair advantage.
Note that my passion has made it possible to have an advantage. By specializing and investing in my passion I've created this unfair advantage. This allows me to have a methodology and a voice giving me the upper hand over those who have neither.
So, what’s your unfair advantage?
Maybe your passion is cooking food…
- You’ve read every book about a particular type of cooking (e.g. vegan)
- You attended every event on a vegan cooking
- You're a member of multiple vegan cooking communities and have networked with members extensively
- Perhaps you’re well connected with many vegan chefs
- Or, maybe it’s all of the above
That’d be an unfair advantage over someone else looking to start a business in the vegan cooking space who just watched a bunch of episodes of “Hell's Kitchen” on TV.
Hopefully, you're seeing how you can convert your passion into an unfair advantage – but remember – this can only be leveraged if there’s a market opportunity.
As we said earlier, it’s timing that truly matters most. Here are some examples of what opportunities/good timing can look like:
- Competitors are expensive and there’s no affordable solution available
- There’s no great solution on mobile
- Only old business models exist and the alternatives are too complex
- There’s too much fragmentation (create an all-in-one solution)
- If no one is specialized - go niche!
Passion is a multiplier of success - not the reason for it: