Any buisnessman or entrepreneur does not become billionaire by giving discount only the competitive advantage can make you sustain in the competitive era and scale your business. Now what is this competitive advantage from where to get it? Well the competitive advantage is within your business. Competitive advantage is that advantage that your competition cannot posses. For example you get raw materials at very reasonable price and you can sell it at comparatively lower price than your competitors or you have a very good business network or a high brand equity with which your competitors cannot compete.
There is no point in facing competition without having competitive advantage better not to compete otherwise you will be ruined by your competitors. You will not get your Competitive advantage in one day it may be some weeks or months but keep trying to find it because the day when you will get it. That will be a turning point in your business. There can n numbers of competitive advantage for your. You should have an analytical approach to your business even if you are a shopkeeper or any small scale businessman and if you are medium or high level businesbusinessman it is must for you.
How to find your competitive advantage? There can be any way but I would recommend going with a proper model like VRIO. V-Valuable R-RARE I-inimitable Organised. Ask these 4 questionsyourself to your business or to your startup idea. First thing is value , are you providing high amount of value for which you are charging for? Neither undersell nor oversell. Fix your price according to the value you give. If your product is in demand and you are charging reasonable then people will buy it definitely.
Second thing is rare if you are selling an easily provided goods or services and you are just like others that will not be your competitive advantage either be the number one or the only one. Third thing is Inimitable your competitive advantage should not be copied by your competitors, better issue patents and licensed techniques for claiming copyright. The fourth is Organisation. If your organisation is not good you will not be able to execute activities with smoothness your organisation can be your biggest competitive advantage whether it be your market network or your clients base or any other aspect your organisation is the skeletal system of your business. It stands on the organisation