Every economist would say uou must have a unique selling point to achieve a competitive advantage, otherwise you will be competing on price in a race to the bottom.This implies that if you don't have anything unique about your business, eventually you will have to compete on price and cut your margin down to the minimum.However, I have this thought. There is only so much you can differentiate, as soon as some brilliant idea comes out, someone will try to adopt that idea as well and eventually they will end up with somewhat a similar product. Yes you can patent your idea so no one can copy it but very few entrepreneurs can really have a brilliant enough idea to actually achieve a patent for, and these patents are mostly in tech.So what about millions of other businesses that don't have a patentable idea? That means every time they have some good idea, after a while other competitors WILL notice and adopt it too. And yet, millions of businesses are still doing okay without a fledgling USP. Think about banks, they are really not that unique from each other. Estate agency, car dealers, etc... Look arouns in your local area and you realise that actually, USP is the few, not the norm.So my question is this, if you don't have a USP, can you and should you still quit your job and start a business and still do decently? see hubwealthy.com/wealthy
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