Growth and Advantages

  • Growth by acquisition usually results in paying too much
  • Healthy growth is a response to the demand for special capabilities
  • It should be accompanied by superior profits


  • Advantages are rooted in differences from opponents
  • Identify which differences are most important and maximize their impact
  • Press where you have the advantage, and avoid situations where you don’t
  • Interesting advantages are ones that you can increase with strategic skills, like growing a fruit that you can market more effectively using your special marketing skills. 

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