Chapter 2

Chapter 2

Rule 2: Everyone knows everything – nothing is a secret

It is a tough business, making money. Ultimately, there has to be some reason why people will buy your product from you for more than it costs you to make, distribute or retail it. Economists call that a ‘competitive advantage’ and having one is a critical ingredient to being able to run a successful and sustainable retail business.

Sometimes competitive advantage is about costs. You might have a scale advantage over competitors, simply making or buying so much of a product or running a process on such a high volume that your costs are lower and you can charge a keener price than anyone else. You might have based your business in a lower cost market ...

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