Market of One - 19/11/2024

“When it comes to competition, being one of the best is not good enough. Do you really want to plan for a future in which you might have to fight with somebody who is just as good as you are? I wouldn’t.” – Jeff Bezos

With the democratization of information, knowledge and skill acquisition have transcended established routes—creating increasing competition in business and other areas of life. As a student looking for opportunities, one quickly comes to the realization that job markets are saturated. This has made me rethink my approach to opportunities.

The natural understanding is that one should seek to be the best at the requirements of the position one seeks. Accounting for the number of other applicants who desire the same opportunity, an ability-based hierarchy begins to form. The problem, as the quote suggests, is that there is a fundamental instability in positions based solely on relative excellence. With peers of equal or somewhat equal capabilities who are constantly working toward the same goal, a future of diminishing returns emerges, where increased efforts yield progressively smaller advantages.

This calls for a redefinition of our understanding and approach to opportunities. Instead of aiming to be the best at the stated requirements, you can create a market-of-one by developing new categories of value that transcend traditional metrics of comparison. Instead of focusing on being the best at financial modeling, become the only applicant with an understanding of private equity, commercial lending, and the relationships between the two as they relate to growing acquired companies. Through this approach, specialization and unique combinations of skills and insights become more valuable than excellence in commonly pursued areas.

As Kevin Kelly says, “Don’t aim to be the best. Be the only.”