I read this story. I can’t remember where, but it points out one of the most important aspects of business.
It goes like this:
A marketing professor asked his students, “if you were going to open a hot dog stand, and you could only have ONE advantage over your competitors… which would it be?”
The students replied quickly:
“Location” “Quality” “Low Prices” “Best Taste” “More Sauce”
The students kept going until eventually they had run out of answers.
They looked at each other waiting for the professor to speak.
The room finally fell quiet.
The professor smiled and replied:
“A Starving Crowd”