Most companies succeed when they are successful at competing with others. Being successful in a competitive environment obviously requires developing competitive advantages. In an earlier post, we identified that there are only four aspects of competitive advantage: Cost, Time, Efficiency, and Quality. You can further combine the last two to finally have a more compact set of attributes of an advantage as, Cost (cheaper), Time (faster), and Process(better). Therefore, to answer the question on whether you have a competitive advantage or not, you simply have to answer these three questions.