Accumulated advantage can be understood by studying the Matthew principle. The Matthew effect refers to a common concept that those who already have status are often placed in situations where they gain more, and those that do not have status typically struggle to achieve more.
Success is the result of accumulative advantage. Accumulative advantage is like snowball effect acting on fame, status or business, what begins as a small advantage gets bigger over time and generate even more advantages. You only need a slight advantage against others to gain the best results. Create your own accumulative advantage by consistently working to improve by just 1% each day. It is the little little progress that adds up, and acts as a ladder to reach where you want to.
Accumulated Advantage | grow inside out
Networking is the pulse. For any business, it starts with hiring the best employees or to associate with the right business associates. When your business selects the best candidate fittest for the role, it creates better opportunities for the organization. Over time, you’ll have good ROI, improved capabilities, and increased productivity as a result of compounding. Utilizing effective team strategies that maximize productivity while maintaining cost-effectiveness, your business can set you apart in the market. Staying on the cutting edge of technology and software will prove beneficial. It comes from having an investment mindset. Check the value, not the price.
Self-awareness and conscious decisions about the business – whether it’s recruiting the right workforce, partnering with the best clients and customers, or utilising the most efficient business practices – it’s the 1% edge that will keep you ahead and reap the big rewards.
It is those who are successful, in other words, who are most likely to be given the kinds of special opportunities that lead to further success. It’s the rich who get the biggest tax breaks. It’s the best students who get the best teaching and most attention. And it’s the biggest nine- and ten-year-olds who get the most coaching and practice. Success is the result of what sociologists like to call “accumulative advantage.
- Malcolm Gladwell