Resources of my venture:
1. Employees
a. Valuable: very valuable to get the business going
b. Rare: Depending on where you are located (cities/college towns it’s probably easier). Can be rare at the beginning of the start-up to have many employees
c. Inimitable: Anyone can find employees, but they might not be good ones
d. Non-substitutable: No, you need employees to start a business
2. Funding
a. Valuable: Very important for a start-up
b. Rare: not too rare; depends on your idea/who you are
c. Inimitable: You can’t really copy funding, but anyone can copy the amount of funding I guess
d. Non-substitutable: No not really. Money is money so if you don’t have it there’s not really any other options
3. Customer loyalty
a. Valuable: very valuable
b. Rare: Rare but once you have it not too hard to keep. Usually builds itself
c. Inimitable: Not inimitable, but anyone can have it with time.
d. Non-substitutable: No!
4. Equipment
a. Valuable: valuable in making the product
b. Rare: not rare, most people have computers
c. Inimitable: Most people have computers, but do they have the correct ones to program apps?
d. Non-substitutable: yes, there are other resources
5. insurance
a. Valuable: very import
b. Rare: not rare
c. Inimitable: not hard
d. Non-substitutable: essential to have business insurance
6. Good Management
a. Valuable: important for employees and businesses
b. Rare: not too rare, but very nice to have
c. Inimitable: not hard if you know the right person
d. Non-substitutable: yes, human resources. The more people you know the better chance of finding someone to be a good manager.
7. Educational resource
a. Valuable: it is essential to know your industry
b. Rare: rare to find people that are professionals in it and willing to work/help you.
c. Inimitable: Hard to find people with the necessary skills/knowledge
d. Non-substitutable: Anyone can technically go to school/college to learn the necessary educational resources.
8. Organizational culture
a. Valuable: very valuable
b. Rare: not too rare but definitely very good to have in order to succeed
c. Inimitable: Unique for every company
d. Non-substitutable: No, you must create this on your own
9. partnerships
a. How Valuable: very valuable
b. How Rare: rare and hard to form
c. Inimitable: all about relationships with others and personal skills
d. Non-substitutable: yes, many partnerships available but still hard to actually get
10. Little Competition
a. Valuable: Extremely
b. Rare: very rare
c. Inimitable: It isn’t. Very hard to get. Most businesses have competition as competition is in nearly every industry
d. Non-substitutable: Anyone can technically make an industry that is new without competition, but it is very difficult to find/make.
My most important resource is the competition. A businesses hardest task is convincing the public to switch to their business from another. Lucky for me, there is nothing currently available that is similar to this, thus I will not have other competition, making it my “unfair advantage”.
Hey Aaron, I see you believe that good management is a high priority in which I would agree. In my experience management is the make or break of a good solid team. Whether a leader has a positive attitude or negative spreads across their team . It can build or break morality for sure. A positive team definitely leads to a more productive team.
ReplyDeleteAaron
ReplyDeleteI think you did a great job with this post. You clearly identified ten resources that you found to be advantageous to your product and business. Having management as one of your top priorities is smart. Management is glue that holds a team together and without good management you are left with your heads spinning. I really enjoyed this post and can't wait to read more.
It seems that your business will pick up speed quickly due to the lack of competition in the market. This is a great opportunity for you to launch right away and take advantage before other companies take notice and try to aim for the same market. It is best to also keep partnerships as a top priority to help your business concept flourish.
ReplyDeleteHi Aaron,
ReplyDeleteI think you did a great job with this post. It is very well organized and explained. I believe these resources truly give you an advantage in this venture if you decided to pursue it. I really enjoyed reading this post this post so thank you for sharing and keep up the good work!
Aaron,
ReplyDeleteI really enjoyed your post. I think all of your resources are definitely useful and important for giving you an unfair advantage over your competitors. However, I do not think that the advantage you mentioned is your most unique one. While it may not exist in the market yet, as soon as you create it more businesses will mimic it. This will leave you with no unfair advantage. I would look at more personal advantages that only you possess and are harder to copy if others in the industry see it. Great job!