23A – Your Venture’s Unfair Advantage

Resources

1.      Social skill (capability)

a.      Valuable: Social skills can be very valuable when it comes to entrepreneurship. I believe that it will be of great use in my business idea.

b.      Rare: It is not rare. Chances are that if you are in business you also possess some short of social skill.

c.      Inimitable: It is inimitable.

d.      Non-substitutable: I believe that social skills are very important and non-substitutable and there not a lot of resources that can substitute this skill.

2.      Fluent in 3 languages (capability)

a.      Valuable: I think this skill if very valuable. Being able to communicate in one’s home language is key to a successful business as it allows you to make a deeper connection with your customer.

b.      Rare: I believe that it is not that rare but also not as common.

c.      Inimitable: It is inimitable but if not previously mastered, takes a lot of training and is thus, expensive.

d.      Non-substitutable: I think it is non-substitutable, except for learning about one’s culture and traditions, but it is still not the same as knowing one’s language.

3.      Bachelor’s degree in business (future capability)

a.      Valuable: I think my studies at the University of Florida have been very valuable and have taught me a lot of background knowledge so far about business and other important aspects of my business idea.

b.      Rare: Business degrees, nowadays, are not rare at all.

c.      Inimitable: Yes, business degrees are all over the place.

d.      Non-substitutable: I think that the knowledge you get from college is a once in a lifetime experience and it is non-substitutable.

4.      Experience in jobs and internships (capability)

a.      Valuable: Very valuable. Job experiences are very important aspect of a business plan because it allows you to look at the methods and ways of other business and even use some on your own.

b.      Rare: Not rare.

c.      Inimitable: Not inimitable.

d.      Non-substitutable: Yes. I believe that experience in jobs and internships are non-substitutable.

5.      Social capital

a.      Valuable: Social capital is very valuable.

b.      Rare: Social capital is not rare.

c.      Inimitable: Yes, social capital is very inimitable. Any established company continuously work on acquiring social capital and so will my competition.

d.      Non-substitutable: Social capital is non-substitutable. No other resource can substitute for it because it is incredibly unique and significant.

 

 

6.      Travel experience

a.      Valuable: Travel experience is really important when it comes to the idea I am planning because it is centered around convenience for weary travelers.

b.      Rare: Travel experience can range from a few flights to a great deal of traveling. Due to the fact that I was born in a different country, I have traveled a lot and seen a lot of different cultures. I have also lived in a different country, Greece, for a good part of my life (also worked at a couple of different internships there). I also lived in Peru for 2 months and did an internship in Cuzco on the mountains.

c.      Inimitable: I believe that it is not easily inimitable.

d.      Non-substitutable: I think the experience one can get from traveling is non-substitutable.

7.      Financial capital

a.      Valuable: It is very valuable to start of any product based business idea.

b.      Rare: It is not rare especially for established firms.

c.      Inimitable: It is definitely inimitable.

d.      Non-substitutable: It is not substitutable. Financial capital as a whole can’t be substituted.

8.      People willing to help me with my idea

a.      Valuable: human capital is very valuable especially when they come with previous mastery in certain areas and don’t need training.

b.      Rare: yes, I believe people with previous knowledge and no requirement of training are rare.

c.      Inimitable: Yes, I believe it is inimitable with training but it would be costly.

d.      Non-substitutable: No, I don’t think human capital is substitutable with any other resource.

9.       Creativity capability

a.      Valuable: Creativity is very valuable especially when it comes to innovations and new product-based ideas.

b.      Rare: creativity is relatively rare but also common in new product teams.

c.      Inimitable: yes it is inimitable.

d.      Non-substitutable: I believe it is substitutable with reason but with different results.

10.   Investors

a.      Valuable: Yes, investment is one of the most valuable resources.

b.      Rare: Yes and no. Investment is not rare but also hard to acquire.

c.      Inimitable: Yes, it is inimitable.

d.      Non-substitutable: Yes it is substitutable, for example, using a sponsorship.

Top resource

My top resource I believe is my creativity. Creativity is very important when it comes to new idea generation, planning, and coming up with creative ways to achieve solutions, in general. I think that creativity is going to be key to my success.


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