23A – Your Venture’s Unfair Advantage

Resources of my venture:

1. Funding
a. How Valuable: Very important for a start-up
b. How Rare: semi-rare; depends on who you know and your idea
c. Inimitable (how hard it is to copy by others): Pretty easy to follow other businesses’ ideas in how they funded themselves.
d. Non-substitutable (are there other resources that can provide the same benefits): just depends on where and how you get the funding.

2. Employees
a. How Valuable: very valuable to get the business going
b. How Rare: rare at the beginning of the start-up to have many employees; don’t have enough funding
c. Inimitable (how hard it is to copy by others): hard to take people employees familiar with the industry; also can business other business practices.
d. Non-substitutable (are there other resources that can provide the same benefits): employees help run the business smoother, more difficult by yourself.


3. Educational resource
a. How Valuable: it is essential to know your industry
b. How Rare: rare to find people that are professionals in it and willing to work/help you.
c. Inimitable (how hard it is to copy by others): hard to take people’s knowledge; not everyone is willing to share.
d. Non-substitutable (are there other resources that can provide the same benefits): yes, there are other sources online to help.

4. Equipment
a. How Valuable: valuable in making the product
b. How Rare: not rare but the people to create the product is.
c. Inimitable (how hard it is to copy by others): semi-hard to get other technology
d. Non-substitutable (are there other resources that can provide the same benefits): yes

5. insurance
a. How Valuable: very import
b. How Rare: not rare
c. Inimitable (how hard it is to copy by others): not hard
d. Non-substitutable (are there other resources that can provide the same benefits): essential to have business insurance
6. healthcare
a. How Valuable: very for employees
b. How Rare: not rare
c. Inimitable (how hard it is to copy by others): not hard
d. Non-substitutable (are there other resources that can provide the same benefits): different types of healthcare

7. HR
a. How Valuable: important for employees and businesses
b. How Rare: not rare
c. Inimitable (how hard it is to copy by others): not hard
d. Non-substitutable (are there other resources that can provide the same benefits): human resources

8. The actual brand
a. How Valuable: very valuable
b. How Rare: not rare as there are many other brands in the industry
c. Inimitable (how hard it is to copy by others): just simply come up with our own brand name, logo, etc.
d. Non-substitutable (are there other resources that can provide the same benefits): yes

9. partnerships
a. How Valuable: very valuable
b. How Rare: rare and hard to form
c. Inimitable (how hard it is to copy by others): all about relationships with others
d. Non-substitutable (are there other resources that can provide the same benefits): yes many partnerships available

10. databases
a. How Valuable: very valuable
b. How Rare: not rare
c. Inimitable (how hard it is to copy by others): not hard
d. Non-substitutable (are there other resources that can provide the same benefits): many database options!


What is my top resource? My original brand. It is important to create a brand idea and portray it to the public and in a specific market that will stand out and make people want to invest their money into your product. Everything is about your brand, who you are, your product, and your company.

Comments

  1. Brendy KambaApril 2, 2020 at 10:42 AM

    Hey Savannah, after looking at you list it really does seem like you definitely have an advantage. It seems as though you can start you business today if you wanted to. For me I found it a bit difficult to write all of my advantages because it didn't seem like I had a lot but, after really looking over everything I had going for me I was able to come up with my list. If I could recommend something would be to maybe elaborate just a little of you list like what partnerships our resource do you have. But other than that really good job.

    ReplyDelete
  2. Richard AlfonsoApril 9, 2020 at 1:44 PM

    Hey Savannah, You definitely broke it down and are extremely organized. Seems like you feel strong about your employees and that you feel that they are extremely valuable. I would agree, as in owning three restaurants over the last 25 years that great employees are the most difficult to find especially in the restaurant/bar industry. It's so hard to find good people, even harder to keep them.

    ReplyDelete
  3. Tatum Homer-DibbleApril 12, 2020 at 12:21 PM

    Savannah,
    I like your break down of your resources. You definitely included resources which are vital to the success of your business in an effective manner! I agree with your choice as an original brand as your most important resource. Many of the other resources can be shared with other businesses, but an original brand is what sets yours apart from the rest. Good job!

    ReplyDelete
  4. Nick LahgerApril 12, 2020 at 2:50 PM

    Hi Savannah! After reading your post, it looks like we share quite a few venture resources including funding, employees, and equipment. I feel that you assessed each resource well and that, after reviewing your analyses, you chose the correct resource to be your strongest. The best way to choose your strongest resource is to decide which one sets you apart the most from your competition.

    ReplyDelete
  5. Adam HusseinApril 12, 2020 at 7:34 PM

    Hello, excellent post! We had very similar resources. Resources such as, funding, partnerships, and something along the lines of databases. I would say that it is important to have certain resources when starting a business. In many instances, it is not about what you know, but who you know. I believe that if you were to have strong connections, then you could get things done twice as fast. Overall, great job!

    ReplyDelete
  6. Adam HusseinApril 12, 2020 at 7:34 PM

    Hello, excellent post! We had very similar resources. Resources such as, funding, partnerships, and something along the lines of databases. I would say that it is important to have certain resources when starting a business. In many instances, it is not about what you know, but who you know. I believe that if you were to have strong connections, then you could get things done twice as fast. Overall, great job!

    ReplyDelete
  7. Benjamin SherryApril 13, 2020 at 7:40 AM

    Savannah,
    Your unique brand will definitely set you apart from others. If you can successfully achieve your vision, and people like it the way you expect them to, your business will have a unique advantage over all your competitors. Many people when choosing what to buy will go with a brand that they identify with more and like more. Additionally, it will bring you brand loyalty which can translate to very long term customers that will keep your business growing and flourishing.

    ReplyDelete
  8. AnonymousApril 14, 2020 at 2:45 PM

    Savannah,

    I like you inclusion of many different facets of human capital in your analysis. Good people are essential to keep a business running, and it can be extremely difficult sometimes to find people that are worth your time and money employing. I also like how you addressed the issue of funding your venture up front. I personally think this is the most important thing when trying to start a new business, and I am glad you did not overlook something as crucial as this. Originality is most certainly your greatest strength moving forwards. Thank you for posting.

    ReplyDelete

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