Your venture's unfair advantage
10 resources that I possess to make my business successful
1) Sound knowledge on using social media for marketing
a) How is it valuable? Easiest and the most efficient way to spread awareness about one's product.
b) Rarity: Not rare
c) Inimitable? No
d) Substitutable? Yes, but other methods for marketing are usually time taking and expensive.
2) Support from family
a) How is it valuable? With the support from my family, I will not have any external pressures and can completely focus on developing the business.
b) Rarity: Not very rare
c) Inimitable? No
d) Substitutable? I do not think so.
3) The originality of the idea
a) How is it valuable? The idea came out of my own head. So one cannot copy it. Thus, the competition will not be very high.
b) Rarity: Rare, as it is my own idea.
c) Inimitable? Yes
d) Substitutable? No.
4) Social capital - Connections with others who can help me develop this product
a) How is it valuable? I will get easy access to help from others.
b) Rarity: Rare.
c) Inimitable? Yes
d) Substitutable? No.
5) Human capital - My skills in web development and management of data.
a) How is it valuable? I have the pre-required knowledge to build my business so I will not need any experts to help in developing the product.
b) Rarity: Not very rare.
c) Inimitable? No.
d) Substitutable? Yes. One can always hire others.
6) Financial capital - Access to funds to set up the business.
a) How is it valuable? I will not need to depend on loans from the bank for financial support.
b) Rarity: Not that rare.
c) Inimitable? No
d) Substitutable? Yes. One can always try to loan money from the bank.
7) The knowledge I gained from this course.
a) How is it valuable? I learned many tips and tricks on how to create a successful business that cannot be obtained from elsewhere. This will give me an edge over my competitors.
b) Rarity: Kind of rare.
c) Inimitable? Yes
d) Substitutable? No.
8) Investors to fund my business
a) How is it valuable? It removes a load of stress on me to find my own investors,
b) Rarity: Rare, as it is not common to have investors even before the business is setup.
c) Inimitable? Yes
d) Substitutable? No.
9) Ability to take criticism and feedback on the product.
a) How is it valuable? It helps me in developing and improving my product.
b) Rarity: Depends from one individual to another.
c) Inimitable? No.
d) Substitutable? No.
10) I am organized and disciplined.
a) How is it valuable? It helps me stick to my plans and achieve my goals.
b) Rarity: Rare, not everyone is organized.
c) Inimitable? Yes
d) Substitutable? No.
I feel my top resource is taking this course. The knowledge I gained so far and will gain until the end of the course will be very useful in not only developing this business idea but also in making me stand apart from other competitors.
Hi Toshi,
ReplyDeleteI really enjoyed reading your post. I even noticed some similarities between our resources. For instance, we both recognized that social media and support from our families are resources. I like how you included your resource about your ability to take criticism and feedback about your product. This is such an important skill to have. Most people tend to get offended by feedback, so that is cool that you have the ability to learn from it. I wish that I would have thought about including this resource in my own post. One piece of feedback would be that you should add more details to your responses. For example, if you were to go into detail about how taking criticism is valuable or rare, then it would enhance your post. Overall, I think you did a great job.
Hi Toshi, I think a lot of the resource you identified yourself as having are all useful ones to have. Especially nowadays your resources such as ability to utilize social media platforms for marketing are very useful as they are now large markets with a large number of users so they are a good way to get your product out their to make people aware of what you are doing.
ReplyDeletehi toshi, I really like how you set this article up and made it so easy to navigate and follow. I like how you believe you gained so much knowledge in this course and how it will help you in the future. this knowlege is truly useful and will help separate us from the rest.
ReplyDelete