1. Venture Capital
V: This is valuable because many businesses have trouble finding the capital to start and operate.
R: This resource isn’t necessarily rare; you just have to know the right people who believe in your product.
I: Resource Imitable.
N: Other resources can provide capital like traditional banks and other private moneylenders.
2. People skills
V: Very valuable resource for an entrepreneurial venture in regards of getting people to like you and buy your product.
R: This resource is rare in my opinion, because it’s not easy to be personable.
I: Resource is imitable.
N: This resource is non-substitutable unless the product is so good that it sells itself
V: This is valuable because many businesses have trouble finding the capital to start and operate.
R: This resource isn’t necessarily rare; you just have to know the right people who believe in your product.
I: Resource Imitable.
N: Other resources can provide capital like traditional banks and other private moneylenders.
2. People skills
V: Very valuable resource for an entrepreneurial venture in regards of getting people to like you and buy your product.
R: This resource is rare in my opinion, because it’s not easy to be personable.
I: Resource is imitable.
N: This resource is non-substitutable unless the product is so good that it sells itself
3. Niche market
V: Very valuable for the product I plan on selling, because it sets me apart in the market.
R: This resource is rare for the market I am in, because there aren’t other products that pertain to my niche.
I: Resource is imitable.
N: This resource is non-substitutable, and offers unique benefits.
4. Quality ingredients
V: Very valuable for the supplement market.
R: Resource is not rare for the supplement market, because one of the main goals is health benefits.
I: Resource is imitable.
N: This resource is non-substitutable and very beneficial in the supplement in the market.
5. Dedicated workforce
V: Valuable for any business, especially a new entrepreneurial venture.
R: Semi-rare for most companies that I’ve worked for.
I: Resource is imitable.
N: This resource is substitutable with new technology and machines, but I believe there is nothing like human capital.
6. Social Capital
V: This is a very valuable resource for a new business, because as a new entrepreneur there is a good chance you will need help and advice along the way.
R: This is not a very rare resource, and many people have mentors before going into business.
I: Resource imitable.
N: Non-substitutable resource with a surplus of benefits.
7. Market knowledge
V: Valuable for any industry, almost a necessity.
R: Not rare for this market and definitely attainable with the proper research.
I: Resource imitable.
N: Non-substitutable resource and gives many benefits for knowing your market.
8. Entrepreneurial/Intrapreneurial spirit
V: very valuable for continuous and discontinuous innovation, as well as making employees feel comfortable in the environment.
R: I feel like this is relatively rare, and not encouraged at any previous job that I’ve worked at.
I: Resource is imitable.
N: I feel this is a non-substitutable resource and dire for success in a company like mine.
9. Open company policy
V: Very valuable to allow employees to come to you with anything that bothers them and letting them know there are no repercussions to speaking up.
R: Not very rare for most large corporations but can be looked down upon.
I: Resource imitable.
N: Resource is substitutable with different policies that could achieve the same thing, but I think the open door policy is the most direct and best way to go about it.
10. Limited competition
V: Very valuable in any industry.
R: Rare in most industries as there are always competitors.
I: Resource not imitable.
N: Resource is non-substitutable, and owning a business that is one of a kind and targets a niche can lead to outstanding benefits for your company.
Out of all these resources, I feel that holding a niche market and having limited competition stand out from the rest and go hand-in-hand with making this company successful. Since there isn’t other supplements out there are marketed to the same niche mine would be, I think that this MentalEdge supplement could be a huge hit. Most other resources on the list are important, but are commonly replicated and used by other corporations, but these ones stand out because they are one of a kind resources.
V: Very valuable in any industry.
R: Rare in most industries as there are always competitors.
I: Resource not imitable.
N: Resource is non-substitutable, and owning a business that is one of a kind and targets a niche can lead to outstanding benefits for your company.
Out of all these resources, I feel that holding a niche market and having limited competition stand out from the rest and go hand-in-hand with making this company successful. Since there isn’t other supplements out there are marketed to the same niche mine would be, I think that this MentalEdge supplement could be a huge hit. Most other resources on the list are important, but are commonly replicated and used by other corporations, but these ones stand out because they are one of a kind resources.
Keifer,
ReplyDeleteYou've got a good list here. Most of these resources are imitable, but I think having just one or two resources that competitors can't replicate will indeed set you apart. I would love to have more detail on what the open company policy is and how it works to your companies advantage. I think with lists like these we have the opportunity to really break down what it is that our company has against the competition, and if it isn't enough, then we know we need to find more resources. Check out my blog here:http://blovejoyblog.blogspot.com/2016/03/my-unfair-advantage.html
Hey Keifer,
ReplyDeleteIt sounds like you and your business have a lot of excellent qualities that will help your business thrive. The fact that your business targets a niche market is one thing that will really set you apart from possible competitors. You have an opportunity to capitalize on all of the consumers in this niche market. It is great that you already have/know how you will fund your business through venture capital. The fact that you already have market knowledge is very valuable as well because this means that you don't have to spend a ton on market research. One of my advantages was social capital as well. I think current connections and the ability to make more is essential to an entrepreneur. Great job on this assignment. Feel free to check out my blog post here: http://wsentrepreneurship.blogspot.com/2016/03/my-unfair-advantage.html
Hello there Keifer,
ReplyDeleteFor starters, I like what you've done with the page!
Secondly, it seems like you have the right attitude and characteristics that make up a successful entrepreneur. You're experience from here on out will only help you improve as well. Keep it up!