Your Venture's Unfair Advantage

10 resources that make my business successful.

     1.      Social capital to act as supplier and market expert.

a)      How is it valuable? It will help a lot in the actual execution process of the business idea.

b)     Rare? A little rare.

c)      Imitable? Yes

d)     Substitutable? No

     2.      People who said that they would be interested in my service.

a)      How is it valuable? It forms a initial group of customers to start of the business with.

b)     Rare? No

c)      Imitable? Yes

d)     Substitutable? No

     3.      Knowing my market well.

a)      How is it valuable? Knowing the market and its demands would help in providing a better suited service for that specific market.

b)     Rare? A little rare

c)      Imitable? Yes

d)     Substitutable? No

     4.      Experience about managing a business learnt from my dad.

a)      How is it valuable?

b)     Rare? No

c)      Imitable? Yes, by getting to know someone who manages a business.

d)     Substitutable? No

     5.      Technological knowledge due to my Computer Science major.

a)      How is it valuable? It can help in creating app and web platforms for the expansion of the venture.

b)     Rare? No

c)      Imitable? Yes

d)     Substitutable? Yes

     6.      Advantage of being a part of the group of prototypical customers myself.

a)      How is it valuable? It helps in knowing what exactly the customers are looking for in the product/service.

b)     Rare? A little rare

c)      Imitable? No

d)     Substitutable? Yes, up to a certain extent, by knowing people who are a part of that group.

     7.      Surrounded by successful business-minded people.

a)      How is it valuable? It influences you think like them and head towards success.

b)     Rare? No

c)      Imitable? Yes

d)     Substitutable? No

     8.      People who would help me to advertise about my service.

a)      How is it valuable? Advertising would help to reach out to a greater number of customers.

b)     Rare? No

c)      Imitable? Yes

d)     Substitutable? Yes, by paying people/companies for advertisement.

     9.      Determination and never give up attitude.

a)      How is it valuable? It is helpful to keep going during bad phases.

b)     Rare? No

c)      Imitable? Yes

d)     Substitutable? No

    10.   Constant hunger to improve myself.

a)      How is it valuable? To keep up the entrepreneurial spirit.

b)     Rare? No

c)      Imitable? Yes

d)     Substitutable? No

I think that my best resource would be being a part of my target market myself. It would help me understand my customers and their needs a lot better and as a result, provide better service.