My
Unfair Advantage
- Generate a list of all of the resources in your venture (produce a list of at least 10 resources that you already possess). This can include your human capital, social capital, financial capital, and capabilities. You may also discuss the organizational culture you intend to create (but, obviously, it's not a resource that you have, now.)
- Leadership-Valuable-yes, your business will thrive or die based on your leadership-Rare-leadership is not rare, but exceptional leadership is-Imitable-yes, you hope it is-Non-Substitutable-nothing replaces good leadership
- Social Capital
- -Valuable-yes
- -Rare- not really
- -Imitable-yes, but everyone’s social is very different
- -Non-Substitutable-I don’t think so
- Experience
- Valuable-Yes, you cannot learn experience from a book
- Rare- Not really
- Imitable-Yes, but everyone’s experiences are different
- Non-Substitutable- No, there is no substitute for experience
- Original Idea
- Valuable-Yes
- Rare- Yes, most ideas are not new, they only try to improve on previous ideas
- Imitable-yes, but there would be a learning curve
- Non-Substitutable-nothing on the market now
- Knowing my Target Market / Being my Target Market
- Valuable-Yes, it is impeditive to know your customer base to have a sustainable business
- Rare-not really
- Imitable-yes
- Non-Substitutable-There are several ways to get to know your target market, but none better than being a part of the target market
- No Competition
- Valuable- extremely, you do not have to worry about anyone undercutting your prices
- Rare-yes, having no competition is very rare and usually short lived
- Imitable-yes in time
- Non-Substitutable-no competition is usually short lived
- Competitive Advantage
- Valuable- yes
- Rare- no, someone will always have a competitive advantage in every industry
- Imitable-yes
- Non-Substitutable- most competitive advantages are very unique and not always sustainible
- Initiative
- Valuable-Yes
- Rare-somewhat, a lot of people have zero initiative
- Imitable-yes
- Non-Substitutable- there is no substitute for initative
- Organizational Culture
- Valuable-yes
- Rare- no, every organization has some kind of culture
- Imitable-yes
- Non-Substitutable-no, culture is whatever it is
- Human Capital
- Valuable-yes
- Rare-no
- Imitable-yes
- Non-Substitutable- there really is no substitute for human capital
I am sure that my
greatest recourse is Leadership. Leadership
is essential for growth of any business. A great leader inspires others to be
better than they even thought they were capable of being. You know if your
leader is good when he is not there. Is your business sustainable by the
employees that you lead on a daily basis? That is the proof that you have led
others into believing they can do the job without you.
Those are certainly some useful resources, and I think you did a great job evaluating them. I would have liked to see, however, more detail. A brief description of not just what the resource is, but how you have it and how it can apply to your venture. For example: Leadership. Is this something that is just a natural personality trait of yours? Did you decide it was a trait you needed and worked hard to develop? Or maybe, did you have some sort of experience that helped you develop this trait? This post is about resources, but it is also about you. I agree that great leadership can easily be any venture's greatest resource.
ReplyDeleteHere is a link to my post: http://greywilliams3.blogspot.com/2016/03/my-unfair-advantage.html
Hi James,
ReplyDeleteI think you did a good job on this post. I thought it was very organized and easy to follow. I also think that maybe the answers could have used a tiny bit more detail, they were just a little bland. But that is really all the criticism I have for you. I was not able to complete this post on time, but you can check out my general blog and give me some feedback if you're able to. Here is the link:
https://principlesofentrepreneurship.wordpress.com
Good luck with the rest of the class!
Hi James,
ReplyDeleteIt seems you have excellent resources on your side of the road. I have to say it was great reading your post, you did a very good job thinking about what are some advantages that will help you grow your venture! Please keep it up! you have a great idea right here. Please chek out my post! http://cabuawad.blogspot.com/2016/03/my-unfair-advantage.html
great job on the assignment. it was organized and detailed. you were straight to the point and made it easy to follow
ReplyDelete