My Ventures Unfair Advantage

My Ventures Unfair Advantage

1.     Lack of Competitors: there is a need to add more booths (product) to library west, and yet no one has come up with or created something to execute this venture

a.     Valuable: this will provide a comfortable space for study’s to be productive when studying for numerous hours 

b.     Rare: not very rare, it has just not been done yet

c.     Inimitable: I feel as though it could be imitated, but the specific product design for the booth I have in mind can’t be exactly replicated 

d.     Non-Substitutable: I could allow someone to do this for me, but then that takes away my responsibilities and money

2.     Social Capital, the Consumers: I have many ways in which to contact the users of my product

a.     Valuable: having a contact list to viable consumers is always a valuable resource to have

b.     Rare: these people I am contacting are not rare

c.     Inimitable: only can be imitated if they know/contact the same people I know

d.     Non-Substitutable: it can be substituted for another contact list, but this could generate a different set of responses from mine

3.     Personal Relationship with Entrepreneurs: aside from being in a family full of entrepreneurs, I have a large variety of people who are in this field of business

a.     Valuable: I have a good range of guidance for where to get suppliers to how to market my product

b.     Rare: it can be rare for someone who is the first out of everyone they know to become an entrepreneur 

c.     Inimitable: only those who have access to my same contact list can imitate this

d.     Non-Substitutable: the only way to substitute this would knowing a set of different entrepreneurs the person finds useful to their company

4.     Marketing Advantages: this is such a big want from students, so marketing this would be rather easy

a.     Valuable: helps students realize the product exists much faster

b.     Rare: it can be rare for a product to have a quick turnover rate from introduction to usage, in which I think this product will possess

c.     Inimitable: my marketing campaigns cannot be imitated, otherwise this would be an issue of copyright 

d.     Non-Substitutable: aside the argument above, this cannot be substituted because another version of this product does not exist

5.     Social Contact, Access to UF workers: Since my product involved making an addition the UF campus, I would need these resources to proceed

a.     Valuable: having contact with the workers on campus will make the process of implementation more efficient and smoother

b.     Rare: depending on the idea, support from UF can be rare

c.     Inimitable: once my idea is expressed, it is likely UF will not let someone else replicate the idea without my consultation

d.     Non-Substitutable: agreeing with the argument above, this is highly likely that it cannot be substituted

6.     Previous Experience in Entrepreneurship: I have a background working in the entrepreneurship field

a.     Valuable: this can provide with background and a guide of how to get things going in developing and implementing the product, rather than working off of nothing

b.     Rare: it is rare for someone my age to have been able to work around this a few times and be familiar with it

c.     Inimitable: unless you have had the same experiences as I did, then it cannot be imitated 

d.     Non-Substitutable: my knowledge in this field cannot be substituted for something else for someone’s use

7.     Financial Capital: I have access to the money needed to fund this project

a.     Valuable: this can set aside any roadblocks that could have come my way without the funds

b.     Rare: it is rare for someone starting a project to be able to pay the funds that come along with it 

c.     Inimitable: the funds I contain cannot be imitated by anyone else 

d.     Non-Substitutable: this is something that cannot be substituted because you would need to get access to your own money in your own ways

8.     Support from my Consumers: it’s a very big plus to have the support of your target audience, since they are the ones who are ultimately going to use the product

a.     Valuable: its valuable to have the support of your target audience because you know your product will have a higher chance of being successful 

b.     Rare: this is rare, because it can take marketers years to get the support of their audience

c.     Inimitable: this can only be imitated if someone initially does the product before I come around to it

d.     Non-Substitutable: if I am the one the audience is supporting, it will be hard to make a substitute to this

9.     Human Capital: I have the knowledge of a typical consumer of this product

a.     Valuable: this will help me in my advantage when making designs and decisions for the product

b.     Rare: not many entrepreneurs are in their own target audience

c.     Inimitable: this is not something can be imitated, since it involves me personally 

d.     Non-Substitutable: again, not substitutable because it physically and mentally involves me and my current standpoint

10.  Social Capital: Since I am currently a student at UF, I have easier access to the student body

a.     Valuable: I can get interviews from those around me and use their concerns to my advantage

b.     Rare: it can be rare for an entrepreneur to have direct and easy access to their audience 

c.     Inimitable: this cannot be easily imitated since it involves my current position as a student 

d.     Non-Substitutable: can only be substituted if another student decided to act upon this business opportunity 

After conducting my analysis, I think my most useful resources would include my access to the UF student body as well as my connections to many entrepreneurs. This combination together is not something everyone holds because not everyone with this idea has the background in the business world like I grew up in, therefore giving me an advantage in doing business and carrying out my product.