23A- Your Venture's Unfair Advantage

1.      Hardworking attitude and desire for success.

Valuable: This resource is valuable because to be successful you need to give it your all and do everything to the best of your ability.

Rare: I would say this is not rare but to make it rare be the best at anything you do.

Inimitable: Being hard working is not hard to copy but takes effort.

Non-substitutable: There are other qualities that can replace hardworking.

2.      Experience going to the beach and facing sand as an obstacle.

Valuable: This is valuable because having this need shows that there is a clear need that needs to be addressed.

Rare: Having an experience and showing there is a problem is not rare.  Many people have this experience when going to the beach.

Inimitable: This experience shows there is a clear need which cannot be copied.

Non-substitutable: There is not much that can replace having first hand experiences.

3.      Contacts and knowledge from people selling beach products.

Valuable: Having contacts in this specific industry is very valuable.  These contacts can be a reference for any advice or questions.

Rare: Having contacts and knowledge is not rare.

Inimitable: Having specific contacts and knowledge is hard to copy.  These contacts are built on relationships.

Non-substitutable: It is hard to substitute contacts for other resources.

4.      Concerns and information from frequent beach goers.

Valuable: Having people who see a need voice their concerns for a problem is very valuable in solving the need.

Rare: This is not rare because people have concerns and bugs about many things.

Inimitable: Since people have many concerns it would be hard to copy.

Non-substitutable: This could be replaced with questioning about solving a problem rather than having direct concerns.

5.      Proficient in using technology.

Valuable: For a business I think being proficient in technology is very valuable to help reach new markets and promotion.

Rare: In 2018, this is not rare as many businesses are getting better at with using technology.

Inimitable: The use of technology is easy to copy.

Non-substitutable: New technology is advanced and could not be substituted for an advancement at this time.

6.      Ability to manage finances successfully.

Valuable: For a business being able to manage finances for revenues and expenses is very important.  Having experience in this is helpful.

Rare: Businesses must be able to do this successful to succeed so this is not rare.

Inimitable: Being able to do this can be copied but to the extent it is matters upon success.

Non-substitutable: This cannot be substituted.

7.      Good communication skills and ability to listen and take advice.

Valuable: Being able to listen and communicate while taking advice is very valuable resource to have. 

Rare: Being able to take advice can be rare because sometimes people do not want to listen to others.

Inimitable: This can be easily copied but takes time and effort.

Non-substitutable: This is hard to substitute because listening is very useful.

8.      Knowledge that who you know sometimes outweighs what you know.

Valuable: This resource is a very valuable on to have.  Having knowledge on a product is great but sometimes who you know is more important to help advance your idea.

Rare: Knowing people is not rare but knowing the right people and making great connections may be hard.

Inimitable: Making connections and networking is not hard but some people may be more helpful than others.

Non-substitutable: Making strong connections cannot be substituted.

9.      Desire to create a useful and beneficial product.

Valuable: This is valuable because making a product that is useful and successful is the end goal.

Rare: For a business this is not are as this is the goal for many.

Inimitable: The can easily be copied.

Non-substitutable: This can be substituted by other resources such as hard work.

10.  Having relationships with other businesses.

Valuable: This is valuable because when creating a product having connections with suppliers and distributors would be great.  My neighbor owns a business o talking to him has bene helpful.

Rare: This is not rare because relationships among businesses is common.

Inimitable: Having strong relationships can be copied.

Non-substitutable: These relationships cannot be substituted.

I think my top resource is   knowledge that who you know sometimes outweighs what you know.  Networking and building connections are extremely important when starting a business.  I may have  a large depth of information but still can use help from others to succeed.  Being able to understand to continue to network and make connections can be a very important resource to have.