Your Venture’s Unfair Advantage

1)    Human Capital

·      Valuable: In the world of business it’s all about who you know, having contacts in multiple business fields can help any business.

·      Rare: Having connections with people is exclusive.

·      Inimitable: Each connection is different, therefore making this inimitable.

·      Non-substitutable: You cannot replace someone with another person because everyone is different, therefore making this non-substitutable.

2)    Social Capital

·      Valuable: Networking and making connections can help an entrepreneur know the right people to help his business idea.  

·      Rare: Having connections with people is exclusive. (same as Human Capital)

·      Inimitable: Each connection is different, therefore making this inimitable. (same as Human Capital)

·      Non-substitutable: You cannot replace someone with another person because everyone is different, therefore making this non-substitutable. (same as Human Capital)

3)    Financial Capital

·      Valuable: Without financial capital having a business idea would just be an idea. Financial capital is the most important asset to have in any business.

·      Rare: Having more money will allow you to grow your business to the next level, which ultimately makes you more powerful.

·      Inimitable: Yes, you can always acquire more financial

·      Non-substitutable: Gaining access to money can be difficult, there are options to get access to money such as loans.

4)    Time Management

·      Valuable: Having sufficient time management skills can help bring a business to be efficient

·      Rare: I believe time management is a skill that is gained by experience

·      Inimitable: With more experience comes better time management, therefore it is something that is earned

·      Non-substitutable: Having great time management skills will necessary to run a business, therefore it is non-substitutable.

5)    Construction background/experience

·      Valuable: Having previous experience in construction and having a family business will allow me to have envelopment that will be valuable to all my new business opportunities.

·      Rare: Having experience at a young age can put me in advantage to others.

·      Inimitable: inimitable

·      Non-substitutable: Having previous experience is non-substitutable for me, however others people can have other types of experiences that can help them grow their business.

6)    Vision

·      Valuable: Having a picture in your head of where I want my business to go is very valuable.

·      Rare: Not rare, many people have a vision of where they want their business to go in the future.

·      Inimitable: This is personally inimitable

·      Non-substitutable: Non-substitutable

7)    Likeable/public speaking

·      Valuable: Being likeable and having proficient public speaking will help you as an entrepreneur be able to gain financial, social, and human capital.  

·      Rare: This is a trait that is unique to an individual.

·      Inimitable: Having this trait is inimitable

·      Non-substitutable: A certain individual may not have this trait, however a partner or a spokesman can have these traits to help your business.

8)    Safe Investment

·      Valuable: My business opportunity is a very safe investment, and therefore this is valuable to all investors  

·      Rare: Having a safe investment is rare, many times entrepreneurs get into risky businesses and it doesn’t work out.

·      Inimitable: This is not inimitable, there are many investment opportunities that can be listed as safe.

·      Non-substitutable: In my business opportunity, this is non-substitutable.  

9)    Relatively low startup

·      Valuable: This is valuable because having a low startup will allow more financial capital to be allocated elsewhere.

·      Rare: This is rare, many business ventures require high startup costs.

·      Inimitable: Not inimitable

·      Non-substitutable: Non-substitutable

10) Easy to manage

·      Valuable: Having an investment that is easy to manage is valuable, less stress is always a plus.

·      Rare: Not rare

·      Inimitable: Inimitable

·      Non-substitutable: Non-substitutable

Reflection:

            I believe that my top resource is my experience and construction background. By having business experience at a young age will help me to recognize opportunities that come ahead. It is more important than all my other ventures because it has tied into many other ventures listed. I have better personal/ public speaking skills because of my experience.