Tuesday, March 22, 2016

There's My Unfair Advantage

1. Creativity is valuable because I want this store to be an experience and have a creative atmosphere. This is a semi-rare trait. Not everyone is creative and I like to think I have a unique taste and idea for this store. Creativity is not imitable because creativity is synonymous with originality and therefore is a brand new idea and not replicated. Creativity is not really a substitutable resource. In order to have a unique and visually appealing store, you need creativity.
2. Style is valuable because I will be buying the clothes that we wish to sell and will need to have an established style that I want the store to maintain. I believe that everyone has style, but some is better than others. So in some ways it is rare and substitutable but in some ways it is not. Style is definitely imitable, but you can only imitate what you see, so if other stores try to copy what I do, they will be behind.
3. Investors are very valuable. I already have a few people lined up who are willing to invest. These people are rare to have at this early in the idea stage. I guess you could replace and substitute these investors, but I already have established trust with them so to me, they are irreplaceable.
4.  My Mom is a resource to me because she is my greatest support. She is super creative and loves my idea of this store and is beyond willing to help me in any way I need. She is rare because unfortunately most girls don't have a mom who is also their best friend. I am so blessed to have her. She also isn't imitable because we are the same person. Before I even tell her my thoughts she already knows what they will be, and odds are she feels the same way. You can't substitute her because she already knows what I need before I say it. You can hire someone, but they would never be as great as my mom.
5. Organization is a valuable resource to me. I am very organized and I think that will translate into great business quality. I believe that organization is rare. Most twenty-year olds would not classify themselves as organized and clean. This is imitable though because you can be taught to organize, it just won't come as naturally. Also it is substitutable because you could always hire and assistant to organize things for you.
6. Integrity is a valuable resource for me. I make decisions based on my worldview and morals first and then what would be best for me. I think that this trait is also rare for people in their twenties. This trait is immutable though because people can decide to have integrity. It is not substitutable however because if you don't do things with integrity, then you just don't.
7. Work Ethic is another strong value of mine. I am a hard worker, but I don't think that this trait is rare. I think that people are hard workers, especially when they are doing something they love. This trait is very imitable. People see someone working hard and it inspires them to work hard too. Because of this, it is also substitutable because you can always hire more people to work.
8. Instinct is a valuable trait in business. I know that I have good instincts when it comes to style and trends, but since I have never owned a business I'm not exactly sure how strong my business instincts will be. So because of this lack of experience I think this feeling is very common and imitable and substitutable.
9. Knowledge of area is a good value. I have great knowledge of the physical location and market of where I want to locate my store. I think it is rare that people start a business knowing exactly where they want it to be located. This will save us a lot of time and money when it comes to opening the store. This knowledge is imitable for anyone coming from the same area as me, but not imitable for anyone coming from out of town. This trait is non-substitutional because it is an instinct of mine.
10. My UF Degree is extremely valuable. It shows that I know at least a little bit of what I am getting into. It is also very appealing to investors. This is not rare however because over 40% of Americans have some variation of a college education. This is imitable because anyone can get a degree (however not just anyone can get one from UF, Go Gators!!!) and copy the same minor and major path as me. This is non-subsituable though because without a college degree, there is not alternative to this level of education.

Reflection: My best resource is my mom. She is the most valuable resource, she is so rare and can never be imitated and is completely non-substitutional. She will be of greatest help to me when I make this dream become a reality. She really rocks.

1 comment:

  1. Hi Caroline! Wow, I can tell that you really thought about what resources you already obtain and how they benefit you. The point about your mom really stood out to me, because not many people mention that or their support really unless it is from the market. I also believe having style is important because without it, not only would you not achieve your limits but you would also not enjoy the career. Great post! Check out my Venture Advantage if you get the chance!

    http://andreasentspace.blogspot.com/2016/03/venture-concept-no1.html

    -Andrea

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