Resource
1: Patent
Valuable:
If I can get a patent on my product it will make it infinitely valuable because
I am the only one that will be allowed to use that kind of technology and will
have a competitive advantage in the market.
Rare: A
patent would definitely make what I have even rarer.
Imitatable:
The product would not be so unique if I were to acquire a patent it could not
be imitated by anyone else, and if it was it probably wouldn't have the same
capabilities.
Non-Substitutable:
There really isn't a way to substitute a patent.
Resource
2: Location: Orlando
Valuable:
Orlando is a growing hub of technology and industry and would be a great place
to start the business, especially with all of my connections in the area.
Rare:
Orlando is known for being a tolerant and upcoming city and will attract a lot
more potential contacts and customers.
Imitatable:
Orlando is such a unique city in Florida because it is one of the only main
cities not on the coast, and this is because its economy is moving away from
manufacturing and toward more technology oriented[e1] industries.
Non-substitutable:
There are other cities like Orlando that are up and coming in the tech
industries.
Resource
3: My adaptability
Valuable:
It will allow me to keep the business a float while the market is changing, and
the company faces adversity.
Rare: A
lot of people don't want to change, and in that way, I feel like it is a rare quality
Imitatable:
it is imitatable, and a lot of other people have this quality, but not everyone
has it. I feel like this quality will assist me in achieving my goals.
Non-substitutable:
This quality really isn't substitutable, you just have to have it or you don't.
Resource
4: Social Capital in Orlando
Valuable:
Helps with connections to get my business started.
Rare: My
parents have a vast amount of connections with various entrepreneurs that have
started their own businesses.
Imitatable:
No one has the exact network that I do therefore it cannot be imitated.
Non-substitutable:
It could be substituted with other people’s social capital.
Resource
5: My Determination
Valuable:
It is very valuable and will keep me going when things get tough.
Rare: It
is not that rare, but very valuable.
Imitatable:
It is one of those things you either have it or you don't.
Non-substitutable:
It cannot be substituted, like stated before.
Resource
6: A unique product
Valuable:
There is nothing like it on the market, therefore it makes the product unique
and special.
Rare: The
uniqueness of the product already makes it rare by default.
Imitatable:
With it being the only product on the market that can wirelessly charge phones,
this makes it special, but it can be imitated.
Non-substitutable:
It definitely could be substituted by a portable charger or charging your
phone normally.
Resource
7: The ability to see from many different perspectives
Valuable:
This is valuable because it allows me to see the product from a competitor's
viewpoint, or that of a customer.
Rare: I
feel like it is something that is hard to do, and therefore, something that not
that many people can do.
Imitatable:
Not really it is another all or nothing sort of deal.
Non-substitutable:
Not really it is another all or nothing sort of deal.
Resource
8: Positive Attitude
Valuable:
This may seem cheesy, but a positive attitude can get you through a lot of tough
situations.
Rare: I
think it is rare, many people like to complain, and blame their circumstances on
other things.
Imitatable:
Determination is similar in the same aspect because they both keep you going.
Non-substitutable: When
it comes down to it, nothing can truly substitute a positive attitude.
Resource
9: Keep Manufacturing Local
Valuable:
Keep the jobs in the community.
Rare: Not
that many technology companies do it.
Imitatable:
Plenty of other smaller community-based businesses do it, but usually not tech
companies.
Non-substitutable: You
can’t really substitute being local, you either are, or you aren’t.
Resource
10: The people
Valuable:
Finding good employees is very important, and I have a few go to people that I would
include when I start my venture.
Rare: It
isn’t that rare, but it is vital for success, as many other businesses have
good associates.
Imitatable:
You cannot imitate any person’s exact decision-making capabilities, or their personality.
Non-substitutable: You
cannot really substitute good people, you either have them or you don’t.
I believe that my unfair advantage is my determination, no matter what the circumstances are I will get the job done and not ley my venture down.
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ReplyDeleteGreetings Ethan, great post, per usual! I believe that determination is a very important resource to have for anybody starting a business because it drives you to do your best. Without determination you would easily get distracted and quit every time something didn’t go your way and let’s be honest 9 times out a 10 in a business nothing goes as planned.
ReplyDeleteHello Ethan, great submission for your post. All of your resources are essential to help your business grow and become successful. I believe that you have a good plan in hand. I like how you plan to keep manufacturing local, as we try to help the economy of the United States. I believe that will boost the popularity of your company as many companies do not do this.
ReplyDeleteGreat post, Ethan! First off, as a lifelong citizen of Orlando, I could not agree more in saying that it is a great place to start a business. I'm sure you have a wealth of social capital in Orlando that can guide you in your humble beginnings. Having a unique product is also key for your business idea. Acquiring a patent doesn't seem like a must-have, but it sure would separate you from the pack. Lastly, I like your notion of having a positive attitude. It is not cheesy. Any entrepreneur will tell you the importance of positivity.
ReplyDeleteHey Ethan,
ReplyDeleteOverall very awesome post! You made it very clear to follow and understand what each and every characteristic of your venture gave you an advantage. I would very much agree with your part about Orlando. Even though I grew up in Ocala I certainly know the advantages that Orlando has to offer. I also agree with your perspective about people. People are so important to get and understand.