23A My Venture's Unfair Advantage

23A My Venture’s Unfair Advantage

I have a somewhat innovative mindset and I like to solve problems. I like to analyze issues and find solutions. I hope to take this issue and get it up and running and then try to find complimentary issues that exist and try to solve those. I think most imitators would just make the product with no passion behind it. They may be able to copy it, unless I have a patent on it first. I don’t just want to make a buck, I want to help people.

Ten resources I believe I have:

1.      Human Capital- I have just about completed my Business Degree at UF. That is imitable by some but not by all. That will give me the business background I need in order to succeed in any business venture. I read that with a degree, my human capital is about 35.4% high and without a degree it’s 5.4%! I am a hard worker that cares about the job I perform and the people I perform it for. I have a creative side and I follow up on the details.

a.      V- Valuable in that it takes this knowledge and training to create, design, implement, and run a new business.

b.     R- Not so rare, so many students at UF, but, so many that haven’t been blessed with the opportunity either.

c.      I- Yes, it is imitable, but it takes time, money, and perseverance to accomplish it.

d.     N- It depends on the person and their abilities. Yes, it is substitutable, but UF is a top school and has a high value of its own. I don’t have the mind of Steve Jobs, but who knows what could be accomplished. Many people who started great careers didn’t complete their college degree.

2.      Social Capital- I have a support group in friends and family that is strong. With social media the way that it is currently, it is easy to reach out to friends and family and now to potential customers. I have watched artists showcase their skills while working on a piece, only to sell it before it is completed. I plan to do the same with my “For Kid’s Sake” product (after I get a patent first-just in case).

a.      V- Very valuable as support helps people to be confident in their abilities and have a sense of strength they wouldn’t otherwise have. It can also help financially.

b.     R- No one has my same support group exactly, although they may have one as strong or stronger.

c.      I- Some aspects can absolutely be imitated as far as social media and the ability for us all to connect.

d.     N- Yes, substitution is closely related to imitation in this case.

3.      Financial Capital- I have a high Fico score so personally I should be able to start a business with a loan. I would rather, like Dr. Pryor suggested, use my own resources as much as possible to save money at every turn. Use my own garage for testing, etc. Until I have a viable sample piece to present to others. Hire friends or look up open coding online. Another thing the internet has brought to us besides social media is the ability to find out how to accomplish or do just about anything step by step.

a.      V- Very valuable and necessary to start, run, and maintain any business. Best to use your own resources as long as you can.

b.     R- High Fico scores are not rare, they just keep your interest rates lower or allow you to obtain a loan in the first place.

c.      I- That is debatable. You can go to your garage to start a new idea, but you need to have the right idea that serves the need of your customer. Yes, my idea could be imitable unless there is a patent.

d.     N- Even with a patent, the idea is substitutable as someone could find a similar way to serve the same need.

4.     Capability: Marketing Background

a.      V- Yes, it is valuable. I have had a lot of practice to find what a person needs and create a solution to their need. Google analytics, etc.

b.     R- Nope

c.      I- Yes

d.     N- Yes

5.     Capability: Graphic Design Background

a.      V- Yes, valuable to be able to design your own product look, packaging, direct mail, or ads online.

b.     R- no

c.      I- yes

d.     N- yes

6.     Capability: Customer Service

a.      V- Yes, customer service that matters to the customer is valuable. It keeps the customer coming back for more if it is decent and reliable.

b.     R- no

c.      I- yes

d.     N- no, you can’t substitute good customer service.

7.     Capability: Program Knowledge

a.      V- Yes, I have used countless computer programs and have learned they all are pretty WYSIWYG. As new programs are necessary to run for the business, it will be easy to do so.

b.     R- no

c.      I- yes

d.     N- yes

8.     Capability: Website Building Knowledge

a.      V- Yes, it is valuable for having an internet presence

b.     R- no

c.      I- yes

d.     N- yes

9.      Capability: Product Design

a.      V- Yes, it is valuable as people really do tend to buy what they like to see, touch, and feel.

b.     R- no

c.      I- yes

d.     N- yes

10.  Capability: Advertising Background

a.      V- Yes, it is valuable to know the best way to advertise your own products

b.     R- no

c.      I- yes

d.     N- yes

11.  Capability: Running a business background

a.      V- Yes, it is very valuable

b.     R- no

c.      I- yes

d.     N- yes

12.  Capability: Tenacity

a.      V- Yes, it is very valuable in that when I want to give up, I make myself get back in there and finish the task at hand.

b.     R- somewhat

c.      I- yes, by some

d.     N- yes

My human capital is my top resource. I have a combination of background experiences in business and in training that I can bring that not everyone has right now. They could obtain it over time, but, that would take years. Human capital is extremely important because it makes you the person you are and that person will be creating, implementing, and running the business.