1) Human Capital
Value - Human capital is very important as not everyone knows the same skills and every person can bring different value and knowledge to the table.
Rare - This is not rare as everyone has some form of human capital and has different skills to offer.
Inimitable - People can have similar experience but they will never know exactly every thing you know or have learned. They will also not have the same experiences as you.
Non - Sustainable - You can substitute someones human capital by bringing in multiple different people that fill this persons criteria.
2) Social Capital
Value - This is extremely valuable, especially when trying to sell a product or service and be competitive.
Rare - This is not very rare as some people can have very similar connections.
Inimitable - People can have similar resources and social connections but it is very unlikely they will have the same exact connections.
Non - Sustainable - You can substitute someones social capital by bringing in multiple people with the same or similar resources.
3) Financial Capital
Value - This is extremely valuable because many start up businesses have a hard time getting money to make the business what it hopes. Having this money can give you a good start and allow your success to fluctuate.
Rare - This is somewhat rare because many people do not have the financial capabilities to up and start a business.
Inimitable - It is easy to copy someone else's financial capital if you were to save money for your business.
Non - Sustainable - There are no other similar resources unless you were to go into debt.
4) Business Experience
Value - This is very valuable as it allows you to know and be familiar with at least some aspects of starting a business.
Rare - This is somewhat rare as many people do not have the opportunity to gain experience in starting a business and seeing it grow.
Inimitable - This is very easy to copy as anyone can open a business or try to be apart of a new business.
Non - Sustainable - You can not receive the same benefits as having your own experience.
5) Location
Value - Being close to you anticipated customers is very valuable as it allows you to gain knowledge on your customers and their needs.
Rare - This is somewhat rare as some companies are trying to reach a larger audience and can not live where all their customers do.
Inimitable - This is somewhat inimitable because many people can start a business where they live.
Non - Sustainable - You can have people represent you across these areas and have them gain knowledge on the location without you being there.
6) Customer Service Experience
Value - This extremely valuable as it give you experience working with customers and selling your product or service.
Rare - This is not that rare as you can gain customers service anywhere.
Inimitable - This is not that hard to imitate because you can this experience in any type of business or workplace.
Non - Sustainable - You are not able to fulfill this with anything else as it is an experience.
7) Familiarity with marketed customers
Value - This is extremely valuable as it allows you to be familiar with the intended customers and know their needs.
Rare - This is somewhat rare because not everyone that starts a business, started with the same need and they may not completely understand.
Inimitable - You are become familiar with these customers but you will not have the same relationships as someone who was once a part of that group.
Non - Sustainable - You can not get these benefits from another resource.
8) Vendor Relationships
Value - This is valuable as it allows you to have predetermined vendors to help with your business.
Rare - This is somewhat rare as many people do not have access to vendors before they start a business.
Inimitable - You are able to establish relationships with vendors but it will take time and can push back your business plans.
Non - Sustainable - No, these are relationships that take time to form.
9) Supportive Resources
Value - This is very important as many people do not have other businesses and resources that will promote a new business.
Rare - This is rare as you would need to have relationships with these business and resources in your community.
Inimitable - You are able to make these relationships but it will not be the same as someone who has made these relationships a while ago.
Non - Sustainable - It takes time to make these relationships and these can not be replaced with something else.
10) Marketing Experience
Value - This is very valuable as it will put you ahead in opening your business.
Rare - This is somewhat rare as some people may not have been able to get this experience before opening their own business.
Inimitable - This is hard to copy because marketing is continuously changing and if you do not know how to market to your customers, it can be very difficult.
Non - Sustainable - You can gain this knowledge elsewhere but you will still be new to marketing.
I believe my top resource is being familiar with the intended customers. Having personal experience with their issue will allow me to better understand their needs and what will and wont work for their circumstances.
All of these are would definitely give you an unfair advantage over others. I agree that your best resource is being familiar with the customers. By having that personal experience with their issue you know what to expect and potentially how to stop or avoid it. Past experiences in my opinion are sometimes the best "teachers" and best examples of what to do or what not to do.
ReplyDeleteHi Heather. I just finished reviewing your list of ventures. It is very detailed and extensive and covers majority of what it would take to start your venture up. Having the personal experience is great and will hopefully get your idea off the ground, but it is also important to remember your customers and their needs!
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