1. Human Capital: I am a psych student
V: This helps me understand a lot about marketing.
R: It is not rare
I: It is not inimitable
N: it is not non-substitutable
2. Social Capital: I know someone that can do the coding for the app
V: this is valuable as it could help lower the cost of the business and I will not have to go looking for someone who would be interesting in writing the code for the app.
R: It is not rare
I: It is not inimitable
N: it is not non-substitutable
3. My product is new no one is doing something similar. no competition
V: There are not many platforms that are providing this service the way I am planning on doing it so there would not be competition
R: That is rare as most businesses have competition
I: It is not inimitable
N: it is not non-substitutable
4. Money
V: Although I do not have that much money saved up to start my business, I do not actually need that much.
R: Money is not a rare resource
I: It is not inimitable
N: it is not non-substitutable
5. Involvement Team
V: Being on the I-Team would be a great platform to get my business out there and to tell students about it
R: It is rare as there are only about 30 of us on that team
I: It is not inimitable
N: it is not non-substitutable
6. graphic design experience
V: This is valuable as it could help with designs on the app and other marketing strategies.
R: It is not rare
I: It is not inimitable
N: it is not non-substitutable
7. sales experience
V: This is valuable because it would help me get businesses to advertise on the app would bring the business money.
R: It is not rare
I: It is inimitable as it has to do with my experience and although many can have experience in sales they will not have the same relationships with small local businesses that I have built in the last couple of years
N: it is not non-substitutable
8. I am TA
V: This is valuable because I have a strong relationship with a professor who could help me talk to publishing companies about putting their textbooks on my app.
R: It is not rare
I: It is not inimitable
N: it is not non-substitutable
9. I have talked to my intended target and got a lot of feedback and opinions
V: This is valuable because I know that I do have support for my idea and I have also adjusted it a lot to the feedback I got from my market audience
R: It is not rare
I: It is not inimitable
N: it is nonsubstitutable as there is no other way to know what your market wants
10. job experience
V: This is valuable because my job experience will help me a lot with calling publishers on the phone and just knowing how to interact with strangers in general
R: It is not rare
I: It is not inimitable
N: it is not non-substitutable
I think my top 2 resources are my sales experience and just my idea in general. Having a business that is new with no competition definitely gives me a huge advantage and with sales experience and relationships with other small business owners, hopefully, would give my business a leg up.
It is interesting to hear that you will be able to use your sales experience to enhance your business idea. I do feel that experience you gain throughout your life will continually help any business you take part in. Combining that knowledge, with the knowledge of being a UF student, and knowing how students think and purchase books, definitely will help your app succeed.
ReplyDeleteDear Maria,
ReplyDeleteI think you have a lot of valuable advantages. Human capital and social capital can bring you a long way. However, I agree that the sales experience may be your most important aspect because it can help build relationships and promote your product. I also agree that having a business that is new with no competition definitely provides a big advantage.
Hi Maria,
ReplyDeleteI can see that you have many advantages that would be useful for your business. You have plenty of experience and involvement that shows the different areas you can be involved in when running your business. I would also agree with your point that sales experience can give you a big advantage when starting your own business as many young people lack this. Additionally having an original idea that has never been done before with no competition gives you a larger chance of succeeding.
Hi Maria,
ReplyDeleteI agree with your statement that your most valuable asset or advantage is the product itself because there is no competitors. but, with no competitors there are no customers yet. so for me this would be the hardest part of your business, which is creating customers and teaching people about the app.
Hey Maria!
ReplyDeleteI think you possess some very helpful and useful traits for when it comes to establishing a business. Having graphic design and sales experience are two great resources to building a business in the form of an app. Many find it difficult to hash out the details of sales when it comes to apps but with those skills I think you would be great! I noticed that for a lot of your resources you described them as substitutional and not rare. I feel that you could've found some reasons why they are! Other than that, great job!
-Jenna