1.
Resources
o Determination
§ Valuable: Determination is always valuable in any and every endeavor.
§ Rare: Determination in itself is not rare as there are many people
who possess determination. However there are different levels of determination
and where people are willing to go and not. I feel I am willing to go beyond
the expectations and I love to raise the bar higher.
§ Inimitable: Determination cannot be copied. Either you are
determined or you are not although people can be more determined regarding
certain things or aspects than others.
§ Non-Substitutable: There is no substitute for determination.
Determination goes beyond skills and into the mental aspect of an endeavor.
Without determination the first instance of failure will result in total
failure of the project.
o Network
§ Valuable: Everyone's network is valuable as they are all unique.
§ Rare: My network is rare in that it is my own. I have built
relationships throughout the years and even more due to the nature of this
class.
§ Inimitable: My network cannot be copied because it is
unique and no one else is able to possess the same attitudes/behaviors/feelings
from my network.
§ Non-Substitutable: There is not a substitute for my network as it
helps to shape my own identity and helps with some of my advantages in
business.
o Knowledge
§ Valuable: Knowledge is always valuable.
Without knowledge there can be no progress in any venture.
§ Rare: Knowledge is rare because of
particular focuses. Knowledge is accessible to everyone but the particular
focus is what makes it rare.
§ Inimitable: My accumulated knowledge is not
able to be copied. No one else knows exactly what I have managed to acquire
throughout the years.
§ Non-Substitutable: There is no substitute
for knowledge. Lack of knowledge will inevitably lead to downfall.
o Experience
§ Valuable: Experience is extremely valuable as all knowledge comes from
experience - either my own experiences or another person's.
§ Rare: Experience is rare in that no one has endured my experiences. It
is also rare for this class as I am a lot older than most of the other students
and even the TA's.
§ Inimitable: Experience cannot be copied as no one has seen
or shared all of my experiences.
§ Non-Substitutable: There is no substitute for experience. The more
experiences we face the more wisdom and knowledge we are likely to accumulate,
access and recall.
o My Mother
§ Valuable: She is valuable in that I gained a lot of her characteristics but
more importantly, for this particular venture, she is also a seamstress so she
can help create the initial Covades prototype.
§ Rare: She is extremely rare as she is 1 of 1. There is only one of her.
§ Inimitable: She cannot be copied and her willingness to
help me with this project will not cost me any financial capital.
§ Non-Substitutable: There is no substitute for her and her skills in
helping with this venture.
o Cogency
§ Valuable: Being able to talk to people in a convincing manner is extremely
valuable in business. 99% of business is asking other people for money.
§ Rare: It is rare to show someone why they need a product or service and
how it will benefit them. Most people are cautious with money so an
entrepreneur must be compelling in their initial approach and pitch.
§ Inimitable: Many people can be convincing but are they only
seeking a sell or actually trying to provide a benefit to the customer and
cultivate new relationships? I think the latter is what sets me apart.
§ Non-Substitutable: The only substitute for cogency is letting the
product speak for itself. Initially, cogency is paramount in that it will help
the entrepreneur gain funds from investors for start-up costs and product
launches.
o Financial Capital
§ Valuable: Financial capital is always valuable as "it takes money to
make money." I have managed to save enough funds to start the product
launch myself without necessarily relying on outside investors.
§ Rare: It is not necessarily rare because there are many people with a
lot of money. I think it is rarer for people to not have to rely on outside
investors initially.
§ Inimitable: The money itself can be copied but what may not
necessarily be copied is the willingness for the entrepreneur to put forth all
the money up front themselves.
§ Non-Substitutable: There is no substitute for investment as it is
necessary for all ventures. There is also no substitute for the willingness of
the entrepreneur to provide all of the financial capital.
o Culture
§ Valuable: Culture is valuable because it is what separates many companies
apart. Providing a culture that allows people to have fun and be themselves
will make them more willing to work harder for the company.
§ Rare: The culture I have in mind is rare in that I would look for high
character people who believe in helping others and making sure all customers
are completely happy. I would put financial aspects secondary and look for
making sure all of my employees are satisfied and happy first which in turn
they would pass on their enthusiasm to the customers. I would also make sure
they have full creative control over their jobs. As it was said hire smart
people and don't tell them what to do.
§ Inimitable: Culture cannot be copied as no one can see the
specific human characteristics I would be looking for.
§ Non-Substitutable: There is no substitute for a happy work
environment. Malcontents spread doubt and unhappiness to other employees and
customers whereas happiness and satisfaction does just the opposite.
o Work Ethic / Risk-Taking
§ Valuable: Work ethic is valuable because hard work is a necessary component
for all endeavors. The harder I work, the luckier I get. My assignment
completion is a good example of this.
§ Rare: Work ethic is rare in that a lot of people do not believe in
working hard and taking risks but rather remaining comfortable and secure. High
risk, high reward but to minimize risks, it takes hard work, effort and
sacrifice.
§ Inimitable: Work ethic and risk-taking cannot be copied.
Work ethic is a mindset and so is risk-taking. Not many people possess either.
Fear of failure is ever present in all endeavors. Fear will kill more dreams
than failure ever will. Most successful people fail more than once which only
feeds their desire to succeed.
§ Non-Substitutable: There is no substitute for either work ethic or
risk-taking. Without taking risks, people are likely to remain in the same spot
and without work ethic they may even go backwards.
o Creative Capabilities Through Feedback
§ Valuable: Remaining creative in this fast-paced world is paramount. Trying
to think ahead, thinking critically, listening to advice and valuable feedback
all help to create new ideas and improve my current concept. Creativity is very
valuable.
§ Rare: It is rare because improving something from differing opinions is
essential. The feedback is rare so listening and improving will help to create
a product that is rare.
§ Inimitable: Creativity cannot be copied. It comes from imagination
which cannot be copied until after it is implemented.
§ Non-Substitutable: There is no substitute for creativity and
listening at people's valuable feedback. People always say what they want and
as an entrepreneur it is my job to deliver it to them in the most creative way
possible.
2.
Top
Resource
o Work Ethic / Risk-Taking
§ I think work ethic and risk-taking is the most
important because it sums up the entire entrepreneurial process. As
entrepreneurs we are required to take risks. Risks in the product as well as
risks in failing when conducting interviews as we often get told no when
requesting one. We must overcome that fear and persevere. From that point
forward, we can apply that self-confidence towards our product or service and
all the other skills fall in line afterwards. On the opposite side, strong work
ethic is required because we are able to break through barriers by not giving
up and remaining steadfast on our ultimate goal. I think possessing these
characteristics are paramount for not only entrepreneurs, but people who have
set forth any goal they wish to achieve.
Please participate in my poll located below the comment box.
Thanks.
