My Unfair Advantage

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.