#23 – Your Venture’s Unfair Advantage
1. Taking ENT3003
- Valuable: Yes, the class itself offers very valuable information about becoming an entrepreneur and the business concepts that you should understand.
- Rare: Not really considering it’s a University elective that any student can take (or maybe just business student? Not really sure.)
- Inimitable: Sort of. This is a unique class in which the assignments force you to think like an entrepreneur and the feedback you receive helps you adjust your initial idea. However, entrepreneur information and tactics can be learned in other ways besides this class.
- Non-Substitutable: Eh, like I said above, this information can be found in other ways than just the class.
2. Social Capital Through My Major in Information Systems
- Valuable: Yes, this major provides students a great advantage to work in the Information Systems industry.
- Rare: Eh, anyone student can decide to major in Information Systems, and it’s also offered at other schools as well.
- Inimitable: Eh, Information Systems is a major offered at many colleges, but I guess what would make it inimitable would be how UF offers it – you won’t get the exact same experience at UF than you would somewhere else.
- Non-Substitutable: Not really, you can teach yourself or learn the same information other ways.
3. Having UF for Resources and Benefits
- Valuable: Absolutely, UF is a top 7 public university!
- Rare: Sort of, there are many students that attend the University of Florida and have access to the resources and benefits, but it’s only the UF population that has this access.
- Inimitable: No, only people who attend UF get these benefits. Unless other schools provide similar types of services.
- Non-Substitutable: No, again same as above
4. I’m Organized
- Valuable: Yes, it keeps me sane when everything is in order
- Rare: Not really
- Inimitable: Eh, anyone can become organized but everyone’s organizational skills differ a little due to it being a personal trait
- Non-Substitutable: Yes
5. I’m Detail Oriented
- Valuable: Yes, I can really focus my attention and notice all the little details in things
- Rare: Sort of, not everyone has this skill
- Inimitable: Eh, kind of. Again as a personal trait it’s hard for others to copy your exact level to keep it authentic
- Non-Substitutable: Yes
6. Internship Experience with Startups
- Valuable: Yes, especially as an entrepreneur who would be starting their own business, it’s valuable to know how startups operate.
- Rare: No, many people can intern with startups if they wish to do so
- Inimitable: No, again, anybody can work for a startup
- Non-Substitutable: Eh, any internship will be valuable but I think you can learn certain qualities and skills by working at a startup
7. Knowledge of Customer Base and Target Market
- Valuable: Yes, in the same aspect as being inimitable, I was the one who collected this knowledge and information so it will differ from others.
- Rare: Sort of, this knowledge only applies specifically to my product because I did interviews based on the prototypical customers of my business idea
- Inimitable: Yes, because knowledge gathered differs from person to person based on our own experiences and what we already know.
- Non-Substitutable: I’d say yes, because this information helped shaped my business idea and gave me a better idea of who my customers are.
8. Understanding How Apps Work
- Valuable: I mean yes I think it’s good to know how apps work
- Rare: Not really as iPhones and apps have become much more popular
- Inimitable: No, many people understand how apps work
- Non-Substitutable: No, other search engines such as Google can give you similar information that apps do. Apps just make it easier because it’s all localized.
9. Social Capital Support
- Valuable: Yes, any support when starting a company is valuable
- Rare: It can be. Just depends if you have people (like friends or family) supporting your idea or not, but for the most part people usually have one person backing their idea.
- Inimitable: Sort of. Only because my social capital support won’t be the exact same as someone else’s support. But then again the idea of having support is not hard to copy.
- Non-Substitutable: Kind of, I can’t think of anything else that would provide the same benefit.
10. Experience in Organized Races
- Valuable: For my business venture, yes
- Rare: Nah, people participate in organized races all the times, especially around holidays for the fun runs
- Inimitable: No, anybody can get experience by participating
- Non-Substitutable: Kind of, can’t think of any other activity like it
Results: Based off of the VRIN analysis, my top resource consists of my human capital - detail oriented. It’s important to be observant and notice problems before they become problems, especially when first starting a business. As an entrepreneur you need to know all the details of your business in order to be successful.
- Valuable: Yes, the class itself offers very valuable information about becoming an entrepreneur and the business concepts that you should understand.
- Rare: Not really considering it’s a University elective that any student can take (or maybe just business student? Not really sure.)
- Inimitable: Sort of. This is a unique class in which the assignments force you to think like an entrepreneur and the feedback you receive helps you adjust your initial idea. However, entrepreneur information and tactics can be learned in other ways besides this class.
- Non-Substitutable: Eh, like I said above, this information can be found in other ways than just the class.
2. Social Capital Through My Major in Information Systems
- Valuable: Yes, this major provides students a great advantage to work in the Information Systems industry.
- Rare: Eh, anyone student can decide to major in Information Systems, and it’s also offered at other schools as well.
- Inimitable: Eh, Information Systems is a major offered at many colleges, but I guess what would make it inimitable would be how UF offers it – you won’t get the exact same experience at UF than you would somewhere else.
- Non-Substitutable: Not really, you can teach yourself or learn the same information other ways.
3. Having UF for Resources and Benefits
- Valuable: Absolutely, UF is a top 7 public university!
- Rare: Sort of, there are many students that attend the University of Florida and have access to the resources and benefits, but it’s only the UF population that has this access.
- Inimitable: No, only people who attend UF get these benefits. Unless other schools provide similar types of services.
- Non-Substitutable: No, again same as above
4. I’m Organized
- Valuable: Yes, it keeps me sane when everything is in order
- Rare: Not really
- Inimitable: Eh, anyone can become organized but everyone’s organizational skills differ a little due to it being a personal trait
- Non-Substitutable: Yes
5. I’m Detail Oriented
- Valuable: Yes, I can really focus my attention and notice all the little details in things
- Rare: Sort of, not everyone has this skill
- Inimitable: Eh, kind of. Again as a personal trait it’s hard for others to copy your exact level to keep it authentic
- Non-Substitutable: Yes
6. Internship Experience with Startups
- Valuable: Yes, especially as an entrepreneur who would be starting their own business, it’s valuable to know how startups operate.
- Rare: No, many people can intern with startups if they wish to do so
- Inimitable: No, again, anybody can work for a startup
- Non-Substitutable: Eh, any internship will be valuable but I think you can learn certain qualities and skills by working at a startup
7. Knowledge of Customer Base and Target Market
- Valuable: Yes, in the same aspect as being inimitable, I was the one who collected this knowledge and information so it will differ from others.
- Rare: Sort of, this knowledge only applies specifically to my product because I did interviews based on the prototypical customers of my business idea
- Inimitable: Yes, because knowledge gathered differs from person to person based on our own experiences and what we already know.
- Non-Substitutable: I’d say yes, because this information helped shaped my business idea and gave me a better idea of who my customers are.
8. Understanding How Apps Work
- Valuable: I mean yes I think it’s good to know how apps work
- Rare: Not really as iPhones and apps have become much more popular
- Inimitable: No, many people understand how apps work
- Non-Substitutable: No, other search engines such as Google can give you similar information that apps do. Apps just make it easier because it’s all localized.
9. Social Capital Support
- Valuable: Yes, any support when starting a company is valuable
- Rare: It can be. Just depends if you have people (like friends or family) supporting your idea or not, but for the most part people usually have one person backing their idea.
- Inimitable: Sort of. Only because my social capital support won’t be the exact same as someone else’s support. But then again the idea of having support is not hard to copy.
- Non-Substitutable: Kind of, I can’t think of anything else that would provide the same benefit.
10. Experience in Organized Races
- Valuable: For my business venture, yes
- Rare: Nah, people participate in organized races all the times, especially around holidays for the fun runs
- Inimitable: No, anybody can get experience by participating
- Non-Substitutable: Kind of, can’t think of any other activity like it
Results: Based off of the VRIN analysis, my top resource consists of my human capital - detail oriented. It’s important to be observant and notice problems before they become problems, especially when first starting a business. As an entrepreneur you need to know all the details of your business in order to be successful.
Hey Taylor,
ReplyDeleteYour top resource being your ability to notice problems before they become problems is ideal for starting a business. In the beginning, small problems can snowball and become much larger later in the process if not addressed. Based off of your experience using running apparatuses and knowledge of the product and field, I have no doubt you will be successful in your venture.
Hi Taylor,
ReplyDeleteI totally agree that being detail oriented is an extremely important skill to have. It is something that I personally wish I was better at. Having an eye for the little things is necessary when building a company from the ground up, as even the tiniest of errors that slip through cracks can be catastrophic for the long term growth of a company.
Hello Taylor,
ReplyDeleteAfter reading your post I can see that you have qualities that can help you be successful. Being detail oriented is a skill that not many people have and that is including myself. Something else I agree with you is that Principles of Entrepreneurship it has been a valuable class because it has force me to think outside the box.
Hey Taylor!
ReplyDeleteYou have many things that are extremely valuable to any entrepreneur starting their business. One of your most unique and helpful things is having experience with internships in startups. This is a resource that many people don't have, and can help propel you to a league of your own. Using this experience and implementing things you have viewed will do wonders!
Great post!