1. Financial Capital: From all the jobs I have worked in the past, I have saved up a lot of money that can help me jumpstart my business.
Valuable - Having this money will allow me to not take out any loans, making my business a whole lot more safe.
Rare - Even though I am still a young age, most people do not have as much money as I have in the bank. Those with lots of money generally have them put into funds that they cannot use, but will increase their payout in the future.
Inimitable - If people are able to live extremely cheaply and are willing to work a lot and save their money, they can get to my position.
Non-substitutable - There are no substitutes for money, unless somebody is willing to barter.
2. Ability to make a website: A website designer recently showed me how to do the basics of creating a website.
Valuable - The service would either be coming from a website or an app, so this would be very valuable to set it up.
Rare - While the average person does not know how to create a website, with money people can find someone who does.
Inimitable - I do not think it would be very hard for some other entrepreneur to start a very similar service.
Non-substitutable - If I do end up making a website, people can make an app very similar to my website. They can also make books and other forms of transferring information, but they would not be as interactive.
3. The heart to make sure only healthy foods are listed: While I could probably make more money by promoting whoever is willing to pay me the most, I would feel like I am letting the helpless animals down by allowing their owners to serve them bad food.
Valuable - Customers would be more encouraged to use my service if they feel comfortable with the seller.
Rare - Most people just do their work to get the most money possible. It is rare somebody's main motivation is to do good.
Inimitable - While people can try to do the right thing, money usually can help change that, making it difficult to imitate.
Non-substitutable - While it can be substituted for other motives, people would feel most happy buying from a trustworthy source.
4. Past experience of owning a pet: In the past, I have owned two dogs, fish, a cat, and a crayfish. While I was not the primary caretaker of these animals, I have taken care of all of them in some way.
Valuable - It is important to buy from a reputable source. If somebody has absolutely no experience in a field, they are probably not a good person to buy from.
Rare - It is actually extremely common. The majority of at least United States citizens have had a pet at some point.
Inimitable - It is very easy to copy. Especially since I was never the primary caretaker of a pet, my experience is not the most experienced.
Non-substitutable - The only substitute would be if somebody did not own a pet, but worked at a shelter for them and were forced to care for them.
5. My domain expert: This is a very techy person and can help me learn how to set up features later on for my website.
Valuable - This person can teach me new things that can make my service more efficient and effective for customers.
Rare - People with this about of tech knowledge are not impossible to find, but they are not too common.
Inimitable - It takes a while to gain as much knowledge as this person has, but it is very possible.
Non-substitutable - People can use the internet to try to find specific information, but it may be hard to find specifics and less common information.
6. My market expert: This person works at a pet store and can provide me with important information.
Valuable - This person can let me know the new products being served in the store and items that are soon going to be dropped.
Rare - A person with the same qualifications can be found at a local pet store. All somebody would have to do is talk to somebody at a store.
Inimitable - This is very inimitable.
Non-substitutable - People can look up sales on past products and figure out which products are most likely on their way out and information on new products.
7. My supplier: This person can help advertise my service if we support their product.
Valuable - With a supplier I can trust and they trust me back, we can help market each other.
Rare - It is not too difficult to contact a supplier, but it would be hard to find somebody with this type of relationship.
Inimitable - Other businesses can find different suppliers for help.
Non-substitutable - People can make products themselves instead of finding a supplier.
8. Strong passion for starting a business: I very badly want to start my own business from scratch and see it grow.
Valuable - I will invest a lot of my time and money into the business to make sure its successful.
Rare - A lot of people want to be entrepreneurs so this is not too rare.
Inimitable - Either somebody wants to start their own company or they do not, so they cannot just get this trait.
Non-substitutable - People can just buy into a company and take over, skipping over the beginning phases.
9. Resilience: I do not give up easy even when I am faced with a lot of adversity.
Valuable - I will do whatever it takes to make sure my business is successful.
Rare - A lot of people throw in the towel when the times get tough. If their business is not doing hot, they might try to get rid of it.
Inimitable - It is hard to get this trait. Sometimes a strong passion for something can make them this way.
Non-substitutable - If somebody never faces adversity, they will never really need this. If they also have a lot of money, they can just buy something better.
10. Good at problem solving: When I am hit with a difficult problem, I am usually good at finding a solution to it.
Valuable - This can help me find the best solution to my problems and can help raise profit, lower costs, or even increase consumers.
Rare - Sometimes people are good at problem solving, but a great amount of people are not.
Inimitable - More education usually helps this.
Non-substitutable - People can just try different things and go through trial and error. It would not be as effective, but it can work.
The most important resource I believe is my resiliency. All good entrepreneurs have resiliency. Things do not always go as planned. It is important to take the blows life gives you, but keep fighting forward with everything you have.
Joe, I like how much detail you included in every element of this assignment. I agree with you that financial capital is something that most people your age or even older do not count on because of the many economic crisis this country has suffered and because most people prefer to use their savings for something else. Your passion and resilience without a doubt will be critical on how successful you make your business
ReplyDeleteJoe,
ReplyDeleteI like your passion for this project, it really shows from your comments. Financial capital is good but how much have you saved? Starting a business is very expensive and rarely profitable even those with billions of investment dollars still have to take on loans for their business projects. Problem solving is crucial for a successful life but starting a business is going to require much more than just that, it will take everything from you and require all your attention. One can't have a normal life as the ceo of a company. Good luck and I wish the best for your plans.