My Venture's Unfair Advantage
Resources in My Venture
1. Analytical skills
1. Analytical skills
- Valuable – Yes; analytical skills are valuable to the continued functioning of a business, allowing for growth and continued customer satisfaction.
- Rare – No
- Inimitable – No
- Non-substitutable – No
- Valuable – Yes; communication skills are incredibly useful for working with customers and within the business itself, as open communication allows for a flow of ideas that generate innovation and satisfaction among people.
- Rare – No
- Inimitable – No
- Non-substitutable – Yes; communication skills are a necessity and, therefore, can't be merely replaced by some other resource.
- Valuable – Yes; retaining and gaining new customers is essential to the lifeline of a business.
- Rare – No
- Inimitable – No
- Non-substitutable – Yes; this goes along with communication skills, as no other resource is so directly targeted at business success as that of the customer focus.
- Valuable – Yes; being able to minimize costs and run efficiently with limited resources is the key to starting a business with limited financial capital.
- Rare – No
- Inimitable – No
- Non-substitutable – Yes; even with more financial capital, proper budgeting is necessary in making a normal or economic profit, rather than an economic loss.
- Valuable – Yes; the skills, knowledge, emotions, and abilities that I possess can be utilized and implemented in pursuing a business venture.
- Rare – Yes; my human capital is unique to me, as my personality, character traits, and capabilities vary, at least in some way, from others.
- Inimitable – Yes; copying my specific combination of talents would be difficult, as my interests drive those skills, making them at least partially different from others.
- Non-substitutable – No
- Valuable – Yes; creating a welcoming environment for people of all different kinds of backgrounds allows for the fostering of new ideas, making innovation and growth possible.
- Rare – Yes; people tend to have a limited understanding of different cultures, only knowing what they have been around rather than fully respecting the vast backgrounds of any number of people.
- Inimitable – No
- Non-substitutable – Yes; the acceptance and appreciation of different perspectives can't be replicated by some other resource.
- Valuable – Yes; being able to bring attention to one's business is incredibly important in maintaining the business.
- Rare – No
- Inimitable – No
- Non-substitutable – Yes; marketing is necessary for the promotion of a business and while the methods to marketing may differ, marketing in general is a necessary resource.
- Valuable – Yes; organizational culture can help people working at the business provide better service to customers, as they like to work at said business.
- Rare – Yes; organizational culture is inherently unique, so, it is harder to find.
- Inimitable – Yes; copying my organizational culture would be difficult as it is based on my values, which differ from that of other people.
- Non-substitutable – Yes; the organizational culture, which would be primarily based on my own values, drives the mission of the business.
- Valuable – Yes; being able to further develop the services I propose to provide is the only way to maintain the business, even facilitating growth.
- Rare – No
- Inimitable – No
- Non-substitutable – No
- Valuable – Yes; knowing a variety of people proves helpful when requiring an expansion of networks or necessitating aid regarding skill sets in a certain area that myself or others on my prospective team may not have ourselves.
- Rare – No
- Inimitable – Yes; the years of experience I have with various groups of people is incredibly difficult to copy.
- Non-substitutable – Yes; the networks I have can't be easily substituted with another resource, as the people I know don’t simply fall into another resource category.
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