1) My organization skills
Valuable: Being organized in business is important and valuable since it's important to stay organized when running a business.
Rare: Many people/products are organized, so my skill isn't rare.
Inimitable: Again, many people have this skill or could develop it, making it easy for others to copy.
Non-substitutable: Many products are out on the market to help with organization, including 'experts' who help people get organized.
2) Financial capital
Valuable: Having some money to start up a business is a must.
Rare: Depending on the amount, this could range from extremely common to extremely rare.
Inimitable: Getting a loan from the bank is a little inimitable, but depending on the person's financial history, it could be hard to copy.
Non-substitutable: There really is no substitute for financial capital, since money controls the way we buy things.
3) Social capital
Valuable: I know multiple people who would benefit from my product and would gladly support it.
Rare: Social capital is quite common, although sometimes it can be tough to develop.
Inimitable: Social capital is quite inimitable, as anyone can develop it.
Non-substitutable: Social capital itself is non-substitutable, but again, anyone can gain it.
4) Strong technological skills
Valuable: These skills are quite valuable, especially with the increase in technology.
Rare: Many people are developing their technology skills now, making them more common.
Inimitable: Very easy to imitate by taking a class or learning about technology.
Non-substitutable: I don't see a direct substitute for technological skills, although you could try a different method that omits technology altogether.
5) Professional network
Valuable: Professional connections are very valuable, and can come in handy when starting a new business.
Rare: Many people have professional networks, so they are common.
Inimitable: This is not unique, and many people can develop their own networks.
Non-substitutable: Good friends may be a substitute, but I think this is rather non-substitutable.
6) Creativity skills
Valuable: Creativity is very valuable, and comes in handy when improving and developing products.
Rare: Creativity is a common skill, although not everyone has it.
Inimitable: Creativity is easy to copy after someone already came up with the original idea.
Non-substitutable: Creativity is not substitutable, and the more creative, the better.
7) My time management skills
Valuable: This is very valuable because I know how to properly allocate time which helps run a business.
Rare: Time management skills are quite common.
Inimitable: One can easily develop time management skills.
Non-substitutable: Time management is non-substitutable, and can't be completely replaced by something else.
8) Hardworking employees
Valuable: Employees are very valuable to a company, and hardworking ones can make the business extremely successful.
Rare: Hardworking employees are not rare, but they are not common either.
Inimitable: Any business can gather hardworking employees or train employees.
Non-substitutable: Hardworking employees are non-substitutable, and cannot be fully replaced by something else.
9) Flexible location
Valuable: Having a product that can work at flexible locations is valuable.
Rare: I think this is a little rare, as some products are not able to adapt to different locations.
Inimitable: Some businesses may be able to replicate, but I think this resource is not easy to copy.
Non-substitutable: I think location flexibility can be substituted for other pros of a business/product.
10) Personability (as a human character trait)
Valuable: Personability as a human character trait is very valuable, and leads to good relationships.
Rare: Personability is not rare; many people possess this quality.
Inimitable: This resource can easily be copied, or taught, by anyone.
Non-substitutable: This resource is substitutable as personality isn't usually the main driving force of a business.
Reflection
I think my creative skills are the most valuable resource. Creativity is a limited skill that varies amongst people, and not everyone has it. Although it is easy to copy the final product, creativity gives me a first-mover advantage within the market for and ideas or additional products I come up with. Creative skills allow my business to be the first entity to do something, which I why I think this resource is more valuable than the others.
Non-substitutable: Social capital itself is non-substitutable, but again, anyone can gain it.
4) Strong technological skills
Valuable: These skills are quite valuable, especially with the increase in technology.
Rare: Many people are developing their technology skills now, making them more common.
Inimitable: Very easy to imitate by taking a class or learning about technology.
Non-substitutable: I don't see a direct substitute for technological skills, although you could try a different method that omits technology altogether.
5) Professional network
Valuable: Professional connections are very valuable, and can come in handy when starting a new business.
Rare: Many people have professional networks, so they are common.
Inimitable: This is not unique, and many people can develop their own networks.
Non-substitutable: Good friends may be a substitute, but I think this is rather non-substitutable.
6) Creativity skills
Valuable: Creativity is very valuable, and comes in handy when improving and developing products.
Rare: Creativity is a common skill, although not everyone has it.
Inimitable: Creativity is easy to copy after someone already came up with the original idea.
Non-substitutable: Creativity is not substitutable, and the more creative, the better.
7) My time management skills
Valuable: This is very valuable because I know how to properly allocate time which helps run a business.
Rare: Time management skills are quite common.
Inimitable: One can easily develop time management skills.
Non-substitutable: Time management is non-substitutable, and can't be completely replaced by something else.
8) Hardworking employees
Valuable: Employees are very valuable to a company, and hardworking ones can make the business extremely successful.
Rare: Hardworking employees are not rare, but they are not common either.
Inimitable: Any business can gather hardworking employees or train employees.
Non-substitutable: Hardworking employees are non-substitutable, and cannot be fully replaced by something else.
9) Flexible location
Valuable: Having a product that can work at flexible locations is valuable.
Rare: I think this is a little rare, as some products are not able to adapt to different locations.
Inimitable: Some businesses may be able to replicate, but I think this resource is not easy to copy.
Non-substitutable: I think location flexibility can be substituted for other pros of a business/product.
10) Personability (as a human character trait)
Valuable: Personability as a human character trait is very valuable, and leads to good relationships.
Rare: Personability is not rare; many people possess this quality.
Inimitable: This resource can easily be copied, or taught, by anyone.
Non-substitutable: This resource is substitutable as personality isn't usually the main driving force of a business.
Reflection
I think my creative skills are the most valuable resource. Creativity is a limited skill that varies amongst people, and not everyone has it. Although it is easy to copy the final product, creativity gives me a first-mover advantage within the market for and ideas or additional products I come up with. Creative skills allow my business to be the first entity to do something, which I why I think this resource is more valuable than the others.
Hey Tara!
ReplyDeleteI agree that creativity is a very valuable resource to have. Creativity is what makes you stand out from the competition in your industry. With creativity, you can apply for patents so that there will be no one that copies.
Hey Tara,
ReplyDeleteLike you and Savana, I also agree that creative is a valuable resource, as it leads to innovation. Without creativity, you cannot have innovations, which is vital for organizations. I also think that another valuable resource is your professional networks. Many college students, especially under-classmen do not really have a professional network. Having a professional network as a student allows you to have a leg up when you graduate.
Hi Tara!
ReplyDeleteI thought your post looked very similar to mine, but with a few differences. I put professional networks as inimitable due to the fact that everyone's connections are unique to them. I also included a no fixed location needed in my ventures' unfair advantage, so it was nice to know we could actually put that as one of our resources.