23A – Your Venture’s Unfair Advantage

List of Resources in My Venture:

1. Personable
• Valuable: Not many people can be personable, relatable, easy going or likable. It is a personality trait that I think a person grows into and can't be developed at an older age. 
• Rare: Many people can be likable, but I have had multiple friends, family members, employers and strangers say I am personable and it will help get me far in networking. I know I have some friends and family members that do not get a long with anyone.
• Inimitable: It is hard to copy by others because it is based on personality. A person cannot copy another's personality or he/she is not genuine. Being personable is a genuine trait that not many people have. 
• Non-substitutable: There are other resources that can provide the same benefits. These benefits are relationships and network building/strengthening. However, I do not think it can provide as strong of a bond as being personable. 
2. Different Points of View
• Valuable:I think with my experiences of studying abroad, living in different states, going to school out of state, experiencing boarding school and much more, I have gained experiences that some people have not. This allows me to see different points of views.
• Rare: A person needs to gain experiences in order to obtain different points of views and have an open mind. A person cannot experience everything in a span of a week to understand something else.
• Inimitable: It is hard to copy because again, no one can have the same experiences as me. Therefore everyone thinks differently and will have different thought process than me or anyone for that matter. 
• Non-substitutable: There are no other resources that provide the same benefits. Every person will have different experiences that will lead them to have different points of views, but a person needs to gain those experience first and no experience is the same.
3. Communication Skills
• Valuable: This is valuable because communicating clearly is key to getting what you need to get exactly what you want and to convey your ideas. I have taken public speaking classes, I was in debate in high school and being a part of many organization on campus I must communicate my thoughts, ideas and assignments clearly to have good communication. 
• Rare: This is somewhat rare because more people my age are communicating with technology. I noticed some people are not good or are nervous to speak in front of audiences or with people when presenting their ideas or opinions. However, it is easy to learn communication skills
• Inimitable: This is something you have to practice, so it is hard to copy that confidence someone has for speaking. 
• Non-substitutable: There are no other resources that can provide the same benefits of great communication skills. 
4. Access to My Target Audience
• Valuable: This is valuable because having access to my audience's opinion, thoughts and ideas will allow me to go far in my venture's idea.
• Rare: This is somewhat rare because depending on a person's target audience, they may have access to their target audience's opinions. 
• Inimitable: This is not inimitable. No one can get the same opinions, ideas and thoughts for my target audience because each will have their own opinion. 
• Non-substitutable: This cannot be non-substitutable because of the wide variety it offers. 
5. None to Minimal Competitors
• Valuable: It is extremely valuable that I have little to no competitors. Many entrepreneurs have a lot of issues getting their foot in the door because of competitors. 
• Rare: This is rare because I only have a few competitors and even those ideas are not the exact same as mine. 
• Inimitable: Someone can copy this idea easily and get patents before me, if I were to get patents. 
• Non-substitutable: I could come up with another idea that would have the same benefits. It would be difficult to come up with a new idea.
6. Big Issue
• Valuable: This is one of the big issues people are facing around the United States, which means it holds a large value especially among families who worry about each other texting and driving.
• Rare: There are many big topic issues in the US that people can create ideas and solutions to help solve them. However, some are too big to conquer and I believe this is a big issue that can be resolved even a little. 
• Inimitable:
• Non-substitutable:
7. Connections
• Valuable: I believe this is valuable because I have connections to people who create apps.
• Rare: This is rare because I know I have a good resource that many people do not have if they were to create apps.
• Inimitable: It is not hard for others to copy because people can hire someone to create their app. 
• Non-substitutable: I do not believe any thing else could create the same benefits because there is only one way to create an app and that is through coding and programming. 
8. Networking
• Valuable: I think this is extremely valuable because if a person cannot get their product out then it can be pointless.
• Rare: It is rare because I can network with my target audience, which is my friends and family members plus neighbors who support me.
• Inimitable: This can be copied if someone has the same target audience as me, but a person would not be able to use the same people as me because they do not have a relationship with the target audience.
• Non-substitutable: There are no resources that can provide the same benefits. 
9. Business/Entrepreneurship contacts
• Valuable: This is extremely valuable because my father and uncles have extensive knowledge with starting, running and maintaining a business. 
• Rare: This is rare because not many people can have access and support from someone to help kick start a business.
• Inimitable: It is hard to copy and have someone who has knowledge of the business world and entrepreneurship world, but it is possible. 
• Non-substitutable: An advisor would be able to provide the same benefits, but with a cost.
10. Fundraising skills
• Valuable: It is very valuable to have fundraising skills in order to make money to fund the beginning of my business.
• Rare: It is somewhat rare because many people have the knowledge and skills to fundraise. 
• Inimitable: It can be easy to copy, but I believe personality has a big part to do with fundraising as well. 
• Non-substitutable: Only one other can provide benefits and that is taking out a loan. However, you would have to pay that price back in the end. 

Top Resource:
After thinking long and hard about what would be the best benefit as my top resource, I couldn't help but choose two. I believe being personable and communication are the top resources because both go hand in hand. It is the most important in my venture than all other resources because it is what I rely on the most in my daily life. I have gotten what I needed by being personable and communicating clearly what I need and why and how it can benefit others or if a person is helping me how it can benefit them in the end.