23A – Your Venture’s Unfair Advantage
1. My experience in reselling shoes
Valuable: This will keep a strong competitive advantage over others in the same market as me.
Rare: No
Inimitable: Yes, in that it is possible for anyone to buy and resell over the same internet routes that I use everyday while conducting business.
Non-Substitutable: Not substitutable.
2. Hard Working
Valuable: I am always pushing myself to my limits in terms of how much success I want in each day of my life. If I continue this mindset, nobody could stop me in the business field.
Rare: Yes; finding a hard working person these days is rare because so many people try to procrastinate and do things at the last minute.
Inimitable: No
Non-Substitutable: Not substitutable
3. Connections with other sneaker vendors
Valuable: I have been able to meet other people either my age or older that can help me build better revenues in the sneaker industry.
Rare: Yes; having people that you can rely upon is hard to find these days as people are very selfish in the business field and usually only consider themselves when making decisions.
Inimitable: Yes, it is possible to find other people that help you with your business
Non-Substitutable: No substitute besides the fact of getting out there and meeting knew people.
4. Real Estate Knowledge
Valuable: When it comes time to finding a location here in Gainesville, FL, it will be valuable that I know where to locate my store to build the best profits. I have a great idea and past experience of where these kinds of stores have had the most success.
Rare: Not rare if someone who is in the same business as me has lived in Gainesville their whole life and knows where to buy a store location.
Inimitable: Not very in that people usually save this step of buying a location last in their process.
Non-Substitutable: The building could be substituted for something better but not conceptually for this assignment.
5. Human Capital
Valuable: I have had a couple years of experience in retail where I have been able to build my customer service skills and speak with all sorts of people's personalities.
Rare: Yes because it takes time and practice to develop strong customer service skills.
Inimitable: Yes, people can learn this trait like anyone else could over time.
Non-Substitutable: No substitution because there is no way anyone could success in business without being able to talk to someone.
6. Financial Capital
Valuable: I have people that could help start and fund my kick-start to lead me into a strong success.
Rare: Yes, money balance is hard to have a large amount because of the cost of living life these days.
Inimitable: Yes, it primarily depends on who you know and how willing they are to invest their money into something with risk.
Non-Substitutable: No substitution because of monetary and fiscal reasons that are unavailable to disclose.
7. Genuinely passionate about what I want my business to be and become
Valuable: Yes, because I want to wake up every day and be happy about the job that I have each and every single day for the rest of my life.
Rare: Yes, because many people have long hard hours at work that they could have had better opportunities with if they were more passionate about something.
Inimitable: Yes, if one continues to follow their dreams anything is possible.
Non-Substitutable: Should not be substituted because passion is what drives success from the ground up!
8. Strong time management skills of mine
Valuable: Being able to manage and balance a work and business life with taking care of your family is valuable because this can be seen as pretty difficult.
Rare: yes, many people love to procrastinate.
Inimitable: Can be practiced and ultimately inimitable!
Non-Substitutable: Should never be taken for granted because it is important for all business leaders to balance and manage their time properly.
9. Innovation
Valuable: This will keep my business outperforming other competitors in the market.
Rare: Hard to be always thinking of new things, so yes this is a rare advantage.
Inimitable: Can be obtained by anyone if they seek brainstorming practices.
Non-Substitutable: No because every business should be best at being innovative and should not replace it with something else.
10. Social Capital
Valuable: Important to build stronger networks and relations with other and I have done some of that recently within shoes markets places.
Rare: Not rare if someone is outgoing and likes meeting new people.
Inimitable: Can be obtained over time through proper communication with others that enjoy speaking with you and learning more about different things.
Non-Substitutable: No because you need to be an extra vert and meet other business people.
Top Resource: My best resource would be my passion for my venture concept. I have loved buying and reselling shoes over the past seven years and never see myself getting out of this hobby. It is something I spend my down time on and like making extra money to pay for my housing, etc. Through this business I will keep passionate about what I do in order to keep making great success and meeting new people!
Valuable: This will keep a strong competitive advantage over others in the same market as me.
Rare: No
Inimitable: Yes, in that it is possible for anyone to buy and resell over the same internet routes that I use everyday while conducting business.
Non-Substitutable: Not substitutable.
2. Hard Working
Valuable: I am always pushing myself to my limits in terms of how much success I want in each day of my life. If I continue this mindset, nobody could stop me in the business field.
Rare: Yes; finding a hard working person these days is rare because so many people try to procrastinate and do things at the last minute.
Inimitable: No
Non-Substitutable: Not substitutable
3. Connections with other sneaker vendors
Valuable: I have been able to meet other people either my age or older that can help me build better revenues in the sneaker industry.
Rare: Yes; having people that you can rely upon is hard to find these days as people are very selfish in the business field and usually only consider themselves when making decisions.
Inimitable: Yes, it is possible to find other people that help you with your business
Non-Substitutable: No substitute besides the fact of getting out there and meeting knew people.
4. Real Estate Knowledge
Valuable: When it comes time to finding a location here in Gainesville, FL, it will be valuable that I know where to locate my store to build the best profits. I have a great idea and past experience of where these kinds of stores have had the most success.
Rare: Not rare if someone who is in the same business as me has lived in Gainesville their whole life and knows where to buy a store location.
Inimitable: Not very in that people usually save this step of buying a location last in their process.
Non-Substitutable: The building could be substituted for something better but not conceptually for this assignment.
5. Human Capital
Valuable: I have had a couple years of experience in retail where I have been able to build my customer service skills and speak with all sorts of people's personalities.
Rare: Yes because it takes time and practice to develop strong customer service skills.
Inimitable: Yes, people can learn this trait like anyone else could over time.
Non-Substitutable: No substitution because there is no way anyone could success in business without being able to talk to someone.
6. Financial Capital
Valuable: I have people that could help start and fund my kick-start to lead me into a strong success.
Rare: Yes, money balance is hard to have a large amount because of the cost of living life these days.
Inimitable: Yes, it primarily depends on who you know and how willing they are to invest their money into something with risk.
Non-Substitutable: No substitution because of monetary and fiscal reasons that are unavailable to disclose.
7. Genuinely passionate about what I want my business to be and become
Valuable: Yes, because I want to wake up every day and be happy about the job that I have each and every single day for the rest of my life.
Rare: Yes, because many people have long hard hours at work that they could have had better opportunities with if they were more passionate about something.
Inimitable: Yes, if one continues to follow their dreams anything is possible.
Non-Substitutable: Should not be substituted because passion is what drives success from the ground up!
8. Strong time management skills of mine
Valuable: Being able to manage and balance a work and business life with taking care of your family is valuable because this can be seen as pretty difficult.
Rare: yes, many people love to procrastinate.
Inimitable: Can be practiced and ultimately inimitable!
Non-Substitutable: Should never be taken for granted because it is important for all business leaders to balance and manage their time properly.
9. Innovation
Valuable: This will keep my business outperforming other competitors in the market.
Rare: Hard to be always thinking of new things, so yes this is a rare advantage.
Inimitable: Can be obtained by anyone if they seek brainstorming practices.
Non-Substitutable: No because every business should be best at being innovative and should not replace it with something else.
10. Social Capital
Valuable: Important to build stronger networks and relations with other and I have done some of that recently within shoes markets places.
Rare: Not rare if someone is outgoing and likes meeting new people.
Inimitable: Can be obtained over time through proper communication with others that enjoy speaking with you and learning more about different things.
Non-Substitutable: No because you need to be an extra vert and meet other business people.
Top Resource: My best resource would be my passion for my venture concept. I have loved buying and reselling shoes over the past seven years and never see myself getting out of this hobby. It is something I spend my down time on and like making extra money to pay for my housing, etc. Through this business I will keep passionate about what I do in order to keep making great success and meeting new people!
Hi Matthew,
ReplyDeleteI also have experience selling and buying high end designer items online on sites like Heroin and Grailed. I have many friends who also participate in the buying and selling of high end consignment so I know just how passionate people can be about it. I think it's awesome that you've found a business idea which motivates you to the point that you feel it's your greatest asset.
Sincerely,
Ayla Adams
This comment has been removed by the author.
ReplyDeleteHi Matthew.
ReplyDeletePassion is a valuable resource and I agree that it is probable there is not a substitute. I do think it may be less rare than you think, though. I think there are a lot of people who are passionate about what they believe in but you have the advantage of being passionate about "your venture". I like the idea of the consignment store in Gainesville because being able to purchase name brand items at a discount will be appealing to college students. It will also give them an opportunity to consign items they no longer want to earn money. I also wanted to mention I think that your human capital (customer service) will give you an advantage as you move forward with your venture.
Hey Matthew,
ReplyDeleteReally good post, very detailed and easy to comprehend. I think the your best item is your first item, which is your experience. I think this is the most valuable item you have because you already now the market you are going into, and have an established a process for dealing with it. I like that you say you are passionate too, I think these are all qualities you will need. I think that the items included here and the more that may be incorporated in the future will allow you to succeed in your venture.