- Value: I will not quit
- Rare: Not many other people have it
- Inimitable: I am self motivated
- Non substitutable: I don't think anything else can substitute drive
2. My parents are entrepreneurs
- Value: I have seen a business grow and struggle
- Rare: Not many other people grow up learning about business the way I have
- Inimitable: You can go to school to learn about this, but I grew up watching it
- Non substitutable: I don't think anything else can substitute my experience growing up
3. My best friend goes to Duke for Engineering
- Value: He could help me with the technical side of the app
- Rare: He is also in greek life and relates to my consumers problem
- Inimitable: I could get another software engineer
- Non substitutable: No one would work better together than us
4. I am in a large sorority
- Value: I have access to 300 potential consumers right at the tip of my fingers
- Rare: Not many other people have this close of contact with their consumers
- Inimitable: Other people in are also in large chapters
- Non substitutable: The girls in my chapter are very supportive and would help me test my product
5. I have friends in fraternities
- Value: Access to the other side of my market
- Rare: Again not many other people are this close to their consumers
- Inimitable: Other people have friends in frats
- Non substitutable: Non friends in fraternities could also help me
6. I have a clear vision
- Value: I can manifest what I want to happen with my product
- Rare: Not many other people have it
- Inimitable: It is difficult to relay this vision to people sometimes
- Non substitutable: I don't think anything else can substitute my vision besides a better idea
7. Support from my family
- Value: If things get hard I know I have people to lean on and encourage me
- Rare: Not many other people have the unconditional support I do
- Inimitable: You can copy family support
- Non substitutable: Nothing can substitute this
8. I am one of my consumers
- Value: I can understand what my consumers want and need
- Rare: Not many other people my age are their own consumer
- Inimitable: Other people could be their own consumer
- Non substitutable: Only research could give me the insight I naturally have
9. My finance background
- Value: To understand a business you have to understand money
- Rare: Other people could have this
- Inimitable: Other people could have this background
- Non substitutable: I could hire a finance professional
10. Taking this entrepreneurship class
- Value: Learned things about starting a business
- Rare: Not many other people have this knowledge
- Inimitable: You can take another course
- Non substitutable: You can't substitute these learning experiences
I think the most valuable asset I have is my drive. I will never give up on my goals and vision which is something entrepreneurs need when encountering failures.
Hi, Courtney, I really enjoyed your post. You were very thorough this week. I am glad your family supports you. I think that is very important for any venture. It is cool that you have connections in high places. Networking is one of the most important aspects in my opinion. it is also promising since you have a customer base already.
ReplyDeleteHey Courtney, Thank you for the post. I also agree that taking this class is an advantage for business ventures going forward. If I could add another advantage to my business I would have added that. I truly believe this class has taught us a lot about starting our own business and i feel more confident than ever to start a business down the line.
ReplyDeleteHi Courtney. I enjoyed reading your post about the different advantages that you have in going into marketing your service. I believe that all of these things that you have listed here will 100% help you in your journey to launch this app for university students. It is extremely important to understand and utilize the advantages you have in order to be successful.
ReplyDeleteI'm glad to see you included personal factors as well. Your family, sorority, and friends all contribute to what you can most easily accomplish. When I was making up my own unfair-advantage list, my factors were comprised almost entirely of personal connections, traits, and thoughts. It just so happened that I didn't have much prior experience with business; rather, my reactions to other businesses drives what I want to do with mine.
ReplyDelete