23A- Your Venture's Unfair Advantage
1. Creativity
Valuable: My creativity is helpful in making my venture successful because I can easily find ways to work through a problem that other people maybe wouldn't think of.
Rare: Fairly, yes.
Inimitable: One cannot teach themselves to be creative. I am just a creative person by default. So this trait is not inimitable.
Non-substitutable: No. Creativity is its own thing.
2. Networking/Connections
Valuable: Knowing people who would benefit from my product, or that could help improve my product is a valuable resource.
Rare: No, you just have to look around and put yourself out there.
Inimitable: No.
Non-substitutable: No.
3. Critical thinking
Valuable: Being able to think critically is valuable in problem solving during my venture.
Rare: Fairly, others can think critically.
Inimitable: Yes, but that is not necessarily a bad thing.
Non-substitutable: No substitute. This is an important part of being an entrepreneur.
4. Patience
Valuable: Business ventures don't always take off immediately- being patient is crucial to develop a successful business.
Rare: In todays day, fairly.
Inimitable: Yes.
Non-substitutable: There is not really a substitute for patience.
5. Organization
Valuable: Being an organized person is valuable because you can get more accomplished when you are aware of what is going on.
Rare: No, but the way I organize is unique to me.
Inimitable: Yes.
Non-substitutable: There is no substitute for organization.
6. Being a hard worker
Valuable: Having a strong work ethic is critical if you want your business to succeed over time.
Rare: Other people can be hard workers but it sets you apart from others for sure.
Inimitable: Yes.
Non-substitutable: There is no substitute for being a hard worker. Slacking won't help you succeed.
7. Being a good communicator
Valuable: Communicating with people within the field, and outside to get advice and opinions is a crucial part of growing your business.
Rare: Yes, with growing technology I feel many lack communication skills, this sets me apart from others.
Inimitable: No. You either are a good communicator or you're not.
Non-substitutable: There is no substitute.
8. Working ahead/ in a timely fashion
Valuable: Procrastinating is one of the worst things you can do if you truly want your business venture to get off the ground.
Rare: No, but it helps.
Inimitable: Yes.
Non-substitutable: There is no substitute for working ahead.
9. Passion
Valuable: Being passionate about what you are working on is important, it will show if you don't care.
Rare: No, If you put in enough work to make something succeed, and you are passionate, this can be achieved.
Inimitable: Yes.
Non-substitutable: There is no substitute.
10. Flexibility
Valuable: Flexibility is critical as an entrepreneur because things don't always go as planned, and you need to learn to improvise.
Rare: No, but I pride myself on this trait.
Inimitable: Sort of.
Non-substitutable: There is no substitute.
Out of all of these resources, I would have to say my most valuable resource is my strong work ethic. My ability to put aside time to do things I need to do sets me apart from others and allows me to succeed and get things done. I have always had a strong work ethic and it has helped me get to where I am today; I believe it is the most important trait to possess in todays day and age.
Valuable: My creativity is helpful in making my venture successful because I can easily find ways to work through a problem that other people maybe wouldn't think of.
Rare: Fairly, yes.
Inimitable: One cannot teach themselves to be creative. I am just a creative person by default. So this trait is not inimitable.
Non-substitutable: No. Creativity is its own thing.
2. Networking/Connections
Valuable: Knowing people who would benefit from my product, or that could help improve my product is a valuable resource.
Rare: No, you just have to look around and put yourself out there.
Inimitable: No.
Non-substitutable: No.
3. Critical thinking
Valuable: Being able to think critically is valuable in problem solving during my venture.
Rare: Fairly, others can think critically.
Inimitable: Yes, but that is not necessarily a bad thing.
Non-substitutable: No substitute. This is an important part of being an entrepreneur.
4. Patience
Valuable: Business ventures don't always take off immediately- being patient is crucial to develop a successful business.
Rare: In todays day, fairly.
Inimitable: Yes.
Non-substitutable: There is not really a substitute for patience.
5. Organization
Valuable: Being an organized person is valuable because you can get more accomplished when you are aware of what is going on.
Rare: No, but the way I organize is unique to me.
Inimitable: Yes.
Non-substitutable: There is no substitute for organization.
6. Being a hard worker
Valuable: Having a strong work ethic is critical if you want your business to succeed over time.
Rare: Other people can be hard workers but it sets you apart from others for sure.
Inimitable: Yes.
Non-substitutable: There is no substitute for being a hard worker. Slacking won't help you succeed.
7. Being a good communicator
Valuable: Communicating with people within the field, and outside to get advice and opinions is a crucial part of growing your business.
Rare: Yes, with growing technology I feel many lack communication skills, this sets me apart from others.
Inimitable: No. You either are a good communicator or you're not.
Non-substitutable: There is no substitute.
8. Working ahead/ in a timely fashion
Valuable: Procrastinating is one of the worst things you can do if you truly want your business venture to get off the ground.
Rare: No, but it helps.
Inimitable: Yes.
Non-substitutable: There is no substitute for working ahead.
9. Passion
Valuable: Being passionate about what you are working on is important, it will show if you don't care.
Rare: No, If you put in enough work to make something succeed, and you are passionate, this can be achieved.
Inimitable: Yes.
Non-substitutable: There is no substitute.
10. Flexibility
Valuable: Flexibility is critical as an entrepreneur because things don't always go as planned, and you need to learn to improvise.
Rare: No, but I pride myself on this trait.
Inimitable: Sort of.
Non-substitutable: There is no substitute.
Out of all of these resources, I would have to say my most valuable resource is my strong work ethic. My ability to put aside time to do things I need to do sets me apart from others and allows me to succeed and get things done. I have always had a strong work ethic and it has helped me get to where I am today; I believe it is the most important trait to possess in todays day and age.
Hi Skylar! This is a great list of resources for your business idea. You obtain ample great traits that would make an exceptional entrepreneur. Work ethic is a great resource and very valuable, but I think the most valuable resource on this list is your network. Networks cannot be copied or imitated. Someone can try, but they will never be able to connect with every single person you have come across and built your network with. Also, I feel since you are very passionate about art your network probably consists of people who would want to be involved in your idea since they probably want a pen that won't bleed through paper.
ReplyDeleteHi Skylar! Well done with your blog post and your reflection upon your different forms of capital that you possess. I can definitely tell that you're killing it in the department of human capital. In my opinion, I'd say that having strong human capital skills is one of the things that is most important as an entrepreneur (aside from social capital), as it will help no matter what you face (deadlines, tough decisions, or late nights at work). Keep up the great work!
ReplyDeleteHi Skylar. I agree with you that creativity is a huge piece of being a successful entrepreneur, and while I did not include it in my post, I believe it is an important description of myself as well. Hard working is a skill that I did write in my list, and I would agree that it is almost of a value that cannot be matched. It was funny to see, however, that skills you find valuable, like being organized and ahead of schedule, I lack, but these are just things that make everyone different. Great post.
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