Your Venture's Unfair Advantage

23A – Your Venture’s Unfair Advantage

1.     Lack of Competitors

a.     Valuable: This is valuable because it leaves room for my business to flourish in Miami, with the lack of having to compete with similar businesses.

b.     Rare: This doesn’t seem rare at all in other parts of Florida or the U.S.

c.     Inimitable: This can definitely be imitated, despite being unique right now.

d.     Non-Substitutable: It isn’t really substitutable… there could definitely be possible ideas or supporting ideas, but none that would really change the entire idea as a whole.

2.     Connection with Miami businesses

a.     Valuable: This is very valuable as a connection is what leads to business opportunities.

b.     Rare: This isn’t super rare, but in a city as big as Miami, it is very uncommon.

c.     Inimitable: This definitely isn’t inimitable.

d.     Non-Substitutable: This also isn’t non-substitutable because my target area is the city of Miami.

3.     Familiarity of Miami and areas that would use product

a.     Valuable: This is very valuable is knowing what area in Miami would be better to invest money in and target.

b.     Rare: This isn’t too rare, especially because I have lived in Miami my whole life.

c.     Inimitable: This can be imitated depending on where someone locates their business.

d.     Non-Substitutable: This can’t be substituted.

4.     Marketing Experience

a.     Valuable: This is definitely valuable in knowing how to promote my product and targeting the right audience.

b.     Rare: In most cases, this seems to be rare unless someone has prior experience.

c.     Inimitable: In a person, this is imitable, but only with gained experience and knowledge.

d.     Non-Substitutable: This is definitely non-substitutable knowledge to have.

5.     Relationship with a past entrepreneur

a.     Valuable: This adds value in being able to go to that person and ask questions about starting a business.

b.     Rare: It is rare because not everybody has that connection in their personal lives.

c.     Inimitable: It could be imitated if a person sought out help.

d.     Non-Substitutable: It isn’t substitutable.

6.     Taking construction and architecture classes

a.     Valuable: This gives a new respect to the workload of architects and construction workers, as well as gaining contacts in the industry.

b.     Rare: This is rare, depending on what someone chooses to study.

c.     Inimitable: This could be imitated if someone were curious enough.

d.     Non-Substitutable: What I learned from these classes is not substitutable.

7.     Personal experience in selling products

a.     Valuable: This is valuable because experience is always needed when starting up a business.

b.     Rare: It could be rare, depending on a person’s work ethic.

c.     Inimitable: It could definitely be imitated.

d.     Non-Substitutable: As a substitute, someone with specific solar panel selling experience could be hired.

8.     Contact in solar panel production

a.     Valuable: This is insanely valuable because having contacts and good relations leads to good business.

b.     Rare: It is rare so early on in a business.

c.     Inimitable: It could be imitated if a person is committed enough.

d.     Non-Substitutable: Communication and good relations is non-substitutable.

9.     Personal relationship with Miami communities

a.     Valuable: This is definitely valuable because you gain the communities trust.

b.     Rare: This could very well be considered rare in most cities.

c.     Inimitable: It could also be imitated though.

d.     Non-Substitutable: It is non-substitutable because much business could be gotten through this.

10.  Support from friend-owned local businesses

a.     Valuable: This is valuable because these friends could help promote my business for free.

b.     Rare: I feel like this is rare because not a lot of people know owners of businesses.

c.     Inimitable: It could be imitated though.

d.     Non-Substitutable: I think it is not substitutable because of the connections with other people and customers.

I think that every resource I could think of for my business is very valuable in some way. I definitely want my business to be able to succeed, so I think at the very top of my list would probably be number 3. I know the Miami area extremely well. I know what areas to spend more money marketing to and which areas to spend less in. I know my target areas around the city and where I can advertise in most places. I think this is extremely important because it is how most people will be learning about my business.