Your Venture's Unfair Advantage:
1. Fundraising Experience: I have fundraised for multiple organizations throughout my four years at college. Specifically, I have raised over $8,000 for Dance Marathon at the University of Florida.
Valuable: This is a valuable skill because I will definitely need funds to pursue my opportunity.
Rare: This is not rare, many people have the ability to do this
Inimitable: This is somewhat inimitable, however, it is also somewhat individualistic
Non-substitutable: I could pay another person to do this for me, but that would defeat the purpose.
2. Uniqueness of idea in this area: There is no other service in the Gainesville area that delivers groceries to customers.
Valuable: I think it's a valuable idea because of the convenience it provides to its users.
Rare: It's not rare since the idea exists in other markets.
Inimitable: This is definitely inimitable. It exists in other markets and has competition where it does exist.
Non-substitutable: The substitute for this idea would be going to buy your own groceries, which if the customer is using this service, they do not have the time to be doing.
3. Social Capital: I am currently a college student and have a large network of friends and acquaintances that I could connect and market this service to.
Valuable: This network is extremely valuable because I would need an initial client base to get this service started.
Rare: This is not rare, many people have a large network of friends they can utilize.
Inimitable: Again, many people have large networks they can connect with, however I think I have a special group of individuals that would propel my service further initially.
Non-substitutable: This type of advantage is truly non-substitutable because you need an initial group of people to get your venture started.
4. Public Speaking Experience:
Valuable: This skill and experience is valuable when communicating my service to potential investors and users.
Rare: This is not rare, but it is also not common. It is a skill you must develop, but many people are able to gain this skill.
Inimitable: Everyone's level of public speaking experience is different, but you can tell when someone is more comfortable speaking in front of people than others.
Non-substitutable: Public speaking skills can make or break a presentation. It is imperative that whoever is presenting on behalf of a company is able to convey that message clearly and confidently.
5. Listening/Taking Criticism Well:
Valuable: this is valuable because when you are the creator of something you want people to use, at the end of the day your opinion is not the most important one you must listen to. It is important to be flexible and adaptable.
Rare: Not very rare.
Inimitable: Everyone has the ability to listen, but it takes a lot of experience to be able to digest criticism well.
Non-substitutable: Can be substituted by others who have this skill.
6. Familiarity/Ease of Use:
Valuable: It is very valuable to have an easy to use app service, otherwise customers will not want to use your service.
Rare: Not very rare. In my mind, it would follow a similar model and function to Uber.
Inimitable: This can be imitated easily
Non-substitutable: The substitute would only be that users don't end up enjoying the ease this service provides because the app would not be easy enough to understand.
7. Target Audience:
Valuable: Extremely valuable if I want this opportunity to be successful.
Rare: Not very rare.
Inimitable: Most entrepreneurs can determine their own target market when coming up with their idea.
Non-substitutable: This is absolutely not an option to substitute, it's important to know and market to your target audience in order to be successful.
8. Social Media Presence:
Valuable: Social Media has completely revolutionized marketing and I have had professional experience dealing with digital marketing, which would help me utilize this skill.
Rare: Not rare. Many people my age understand how social media presence and marketing works.
Inimitable: Others can learn how this type of marketing can help them, so it is inimitable.
Non-substitutable: See above.
9. Drivers Available:
Valuable: This is extremely valuable because this is what the whole service is about - drivers who can provide a service to users.
Rare: Not rare.
Inimitable: Yes, because there are drivers available almost everywhere
Non-substitutable: Absolutely not. Refer to the point about valuable.
10. Leadership Experience:
Valuable: As the founder of this venture, it's important that I am able to lead a team well if I want this service to become successful.
Rare: Not rare. Lots of people can gain leadership experience.
Inimitable: See above.
Non-substitutable: I could have someone replace me as the "leader" aka CEO or President or whatever, but I would not want to hand over that position.
Valuable: This skill and experience is valuable when communicating my service to potential investors and users.
Rare: This is not rare, but it is also not common. It is a skill you must develop, but many people are able to gain this skill.
Inimitable: Everyone's level of public speaking experience is different, but you can tell when someone is more comfortable speaking in front of people than others.
Non-substitutable: Public speaking skills can make or break a presentation. It is imperative that whoever is presenting on behalf of a company is able to convey that message clearly and confidently.
5. Listening/Taking Criticism Well:
Valuable: this is valuable because when you are the creator of something you want people to use, at the end of the day your opinion is not the most important one you must listen to. It is important to be flexible and adaptable.
Rare: Not very rare.
Inimitable: Everyone has the ability to listen, but it takes a lot of experience to be able to digest criticism well.
Non-substitutable: Can be substituted by others who have this skill.
6. Familiarity/Ease of Use:
Valuable: It is very valuable to have an easy to use app service, otherwise customers will not want to use your service.
Rare: Not very rare. In my mind, it would follow a similar model and function to Uber.
Inimitable: This can be imitated easily
Non-substitutable: The substitute would only be that users don't end up enjoying the ease this service provides because the app would not be easy enough to understand.
7. Target Audience:
Valuable: Extremely valuable if I want this opportunity to be successful.
Rare: Not very rare.
Inimitable: Most entrepreneurs can determine their own target market when coming up with their idea.
Non-substitutable: This is absolutely not an option to substitute, it's important to know and market to your target audience in order to be successful.
8. Social Media Presence:
Valuable: Social Media has completely revolutionized marketing and I have had professional experience dealing with digital marketing, which would help me utilize this skill.
Rare: Not rare. Many people my age understand how social media presence and marketing works.
Inimitable: Others can learn how this type of marketing can help them, so it is inimitable.
Non-substitutable: See above.
9. Drivers Available:
Valuable: This is extremely valuable because this is what the whole service is about - drivers who can provide a service to users.
Rare: Not rare.
Inimitable: Yes, because there are drivers available almost everywhere
Non-substitutable: Absolutely not. Refer to the point about valuable.
10. Leadership Experience:
Valuable: As the founder of this venture, it's important that I am able to lead a team well if I want this service to become successful.
Rare: Not rare. Lots of people can gain leadership experience.
Inimitable: See above.
Non-substitutable: I could have someone replace me as the "leader" aka CEO or President or whatever, but I would not want to hand over that position.
Meredith,
ReplyDeleteI enjoyed reading your ventures unfair advantages as well as gaining an understanding of what it is you can bring to the entrepreneurial table. The only thing missing is your summary, I would have loved to hear about how you can tie all ten of them together. Overall great job, every time I read your posts I pray and pray that they finally start to have grocery delivery in Gainesville.