Alex Clouser- Your Venture's Unfair Advantage Assignment 23

Some resources that my venture already possesses are my work ethic, my connections to people in the retail industry through people that I have interviewed and talked to, my willingness to learn, my capacity for flexibility, my general business knowledge, my knowledge of marketing, and my social skills. I know this may not seem like a lot, but as of right now I am only as good as my social and human capital because I do not have a lot of financial capital as I do not have a job and am currently in school. I also do not have a lot of technical knowledge pertaining to the making of a data collection system at this point in my life.

My work ethic is valuable because it will allow me to actively seek to make my venture successful and to quickly and efficiently improve my venture. It is rare because a lot of people do not have very good work ethic, although I am sure that a majority of successful entrepreneurs do, which is what helps to make them so successful. It is not easily copied because it is something that is a part of your personality, not something you can just develop overnight. It is non-substitutable because it is a character trait and intangible.

My connections to people in the retail industry are valuable because these connections can allow me to grow my brand and have experts and people more knowledgeable than me give their input on my venture, which is very helpful coming from people in my target market. They are rare because not everyone has connections to their target market directly and can use them as a critical resource. They are not easily copied because these are people whom I have met and created a bond with, which is not so easily done by someone who is a competitor because of my preexisting bond with them. They are substitutable because I could just make new connections with others in the retail industry, but they are also non-substitutable because the knowledge or resources that I would gain from different people may vary compared to the people I have already made connections with.

My other resources are very similar to my work ethic, as they are all valuable because they can help me to improve my venture and make it successful, while also rare due to the fact that many people do not possess the same skills and traits, however those who do likely succeed in their ventures. They are also not easily copied because they take time to develop and some are just personality traits that you either have or do not have. These resources are also not substitutable as they are intangible traits which can vary from one person to another.

After reviewing my resources, I believe that my best resource is my connections to people in the retail industry because that is not very easily substituted and I believe that it brings the most value to my venture. If I did not have help with regards to my target market, it would be much more difficult to bring my venture to fruition, let alone make it a successful venture.