Your Venture's Unfair Advantage
1. Technology: I would have the technology that no one else has yet.
Valuable: Yes it would be valuable. Something that people will probably be after.
Rare: Maybe in the beginning, until more and more companies attempt to come up with a similar technology.
Inimitable: Not 100% exactly. But there is a possibility of coming up with something similar.
Non-Substitutable: I could come up with something better as technology advances.
2. First of its kind: If I could get it out on the market before anyone else, I believe that it will give me a greater advantage.
Valuable: Yes it would be valuable.
Rare: The moment it comes out it will be.
Inimitable: No, others will try to create the same thing.
Non-Substitutable: Someone could release it quicker than me.
3. Multiple products: This would allow me to offer the product at a more affordable rate for those who might not want the car seat but would like the extra safety feature on their non-smart seat.
Valuable: Yes, these are products I would currently be the only one offering.
Rare: Temporarily yes, until something else comes out.
Inimitable: No. Once the idea is out there anyone can replicate it.
Non-Substitutable: No, better products will eventually surface.
4. The network of people I know: I am connected with people who work with technology. It is possible to use them to help me create the proper tech for my product.
Valuable: Somewhat valuable. This would mean I wouldn’t have to go out and negotiate with others. I could work with friends to create the tech.
Rare: Not really. I am sure there are many people who know people who work with technology.
Inimitable: They can’t get my exact friends but people can find friends with the same knowledge level.
Non-Substitutable: I can find other people to replace my friends.
5. Organizational Skills: I can organize the small business with what I need in order to be successful.
Valuable: Yes, organizational skill is key when starting a business.
Rare: No, a lot of people have organizational skills.
Inimitable: Anyone can learn to be organized.
Non-Substitutable: No, I could find people who are even better than I am.
6. Optional lower cost: There is an alternative to the smart seat that would allow more people the ability to afford the product.
Valuable: Yes, they would reach a larger market.
Rare: No, there are many companies out there that offer alternative products at a cheaper cost. Inimitable: Yes. Others can do the same.
Non-Substitutable: Yes, you don’t want to lower the cost too low where you are losing more than what you are earning.
7. Working in a Merchandise Related Department: I have connections to people who I work with, who are on the frontlines of developing merchandise for a family oriented company.
Valuable: Yes, this allows me the access to information on what I can do to make my product something that will attract customers.
Rare: No, I am not the only one with this resource.
Inimitable: No, anyone I work with or anyone who has a similar position can do the same thing.
Non-Substitutable: No, there could be changes in the organization that could lead to me meeting other people who might be able to help me succeed.
8. Good Family Connection: This would allow me to utilize my family for all of their resources. This would allow me to save money.
Valuable: Yes, not everyone may have a strong family connection.
Rare: Yes, not something everyone may have.
Inimitable: No, other people can do the same with their families.
Non-Substitutable: No, I could replace my family with friends or other companies to do the work.
9. Research: I am really good at using my resources to find information about pretty much anything.
Valuable: Yes, it will be important when trying to figure out how to set up my business with all the needs.
Rare: No, anyone can have this skill.
Inimitable: No, it is something that everyone has the potential expanding this skill.
Non-Substitutable: No, I could hire someone to do all the research for me.
Valuable: Yes it would be valuable. Something that people will probably be after.
Rare: Maybe in the beginning, until more and more companies attempt to come up with a similar technology.
Inimitable: Not 100% exactly. But there is a possibility of coming up with something similar.
Non-Substitutable: I could come up with something better as technology advances.
2. First of its kind: If I could get it out on the market before anyone else, I believe that it will give me a greater advantage.
Valuable: Yes it would be valuable.
Rare: The moment it comes out it will be.
Inimitable: No, others will try to create the same thing.
Non-Substitutable: Someone could release it quicker than me.
3. Multiple products: This would allow me to offer the product at a more affordable rate for those who might not want the car seat but would like the extra safety feature on their non-smart seat.
Valuable: Yes, these are products I would currently be the only one offering.
Rare: Temporarily yes, until something else comes out.
Inimitable: No. Once the idea is out there anyone can replicate it.
Non-Substitutable: No, better products will eventually surface.
4. The network of people I know: I am connected with people who work with technology. It is possible to use them to help me create the proper tech for my product.
Valuable: Somewhat valuable. This would mean I wouldn’t have to go out and negotiate with others. I could work with friends to create the tech.
Rare: Not really. I am sure there are many people who know people who work with technology.
Inimitable: They can’t get my exact friends but people can find friends with the same knowledge level.
Non-Substitutable: I can find other people to replace my friends.
5. Organizational Skills: I can organize the small business with what I need in order to be successful.
Valuable: Yes, organizational skill is key when starting a business.
Rare: No, a lot of people have organizational skills.
Inimitable: Anyone can learn to be organized.
Non-Substitutable: No, I could find people who are even better than I am.
6. Optional lower cost: There is an alternative to the smart seat that would allow more people the ability to afford the product.
Valuable: Yes, they would reach a larger market.
Rare: No, there are many companies out there that offer alternative products at a cheaper cost. Inimitable: Yes. Others can do the same.
Non-Substitutable: Yes, you don’t want to lower the cost too low where you are losing more than what you are earning.
7. Working in a Merchandise Related Department: I have connections to people who I work with, who are on the frontlines of developing merchandise for a family oriented company.
Valuable: Yes, this allows me the access to information on what I can do to make my product something that will attract customers.
Rare: No, I am not the only one with this resource.
Inimitable: No, anyone I work with or anyone who has a similar position can do the same thing.
Non-Substitutable: No, there could be changes in the organization that could lead to me meeting other people who might be able to help me succeed.
8. Good Family Connection: This would allow me to utilize my family for all of their resources. This would allow me to save money.
Valuable: Yes, not everyone may have a strong family connection.
Rare: Yes, not something everyone may have.
Inimitable: No, other people can do the same with their families.
Non-Substitutable: No, I could replace my family with friends or other companies to do the work.
9. Research: I am really good at using my resources to find information about pretty much anything.
Valuable: Yes, it will be important when trying to figure out how to set up my business with all the needs.
Rare: No, anyone can have this skill.
Inimitable: No, it is something that everyone has the potential expanding this skill.
Non-Substitutable: No, I could hire someone to do all the research for me.
10. My devotion to child safety.
Valuable: Yes. I believe devotion is important in order to succeed.
Rare: No. There are many people out there who are devoted to what they are passionate about.
Inimitable: Yes, you cannot calculate how devoted someone is to something to try and copy them.
Non-Substitutable: No, I could choose something else to be devoted to.
I believe that my top resource is the tech. It will put my company ahead of the others. If I can develop something and put it out there before anyone else it will give me the advantage I need to grow my brand.
Valuable: Yes. I believe devotion is important in order to succeed.
Rare: No. There are many people out there who are devoted to what they are passionate about.
Inimitable: Yes, you cannot calculate how devoted someone is to something to try and copy them.
Non-Substitutable: No, I could choose something else to be devoted to.
I believe that my top resource is the tech. It will put my company ahead of the others. If I can develop something and put it out there before anyone else it will give me the advantage I need to grow my brand.
Eliana,
ReplyDeleteI think this assignment was interesting and a little difficult to begin. I found myself stuck after a few obvious resources and had to think outside the box. I agree with you that your strongest resource would be the technology implemented with your carseat. I think it was good to point out, however, that this resource will only be rare for a brief time period, until other companies copy it into their products. Although it won't be rare forever, I think it will be the resource that sets your service apart when you introduce it and will give you the advantage to succeed.
Eliana, I would agree that your best and most valuable resource is your technology! That's also great considering it's the core of what you're selling. Having a less expensive version also seems like an excellent resource. Backed by your great research, parents who can't afford the entire carseat will know they are still getting a great product by purchasing the less expensive technology! You're product is one of my favorites I have seen in the class so far! Your dedication is obvious!
ReplyDelete-Lauren