- Generate a list of all of the resources in your venture (produce a list of at least 10 resources that you already possess). This can include your human capital, social capital, financial capital, and capabilities. You may also discuss the organizational culture you intend to create (but, obviously, it's not a resource that you have, now.)
Resource List
1. Human Capital in development process- I know multiple people who code that can create a well working app.
Valuable- Creating code provides a significant amount of value through improving my apps content.
Rare- While more and more people are learning how to code it is still an impressive and rare skill.
Inimitable- Coding is imitatable, however I can put a patent on code written for my app.
Non-Substitutable- Other people could create the same resource.
2.Human Capital in Advertising- I have connections with someone who runs a digital marketing company.
Valuable- This is extremely valuable since it can lead to me acquiring customers.
Rare- Not many people own a digital marketing/advertising company.
Inimitable- Other companies could use digital marketing as well, but having a direct contact gives me an advantage.
Non-Substitutable- Other companies would have to spend more money to acquire the same benefit that I would get.
3. Human capital to gain feedback, living on a college campus could allow me to advertise the app to students and get feedback from it.
Valuable- Getting feedback to improve the app allows me to fix major issues.
Rare- Not many people live on a college campus.
Inimitable- This resource could be inimitable.
Non-Substitutable- Other companies could come to a college campus and get feedback as well.
4. I have financial capital(money).
Valuable- Money clearly has value.
Rare- Money is somewhat but not extremely rare.
Inimitable- Other people can get money.
Non-Substitutable- Some other resources are worth money as well.
5. I have taken a high quality class teaching me how to be an entrepreneur.
Valuable- This class taught me skills that were definitely valuable.
Rare- Not many people have taken this class.
Inimitable- Most people can't just come to UF and take this.
Non-Substitutable- Other entrepreneurship classes aren't as good.
6. I've attempted to start other business projects so I can learn from the previous mistakes I've made.
Valuable- I would say the knowledge and experience makes this extremely valuable.
Rare- Not many people start their own businesses.
Inimitable- Other people can't copy the experience that I've developed.
Non-Substitutable- This is a hard resource to substitute although it is possible.
7. Originality- My app will be the first of its kind so I will have a large market share to start.
Valuable- This is valuable since I have no direct competitors while entering the market.
Rare- Many ideas aren't original.
Inimitable- Someone could theoretically copy my idea.
Non-Substitutable- It is hard to develop a new idea.
8. Social capital- Network of followers from social media.
Valuable- I don't have an extremely large following but it is somewhat valuable.
Rare- Not extremely rare nowadays but still a help.
Inimitable- Others could advertise and connect with their social media as well.
Non-Substitutable- Other companies could match this through advertising.
9. Statistical knowledge, I can read and understand statistics well.
Valuable- Knowing Statistics is very valuable in terms of making the correct business decisions that will benefit you.
Rare- Stats knowledge is somewhat rare since not everyone has had the same exposure to it that I have.
Inimitable- Others could take statistics courses as well but it would take a large amount of time.
Non-Substitutable- You can't substitute this knowledge unless they employ a statistician.
10. Good communication skills.
Valuable- This is valuable to get clients and business partners.
Rare- This is somewhat rare but many people have good communications skills.
Inimitable- Not everyone can just develop good communication skills.
Non-Substitutable- This is hard to substitute without employing somewhat like a salesman.
After doing this, I believe my best asset is having human capital in advertising. I believe this will help me make my app more public and give it more exposure. This will help the app become more popular and spread across networks of people and social media.
Hey Nick!
ReplyDeleteConsidering your venture deals with an app, I feel as though your marketing and awareness is crucial to the success of your product. Without users, there’s no way to get your app to grow especially considering you would need trainers and trainees, so I would have to agree that your human capital in advertising would be your most valuable resource.
Hi Nick,
ReplyDeleteI think you have done a great job identifying then unique things about your venture. I think that these ten things would make your venture very successful. It's interesting that you view your best asset to be human capital in advertising. I agree about the important of effective advertising when it comes to apps and technology. Thanks for sharing.