Your Venture's Unfair Advantage
1. I have good human capital with my connections through the business school.
This resource is very valuable because students in the business school have a wide range of experiences to help with growing a business. It isn’t really that rare because there are a lot of business students. It would be pretty easy to copy but I do think that it is non-substitutable because UF students are some of the top students in the country.
2. I have taken public speaking and networking classes to improve my social capital and ability to speak with others.
This resource is valuable because the ability to speak with others is very important in selling an idea. It is rare because there are certain people good at public speaking and others that are not. It would be pretty easy to copy by taking classes but there is no substitute to good communication.
3. My knowledge of technology is very broad because I have decided to pursue a Master of Information Systems and Operations Management.
This resource is valuable because it gives me a wide range of information in technology and current trends. It is rare because the degree program is a small group of students. It would be easy to copy because anyone can pursue the degree and to a certain extent, I do think it is substitutable by other technology degrees.
4. The financial capital behind my business is good due to the money I have saved up from previous internships.
This resource is very valuable because students in the business school have a wide range of experiences to help with growing a business. It isn’t really that rare because there are a lot of business students. It would be pretty easy to copy but I do think that it is non-substitutable because UF students are some of the top students in the country.
2. I have taken public speaking and networking classes to improve my social capital and ability to speak with others.
This resource is valuable because the ability to speak with others is very important in selling an idea. It is rare because there are certain people good at public speaking and others that are not. It would be pretty easy to copy by taking classes but there is no substitute to good communication.
3. My knowledge of technology is very broad because I have decided to pursue a Master of Information Systems and Operations Management.
This resource is valuable because it gives me a wide range of information in technology and current trends. It is rare because the degree program is a small group of students. It would be easy to copy because anyone can pursue the degree and to a certain extent, I do think it is substitutable by other technology degrees.
4. The financial capital behind my business is good due to the money I have saved up from previous internships.
This resource is valuable because it means that I won’t be struggling for funding starting a business. It is rare because I don’t think a lot of people have a large amount saved up before starting a business. It would be easy to copy by saving up money but there is no substitute for money.
5. While pursuing an undergraduate degree in Finance I learned lots of ways to conduct financial analysis on a business.
This is valuable because understanding where a business is financially is very important. It isn’t rare because many people pursue a finance degree. It would be easy to copy by learning the skills to conduct analysis, but a lot of the skills are not substitutable due to regulations.
6. My human capital is also bolstered by several people that I know in the technology field. These people could be a great help for the technical side.
This is valuable because I am creating an app so having people with technology experience is important. It is rare because I think I know a lot more people in the technology field than most people do. I think it would be pretty hard to copy because you need good social capital. Also, it is non-substitutable because nothing can beat connections.
7. I have a wide range of business experience from previous internships to put towards my business.
This is valuable because having a wide range of experience has taught me the good and bad things about businesses. I believe that it is rare for someone my age to have as much experience as I do. It would be hard to copy unless someone took initiative to get those wide ranges of experiences. I think that it would be hard to substitute anything for experience.
8. I have a wide network of people that have been apart of my fraternity that I could rely on to introduce my business to new markets where they live.
This resource is valuable because there are so many alumni with an enormous amount of experience that I could leverage to help me. It is rare because I don’t think everyone has a network as wide as I do. It could be hard to copy if you don’t have good social capital. There are other resources that can provide the same benefits, but it might be hard to make those connections.
9. I have a large knowledge of The University of Florida campus that could be used in developing my app specifically tailored to UF students.
This is valuable because it is very important for business owners to know their market and my main market is UF students. It isn’t rare because there are so many UF students both alumni and present. It is hard to copy if someone didn’t go to this school and it is non-substitutable because only information about UF would help.
10. After spring I will have programming experience in python and java that could help with the technology behind my app.
This is valuable because programming is very important in creating an app. I would say it is rare because not everyone knows how to program. It is hard to copy if you aren’t good at programming and it is non-substitutable because only specific programs run apps.
I think my best resource is the connections that I have within the technology field. These connections will really help me to be able to grow and expand while understanding the logistical challenges of my product.
5. While pursuing an undergraduate degree in Finance I learned lots of ways to conduct financial analysis on a business.
This is valuable because understanding where a business is financially is very important. It isn’t rare because many people pursue a finance degree. It would be easy to copy by learning the skills to conduct analysis, but a lot of the skills are not substitutable due to regulations.
6. My human capital is also bolstered by several people that I know in the technology field. These people could be a great help for the technical side.
This is valuable because I am creating an app so having people with technology experience is important. It is rare because I think I know a lot more people in the technology field than most people do. I think it would be pretty hard to copy because you need good social capital. Also, it is non-substitutable because nothing can beat connections.
7. I have a wide range of business experience from previous internships to put towards my business.
This is valuable because having a wide range of experience has taught me the good and bad things about businesses. I believe that it is rare for someone my age to have as much experience as I do. It would be hard to copy unless someone took initiative to get those wide ranges of experiences. I think that it would be hard to substitute anything for experience.
8. I have a wide network of people that have been apart of my fraternity that I could rely on to introduce my business to new markets where they live.
This resource is valuable because there are so many alumni with an enormous amount of experience that I could leverage to help me. It is rare because I don’t think everyone has a network as wide as I do. It could be hard to copy if you don’t have good social capital. There are other resources that can provide the same benefits, but it might be hard to make those connections.
9. I have a large knowledge of The University of Florida campus that could be used in developing my app specifically tailored to UF students.
This is valuable because it is very important for business owners to know their market and my main market is UF students. It isn’t rare because there are so many UF students both alumni and present. It is hard to copy if someone didn’t go to this school and it is non-substitutable because only information about UF would help.
10. After spring I will have programming experience in python and java that could help with the technology behind my app.
This is valuable because programming is very important in creating an app. I would say it is rare because not everyone knows how to program. It is hard to copy if you aren’t good at programming and it is non-substitutable because only specific programs run apps.
I think my best resource is the connections that I have within the technology field. These connections will really help me to be able to grow and expand while understanding the logistical challenges of my product.
William,
ReplyDeleteLooks like you have many different advantages going into your business venture. I think its very important to see where you are lacking so you know where to go and where to improve in those areas. Having some experience with the technology should help very much because that will be necessary for an app. Having a network of a fraternity is huge because they give great support. Good job!
William,
ReplyDeleteHaving a good team by your side to execute your idea is crucial for success. Similar to you I have good human capital readily available and plan to use it to push my company. All factors of a business whether financial capital or human capital or any other aspect, they are each only one factor and must be put together precisely to succeed .
William,
ReplyDeleteI have learned through the course of this class how important it is to have connections with others that can help us achieve our goals. In your case, your connections are people you really need to make this happen, and the fact you are one step closer is great for you.