My Unfair Advantage (Week 11)

1. Creativity
• Valuable
• An entrepreneaur needs creativity to sustain his business in the long-run, by producing new ideas.
• Rare
• No one else will have the same exact ideas or concept as me, as it relates to my original idea.
• Inimitable
• It is inimitable because as the entrepreneur, I will be carrying out the establishment of my concepts.
• Non-substitutional
• Non-substitutional because no one can do them in my place, nor have the final word on the idea to be carried out.
2. Emotional intelligence
• Valuable
• An entrepreneur must have the ability to remain level-headed and calm during times of crisis or chaos
• Rare
• Not a lot of people have the abiliity to keeps their emotions in check
• Inimitable
• No one will have the same method or ability of emotional intelligence
• Non-subtititional
• You can't substitute emotional intelligence with anything else, you either have it or you don't.
3. Organizational structure
• Valuable
• An entrepreneur's business must be organized and well-kept of details
• Rare
• It's easy to get caught up in your "organized mess" as many business people simply don't have time to keep up with everything but if details aren't meticulous, than small but important things will start falling through the cracks
• Inimitable
• No one has the same method of keeping organized, everyone has their own system
• Non-substitutional
• Organization can't be substituted with anything else because when you're not organized, you're just messy... which you don't want to be
4. Supportive friends
• Valuable
• During stressful times of launching a business, it's important to have a core group of people to turn for stability and emotional comfort
• Rare
• It's hard to find a core group of friends who will support you and trust you no matter what
• Inimitable
• No one has the same core group of friends with the same dynamics and conversations
• Non-substitutional
• You just can't substitute the emotional comfort and stablity that your friends provide you with anything else
5. Social media skills
• Valuable
• It's important to be adept at social media, especially at this current time period, where social media is the top most effective tool at generating positive buzz and feedback
• Rare
• Not many people are certified at using social media organization platforms, such as Buffer, or content measurements, such as Klout. Students my age don't even know they exist.
• Inimitable
• My idea, methods, experiences, and efforts at social media can't be imitated because I do them in a certain way.
• Non-substitutional
• Social media is a critical marketing and advertising component that cannot be replaced with TV or magazine marketing.
6. Network on campus
• Valuable
• Involvement on campus and connections to networks in a variety of organizations are important, as they establish connections to the target market of my venture
• Rare
• Usually, a person is involved heavily in one organization but I have involvement in many
• Inimitable
• No one will have the same connections to networks that I do
• Non-substitutional
• Networks and connections are critical to have as a social capital
7. Education
• Valuable
• It's important for entrepreneurs to take classes and learn the basics of business, such as financial accounting, marketing, management, and more classes in the business school
• Rare
• It's not that rare for an entrepreneur to be well-educated, to be honest.
• Inimitable
• What you get, what you understand, and how you employ the education received into skills is only something that you can do
• Non-substitutional
• Cannot subtitute certain classes or education with anything else
8. Financial support
• Valuable
• A business needs money to launch
• Rare
• Not a lot of entrepreneurs start off with a stable financial backing and cash flow
• Inimitable
• How you use the money and budget is up to your discretion
• Non-subtitutional
• Money as a resource and financial capital cannot be substituted for anything else when something requires money
9. U.S. Patent and Trademark Office
• Valuable
• When a venture involved creativity, such as an app, it's valuable to get a patent to protect your ideas
• Rare
• It is not rare in our country to have protection for your ideas
• Inimitable
• You can't imitate a patent or trademark received
• Non-subtitutional
• Can't substitute this form of protection, legally bound
10. International relations
• Valuable
• An international network is valuable when a venture has the potential to go global
• Rare
• Not a lot of businesses or ventures start off with international backing/approval/advice of people in business in finance in countries abroad
• Inimitable
• No one can imitate or have the same network that I have established
• Nonsubstitutional
• Cannot substitute a network

It's clear that my top resource is having a stable financial capital. It's hard to launch a new business or venture without financial stability and resources. You need money to utilize for different aspects of your business launch, such as marketing promotions, and paying a few people to work for you.