1. Software Development Contacts
- Value: I know multiple people that have experience developing software for apps and that is the industry I want to be in.
- Rare: Not everybody has close contacts that have experience in the field they are looking to go into.
- Inimitable: This isn't very imitable because it is hard to develop close relationships with someone in your specific field.
- Non-substitutable: It's hard to substitute personal relationships with people that can give hands on assistance to the product you are working on.
- Value: Being able to critically think and analyze your product and what you are trying to do with it is very important.
- Rare: Not everyone is able to think about ideas and solutions in a different way and possibly see a more complex version.
- Inimitable: The ability to critically think is something you just learn and work on, and it isn't something that everyone is able to pick up easily.
- Non-substitutable: Not many other attributes or resources can substitute the ability to critically think about ideas and your product.
- Value: Someone who is determined isn't going to give up easily and is going to keep working until they are satisfied with the result.
- Rare: Everybody can be determined, so it isn't necessarily rare, but the level of determination can vary and extreme determination could be very rare.
- Inimitable: Working hard is imitable in theory, but having that determination deep down is something that you can't fake or make up.
- Non-substitutable: You can't really substitute being determined and working hard with anything else .
- Value: I have experience playing sports, both for recreation and competitively, which gives me insight into the ideal customer for my product because he or she should have a similar background.
- Rare: This is not very rare because a lot of people most likely played sports.
- Inimitable: This is also quite imitable, but I don't think that diminishes the significance of it.
- Non-substitutable: This could possibly be substitutable with another resource that would give knowledge on the target market segment.
- Value: Knowing a coach who has experience organizing sports and getting people to work together gives me insight into what I want my product to do.
- Rare: Not everybody knows a coach for a sports team, but I don't think it very rare.
- Inimitable: This resource is similar to the previous one in that, it may be imitable, but it still gives valuable insight into the market segment and what I want my product to do.
- Non-substitutable: Once again, I think this could be substituted for other knowledge.
- Value: I have a decent amount of money saved up from working so that could be greatly beneficial in getting my product past the early stages.
- Rare: This is rare because not every entrepreneur has sources of financial capital to work with at the beginning.
- Inimitable: I don't think anything can imitate the significance of having a source of capital.
- Non-substitutable: I don't think money is substitubable with any other resource due to its significance.
- Value: Being calm is very important because it means you can keep a level head in stressful situations and not freak out or break down.
- Rare: It isn't common for people to be able to remain calm in stressful situations and handle them properly.
- Inimitable: You can't really imitate being calm, you either have the ability or you don't.
- Non-substitutable: The ability to stay calm is hard to substitute, but other attributes could possibly make up for this.
- Value: The ability to think rationally allows me to not let me emotions control my decisions and keep a level head in situations.
- Rare: It is pretty rare for people to not let their emotions get the best of them and just think with their brain.
- Inimitable: Thinking rationally can't really be imitated because it is a way of thinking and understanding.
- Non-substitutable: I don't think rational thinking can be substituted by anything else.
- Value: Having extremely helpful parents allows me to have two people who I can not only bounce ideas off of, but also be potential investors for my product.
- Rare: I think it is extremely rare to have parents as supportive and helpful as mine are.
- Inimitable: I think this could be imitated fairly easily by anyone with good friends and possible investors.
- Non-substitutable: I think you could possible substitute a few other resources for this one and still be in a similar situation.
- Value: Having previous experience working with programming allows me to understand what my product needs to be and what needs to go into for it to work properly and be successful.
- Rare: I think it is somewhat rare to have programming experience, but it isn't anything too special.
- Inimitable: Other business could definitely imitate this because it is almost required for the industry.
- Non-substitutable: This could be substituted by just hiring a bunch of people who know how to program and not really work on it yourself besides having the idea.
Jared,
ReplyDeleteExcellent job on the assignment. It is by far one of the better ones that I have seen and you clearly put time into determining some advantages that you have. I would have to agree that critical thinking is very important and it is crazy how many people struggle with it.