Venture's Unfair Advantage

Resources in my Venture:

1.     Goal-Oriented

V- Having this resource is valuable because I will know what tasks have to be done in order to be successful and will be confident enough to stay on track even if obstacles come my way

R- This is a rare resource because not everyone can define what they are trying to accomplish and are not disciplined enough to focus on what’s truly important. Most people tend to get sidetracked by things that may not be a priority.

I-This resource is not easy for others to copy from because everyone has to have their own goal and go about it their own way. There are restrictions that prevent people from completely copying one’s idea.

N- There are no other resources that can provide the same benefits because it is something that each individual must define themselves. Not everybody is going to have the same goal and not everyone is going to be as driven to accomplish them.

2.     Efficiency

V- This resource is valuable because people will be able to find an available parking spot a lot quicker and will not have to spend time looking for one.

R- This is rare because not many things can be done in a relatively quick manner. In the case of most typical parking garages, people generally spend about 5 minutes looking for an available parking spot.

I-It is difficult for others to copy this resource because they do not have an integrated app system that assigns and tracks the number of parking spaces in the parking garage. Some parking garages may have designated red and green lights to let people know if the spot is available, but it does not reduce the time that drivers spend looking for one.

N-There are no other resources that could provide the same level of efficiency because current parking garages do not assign parking spaces to drivers. People still have to waste time looking for one themselves.

3.     Introspectiveness

V-This resource is valuable because I will be successfully accomplishing my goals if I analyze the things I need to work on and improve upon them.

R-This is a very rare resource to have because most people do not like to face the truth and will choose to ignore their flaws. It is difficult for people to observe themselves and figure out the things they need to work on because most of them want to only focus on the good things they have to offer to the table.

I-This is not inimitable because it is a resource that an individual has to be aware and open enough to obtain.

N-There are no other resources that can provide the same benefits because it is a quality that is one of the most crucial factors to success and growth.

4.     Personal Experience

V- This resource is valuable because it allows me to connect and really understand my   customer segment if I had to face the same issue as them at some point in my life.

R-This is a rare resource because only I will be able to understand and go through my own experiences and problems.

I-This cannot be copied by anybody else because it is my own experience. Someone may have had a similar experience but they did not experience it exactly the same way I did.

N-There are no other resources that can provide the same benefits because I am the only person who would be able to perfectly understand an experience I endured. In the case of the parking garage situation, I have had a lot of moments where I had a difficult time finding a parking spot and experienced some sort of frustration, but no one will ever have the same level of experience as I did because each individual is different. However, each individuals experience may be very similar to mine which makes it easier for me to understand where my target audience is coming from.

5.     Networking connections

V-This resource is valuable because I will be able to reach my goal a lot faster if I am connected with people in the field I am trying to get into.

R-This resource is rare because it requires personal effort and time to establish a stable and reliable relationship with another individual. To build certain relationships with people, I had to prove myself to whomever I wanted to include in my network and gain their trust in me.

I-This is not inimitable because it is a relationship I had to earn and establish with another individual or business

N- There aren’t any other resources that provide the same benefits because it is something that one has to go out of their way to establish their own personal network

6.     The app can be applied in parking garages across various locations

V- This is valuable because it would make people’s lives a lot simpler to find parking without any hassle especially in populated cities

R- This is rare because there aren’t any existing parking garages that have this sort of system

I-It is somewhat easy for someone to try and copy this idea because it is a simple idea that can be easily implemented

N-This is the only resource that provides such benefits

7.     Big customer demand

V- This is valuable because it will not be hard to find customers to use my service

R- This can be rare because some people may create services or products that do not reach a big enough market

I-It is not easy for someone to copy because it is their response and interest to the service that I am providing that will create a high demand

N-This is the only resource that provides such benefits

8.     Profitable through sponsorships and advertisements

    V- This is valuable because it is how I would make money to continue running my business

    R- This is not rare because many companies make a profit through ads

           I-This is easy for other companies to copy because it is how many companies make money

           N-This is not the only resource that provides such benefits. There are other alternatives to make a profit

9.     Leadership skills

V-This is valuable because it is needed to know how to invest money and time in a wise manner. It also something that other people rely on for others to execute the job well.

R-This is relatively rare because a lot of people are too intimidated to take charge and would much rather rely on someone else to tell them what to do

I-This is not inimitable because each leader has their own process of approaching issues and encouraging others to get the job done

N-There aren’t any other resources that provide the same benefits

10.  Experience in marketing an idea

V- This is extremely valuable because one has to know how to properly introduce and attract their customer segment to a new concept in order to grow the idea

R- This is rare because not many people have had experience in promoting their idea and becoming successful from it.

I-This is easy for others to copy because they can have the same marketing approach to promote their product or serviced

N-People can use infomercials, ad promo credits, and social media to promote their ideas

I think my best resource is being goal-oriented and having a clear approach as to how I am going to be successful in my business plan. Without a goal, I could potentially get sidetracked and end up not focusing on what really is a priority.