23A - Your Venture's Unfair Advantage

1.     Human Capital

Valuable: Yes  

Rare: Everyone is unique in their own way, so some parts of human capital are rare

Imitable: you can’t imitate one’s own human capital

Non- substitute: cannot substitute this

2.     Social Capital

Valuable: Very valuable skill, it’s important to be able to talk to people

Rare: Not very rare, many people have social skills

Imitable: Yes

Non- substitute: having the skills to be able to talk to someone cannot be substituted

3.     Experience in fundraising

Valuable: very valuable, fundraising for a cause is important and can help raise a lot of money.

Rare: Not so rare, so many people fundraise for events that are important to them.

Imitable: Yes

Non- substitute: no

4.     Branding

Valuable: extremely valuable. Branding can arguably be the most important part of a company

Rare: no, every business has to create a brand

Imitable: each brand is unique so no

Non- substitute: cannot easily be substituted

5.     Location – on airplanes

Valuable: yes, when people are in the air for hours without cell phone service, they’re more vulnerable

Rare: yes, Bluetooth is available often now, but not on airplanes

Imitable: no

Non- substitute: yes, just by connecting to your phone

6.     Uniqueness of product

Valuable: yes, very valuable when entering this new decade

Rare:  yes, this doesn’t exist yet

Imitable: No, not yet

Non- substitute: no substitutes

7.      Consistent traveler

Valuable: for this product yes, a consistent traveler would be valuable

Rare: not rare, thousands of people consistently travel for work on planes

Imitable: no

Non- substitute: yes, taking other modes of transportation

8.     Skills in social media

Valuable: in today’s world, yes

Rare: no, everyone knows how to use social media today

Imitable: no

Non- substitute: no, these skills aren’t substitutable

9.     Finance major

Valuable: yes, can be knowledgeable on the numbers and business side

Rare: no, a lot of people are good at numbers and could do that as well

Imitable: yes

Non- substitute: can learn these skills being another kind of business major

10.  ENT3003 course

Valuable: yes, we have learned so much in this course

Rare: not so rare, but not everyone could be given this knowledge

Imitable: can take other courses or be taught by others

Non- substitute: can be substituted for other entrepreneurship courses at other schools

I thought that branding was the most important resource. Branding is the foundation of a company and what they stand for and what they promote to their customers. Creating a brand, more importantly a recognizable brand is hard to do. With the right team, a brand can be brought to life. This will make it possible for your business can flourish. Companies are consistently discussing their brand and brand awareness which is why I find it most important.