10 Resources for my Venture
1.) Connections with others (social capital): Being friends with salesmen and people who are in my market allow me to gain knowledge and experience through them. It is a rare opportunity to be able to hear tips and advice from people with 15+ years of experience making it very rare and valuable aspect.
2.) Dedication (Capabilities): My dedication for task I set my mind that many people cannot match. If I have a goal in my head I will do anything in my power to obtain this goal. I can fail and fail again till I figure out to get over the hurdle and succeed
3.) Differentiation Business Model: offering vary products of both books and magazines. Very unique type of business that allows for preferences of book/magazine genres.
4.) Cheap Entry Cost: very rare nowadays for start u businesses to find a cheap entry to business like this. Smaller market allowing for the cheaper entry into it.
5.) Coworkers: are valuable as they help business operations run smoothly. Will be rare because they will have expanded knowledge on the subject at hand. Difficult to find substitutes with the same knowledge.
6.) Ability to build an online marketing segment (capability): I can create and devise a website that could be used to allow consumers to know what our business represents and how it can be beneficial to them making it valuable. Can be copied by others if they decide to choose a similar business model. No other substitutes besides the one website.
7.) Leadership (capabilities): ability for myself to stay calm cool and collected as a leader and owner of the business, this trait is very valuable. This is a rare trait as many people cannot handle the stress and difficulties that come with as being a leader. These difficulties of being a leader make it non-substitutable.
8.) Being apart of entrepreneurship (social capital): I may be able to receive help from others in the class, and the people within the class are all smart, bright students. Making this a very valuable resource. Rare because a whole class of entrepreneurs is very difficult to come across. These people possess many skills that are unique making it non-substitutable.
9.) Ability to self-learn and progress (capabilities): wanting to dive in and learn as much as I can everyday becomes a very rare and valuable trait. This is substitutable as other people can use other traits to match this one but it still is very important to have.
10.) Receiving money from the bank to help start up the business (Financial capital): This is valuable because a business needs money for it to start. Not that rare as there are numerous individuals who possess the money to already do so. Other people have money but it is non-substitutable because money is money.
I think the most important resource out of all the ones I listed would have to be my leadership ability. I feel that all strong and empowering businesses all have one correlation and that is having strong managerial leadership. Being able to set plans, be emotionally stable in all situations, be able to look toward the future and be able to make predictions of the market and much more is what really defines a businesses' success. This resource is not one that you are born with but one that must be adapted and modified to best fit oneself. It is a very rare and non-substitutable trait that many people lack.
Hi Daniel, I love your enthusiasm, positivity, and confidence which will get you far in anything you do. I love your idea! Your venture’s unfair advantage is the cost saving they will have by renting instead of buying. I would add that if not returned, the full price of the book would be charged to their account plus a restocking fee to deter from that happening (which is probably a given since you said to do it like Redbox). Plus, it would need to remain in good shape like renting a textbook. Magazines would be a little harder to rent since they might get torn up a little easier. The book mfg and magazine subscriptions companies would need to come on board (like renting a movie on Netflix or Hulu where only a few are offered.) Love it though. I can see in the future a section in an airport store of rentals!
ReplyDeleteHi Daniel!
ReplyDeleteI think you have a really awesome idea for your business! I think that being a great leader is essential for a business to succeed. If people do not respect their boss, then the business will never succeed. Being a great leader all around is difficult, but an important skill to have. Good job!