Ava Daly's ENT3003 Blog

Tuesday, November 12, 2019

23A- Your Venture's Unfair Advantage

1. Human Capital: My dad is an entrepreneur 
  • Valuable: This is a very valuable resource because my dad would provide necessary advice and support needed for the company.
  • Rare: This is very rare because my dad has his own unique experience from being an entrepreneur.
  • Inimitable: It's hard to copy a personal relationship.
  • Non-substitutable: Its hard to substitute a personal relationship that is unique to their experience. 
2. Social Capital: Friends who are psychiatrists 
  • Valuable: We can use their advice from their experience to help us develop a successful company.
  • Rare: There are lots of psychiatrists.
  • Inimitable: its not hard to copy this social capital
  • Non-Substitutable: we might not be able to find a substitute that is this beneficial. 
3. Financial Capital: Savings 
  • Valuable: money is necessary to start a business
  • Rare: not that rare to have savings 
  • Inimitable: not hard to copy financial capital
  • Non-Substitutable: There are other ways to obtain capital to start a business

4. Business classes:
  • Valuable: classes in business will be beneficial to start a company.
  • Rare: it's not rare to take a business class.
  • Inimitable: not hard to copy
  • Non-substitutable: there are other degrees/classes that could also give business experience
5. Organized:
  • Valuable: Organizational skills are important to start a business. 
  • Rare: many people are organized
  • Inimitable: not hard to copy
  • non-substitutable: its hard to substitute organizational skills
6. Passion:
  • Valuable: unlike other businesses, truly caring about what I do is going to be very beneficial.
  • Rare: many people are passionate
  • Inimitable: not that hard to copy
  • Non-substitutable: hard to substitute individual passion.
7. Leadership: 
  • Valuable: Since I have been in leadership positions many times, that would be beneficial when managing a business.
  • Rare: not rare
  • Inimitable: its hard to copy individual leadership style, but many can be a leader
  • non-substitutable: leadership is very important when running your own business, i don't think you can substitute it.
8. Social Capital: connections 
  • Valuable: having connections can be very beneficial when starting a business
  • Rare: connections aren't that rare
  • inimitable: you can find connections in your community
  • Non-substitutable: its hard to substitute connections.
9. Personal experience with the issue:
  • Valuable: I have a direct experience with people with mental illnesses so that could be beneficial when starting my specific business.
  • rare: many people could have experienced this
  • inimitable: cant copy individual experiences
  • non-substitutable: its hard to substitute personal experience
10. skill in empathy: 
  • Valuable: When managing others it is important to be empathetic to their feelings.
  • rare: many people can possess empathy
  • inimitable: many people can have this skill
  • non-substitutable: it's hard to substitute this skill.

-My top resource would be that my dad is an entrepreneur. He has been managing his own business for over 20 years so he has a ton of experience in entrepreneurship which he can teach me. He also has told me before that if i want to start my own business, he would help me get it off the ground. 
Posted by Ava Daly at 10:19 AM
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4 comments:

  1. Kelsey StricklandNovember 14, 2019 at 6:26 PM

    HI Ava, I agree with your advantages you have with your venture. I think your top resource being your dad is a good one. He will be a very valuable asset to you during your venture.

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  2. AnonymousNovember 15, 2019 at 11:00 AM

    Hi Ava,
    You are very lucky to have a father who is a successful entrepreneur and can teach you about the hardships you will need to overcome in the process of pursuing your venture. I agree that this is a rare advantage to have because many people grow up without motivation from their parents to follow their dreams and be successful. I also agree that this personal relationship cannot be substituted or copied.

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  3. Sandra AvilaNovember 15, 2019 at 5:48 PM

    Hello Ava,
    I also have a father that is a successful entrepreneur. It's great having a mentor and supporter all in one person especially with someone who's known you since birth, literally. My father can't wait until I become a dentist so that he can help me open an office for me and start my own practice. I agree, this relationship can be replaced or replicated.

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  4. Jamie CromptonNovember 18, 2019 at 8:36 AM

    Hi Ava,
    I also have a father who is a successful entrepreneur. It was always so cool to see the crazy stuff he would accomplish as I have grown up. He has always been there for me in every idea and business plan I ever had. I can agree how helpful it is to have someone that has lived their whole life being successful.

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About Me

Ava Daly
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Blog Archive

  • ▼  2019 (29)
    • ▼  November (9)
      • 30A - Final Reflection
      • 29A- Venture Concept No. 2
      • 28A- Your exit strategy
      • 27A- Reading reflection no. 3
      • 26A- Celebrating Failure
      • 25A - What's next?
      • 24A - venture concept no. 1
      • 23A- Your Venture's Unfair Advantage
      • 22A - elevator pitch 3
    • ►  October (10)
    • ►  September (8)
    • ►  August (2)
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