23A- My Venture's Unfair Advantage

1. Human Capital: Business Experience-- I have been working since 16 and my father is a successful businessman. I use to go to work with him in the summers when I was younger to try and learn a new skill. I believe because of that, my knowledge in the business field has given me an advantage.

• Rare? Not really since anyone can gain experience in the business field with practice 
• Inimitable? Yes but everyone has a different approach when it comes to selling and making money. Adding my own flare to it makes me stand out. 
• Non-substitutable? Once my venture takes off, I could hire someone to help me or take my place but until then I would plan on working alone

2. Social Capital: My Parents and family members know a lot of important people. I could use this to my advantage and work with people who know people in order to gain funding and knowledge on my service 

• Rare? No but not many people can say they know people who work in their field or people who will help their business grow
• Inimitable? Yes  
• Non-substitutable? I dont believe so

3. Capability: Markeitng and Advertising Expereince-- I have spent the last 3 years in college studying marketing and advertising. With this knowledge and more to learn, I already have my foot in the door when it comes to presenting my product 

• Rare? No but not many people can say they studied marketing AND advertising for  4 years prior to strarting their company 
• Inimitable? Yes but most people spend their time elsewhere 
• Non-substitutable? I could find someone who graudated with me to help me out and eventually take my place

4. Financial Capital: Once again, my parents know people In high places. Their loyalty to my parents would make it very easy to collect funds in order to start my company. Because they trust my parents input, they would have no problem helping my business start up

• Rare? Kind of. It takes years to build up a list of important people. But since I am the daughter of people who already have a list, it makes my part alot easier
• Inimitable? yes and no. not everyone will know the people i know
• Non-substitutable? yes

5. Capability: 3 years experience in debate -- this skill will help me push for the best benefits, team, funding etc

• Rare? no
• Inimitable? Yes 
• Non-substitutable? yes

6. Human Capital: Interpersonal Skills 

• Rare? no
• Inimitable? Yes
• Non-substitutable? yes

7. Financial Capital: My business skills have made it fairly easy to convince others. Using this skill I could market and brand my way to some money to use for my venture

• Rare? yes
• Inimitable? Yes 
• Non-substitutable? no

8. Capability: Public speaking experience. This is important because if you're not confident enough to explain your product to investors, no one will take you seriously enough.

• Rare? No
• Inimitable? Yes 
• Non-substitutable? No because everyone adds their own flare to it. the chances of someone presenting a product the exact same way I would is fairly slim

Coming up with a list of 10 was a bit difficult. I felt like I would be repeating myself by adding more to it. I realize this is only to help us figure out what makes our business plan special and that I would need to put a little more thought into this if I were to pursue my venture. I think it is a very good way of keeping track of what you have and what you may be missing.