Your Venture's Unfair Advantage
1. Experience in the food blogging field
2. Connections with entrepreneurs
- Valuable: This is valuable because I already know the trends of what foods and restaurants people tend to like.
- Rare: Even though there are many food blogs, it is relatively rare that someone has experience in running one and can apply that in creating a potential app.
- Inimitable: This could be imitated but it takes time and effort.
- Non-substitutable: Other food bloggers have experience, but they may not have learned the same things I have from doing it.
2. Connections with entrepreneurs
- Valuable: This is valuable because learning from other entrepreneurs experience will help me be successful. Also they have the resources to assist me in getting where I want to be.
- Rare: My father and grandfather are both successful entrepreneurs and not many other people have that close to them.
- Inimitable: I could reach out to other entrepreneurs, but the experience that my family members have learned from their ventures are different than others.
- Non-substitutable: No one has your best interest at heart like your family does; other entrepreneurs would not help me in the same ways.
- Valuable: This is valuable because the classes I am taking in school would help me create a successful business.
- Rare: This isn't all that rare; many people are business students.
- Inimitable: This could be imitated but other people might not apply their knowledge from school in the same way that I might.
- Non-substitutable: This could be substituted by another business student.
- Valuable: This is valuable because I could get critique and ideas from other food blogs as well as their help in marketing the app.
- Rare: This is rare because many people don't have access to other food blog accounts that would help advertise my app.
- Inimitable: This not inimitable; other people have connections with food blogs but it is better for my app specifically because food blogs only like advertising things that have to do with food.
- Non-substitutable: This is non-substitutable because connections with other types of ventures are not as valuable for my specific app idea.
- Valuable: This is valuable because people know the name of my food blog and therefore would recognize and trust an app made by that name. Also, if i decide to use that name for my app, it would be a definite advantage.
- Rare: This is rare because many people do not have an established and recognizable name for their app before it's made.
- Inimitable: This is imitable if someone decided to create an app and use the name of their food blog, but it is unlikely.
- Non-substitutable: This is non-substitutable because no one can use the name I have.
- Valuable: This is valuable because I already have people I know that I could hire to work on my app.
- Rare: This isn't all that rare, many people know or can reach out to app developers.
- Inimitable: This isn't inimitable because other people can reach out to app developers.
- Non-substitutable: This isn't non-substitutable because I can also reach out to different app developers that may do the same job.
- Valuable: This is valuable because they know I am reliable to work with and would probably be willing to work with me again.
- Rare: This is rare because not many people who might want to get into this industry already have had experience working with restaurants.
- Inimitable: This is imitable because other people can make connections with restaurants with a bit of effort.
- Non-substitutable: This is non-substitutable because connections with other ventures would not have the same effect or value.
- Valuable: This is valuable because other people in the food industry like my idea and therefore would be willing to help me.
- Rare: This is rare because ideas are not always liked and supported.
- Inimitable: This is imitable because they could also support another idea.
- Non-substitutable: This is non-substitutable because support from another field would not be as valuable.
- Valuable: This is valuable because marketing experience is important in order to advertise an app to the public successfully.
- Rare: This isn't that rare; many people have marketing experience.
- Inimitable: This isn't inimitable because I could hire a marketing consultant.
- Non-substitutable: This is non-substitutable because other kinds of experience wouldn't be as valuable to make this app successful.
- Valuable: This is valuable because since I already have over 40,000 people following me, I could start by easily advertising the app to them and they would know it is trustworthy and download my app.
- Rare: This is rare because not many people who make apps already have an audience to target.
- Inimitable: This is inimitable because my app has to do with food and the people following me do so for the food pictures, so it is really the perfect storm.
- Non-substitutable: This is non-substitutable because I would probably not be able to advertise to the same amount of people successfully through any other source.
I think my top resource is the fact that I already have a following on Instagram. This definitely gives me a leg-up because I already have the perfect segment to target and they are all in one place. This is rare that this happens in app development.
Hey Emily,
ReplyDeleteYou did an awesome job of analyzing the different resources both in your market venture and in general, and I think you did a really good job of grasping the concept in putting it into action. In reading your post, I agree that your top resource is your current following on Instagram. This proves useful in that your target audience is already in place, so when you get started you can reach them immediately. Keep it up!
Hey Emily, great job on your post! You thought of a lot of really creative resources that you could use. It seems like you have a lot of great connections as well. Also your education makes you seem like a very well rounded individual who has a deep passion for their topic. Overall, this was a very insightful post, great job.
ReplyDeleteHey Emily, great job on making your list of resources. Your bullet points of each was great and made me understand it in more detail. With how many points you wrote for each it seems you put a lot of effort in trying to explain your point of view on your unfair advantage. It was a good post and keep on working on that great idea.
ReplyDeleteHi, Emily! Great job on this post! You were quite detailed with this list and I agree that you have a great advantage over other competitors in your industry! I also agree that your following is one of your greatest advantages! "It's not what you know; it's who you know!" Keep it up!
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