23A – Your Venture Unfair Advantage

23A – Your Venture Unfair Advantage

Current Resources:

1.       Potential Investors- People are willing to invest into a product that has a future.

a.       Valuable: It is important to have beginning Capital in order to get the business off the ground.

b.       Rare: People believe in the product so it’s not rare. There is a need to be met.

c.       Inimitable: One can try to mimic the idea but the product will always be unique.

d.       Non- substitutable: The only other similar product is hand sanitizer which doesn’t clean the hands completely

2.       Chemistry background- It deals with the mixtures or ingredients and natural cleansing agents

a.       Valuable: it is important to have a chemist that can help create the product because they know what will and wouldn’t work in the mixture.

b.       Rare: Only a Chemist would know how to generate a formula needed for this product to be a success

c.        Inimitable: unique formula will not be able to recreate by someone who is not a part of the venture.

d.       Non- substitutable: Can be if someone creates a similar product.

3.       Creativity: One must have a vision for the brand

a.       Valuable: Creativity is needed for the products formula and packaging

b.       Rare: A vision that is different yet catchy

c.       Inimitable: Creativity can but never be duplicated when it is a gift

d.       substitutable: I am pretty sure that someone will try to create a competitive product but won’t compare to the creative and gifted mind

4.       Social networking: I have enough connected on social media to help me market the product

a.       Valuable: Social media is the new way of being seen and heard

b.       Rare: Not rare many people use social media to market

c.       Inimitable: You can hire someone to do the work for you unless you have the connection that will invest time in your brand

d.       Non-substitutable: You can find people to assist with other aspects of the business.

5.       Relatable Target Market: People who have a need for the product

a.       Valuable: you have to know your target market in order to give them exactly what they want

b.       Rare: Not rare… Most people have to know who has the need for the business in order to have a business

c.       Inimitable: It doesn’t compare to any other market. This need is for only a selected few.

d.       Non-substitutable: The target market cannot be changed. It’s a unique target market.

6.       Financial advisor: Someone that measures the cost to produce and price to sell

a.       Valuable: This helps save and make money for the business

b.       Rare: It isn’t rare to have a financial advisor/accountant to help you maintain and generate capital

c.       Inimitable: If there was another product on the market as this, it could possibly be inimitable.

d.       Non-substitutable: There are many people out there providing financial advice for businesses, just not one like mine.

7.       Advertising Potential: Word of mouth advertising or legally soliciting people to try the product.

a.       Value: Getting people to the product is the way to sell it

b.       Rare: Not a rare idea many people use this approach

c.       Inimitable: not so much

d.       Non-substitutable

8.       Patent the idea

a.       Valuable: In order to ensure that no one benefits from your idea

b.       Rare: Everyone needs to patent to protect their brand

c.       Inimitable: no

d.       Non-substitutable

9.       Business manager: someone to help you make the best decision for the business

a.       Valuable: someone to depend on and trust to ensure that you are successful in your business affairs is valuable for the brand

b.       Rare: it common to have someone to help you be successful

c.       Inimitable: no

d.       Non-substitutable

10.   Design partner (engineer): Someone to help customize the products design

a.       Valuable: Most valuable because the design will draw attention to the consumer

b.       Rare: Designer will create a unique product packaging

c.       Inimitable: Yes, unless the designer creates it for a competitor

d.       Non-substitutable: nothing like it created as yet.

I think the most important resource to my venture is my human capital and my chemist. In order to have a successful business… I have to have the capital to produce and a chemist to help create the product that will benefit my clientele. I am trying to help those with the need for moisturized, clean, and soft hands. The chemist will help create that. Which will provide a successful product.