Your Venture's Unfair Advantage


10 Resources:

1. In-Depth Restaurant/Food Business Background
     V: Allows for a better understanding of the market, the consumer perspective, and allows for an advantage when working with other restaurants
     R: It is uncommon for the average American to have a background in food business, especially one that stems from a family-owned restaurant
     I: It is inimitable, but not necessarily easily.
     N: This could not be exactly substituted as this knowledge is very specific

2. Industry Contacts
     V: Allows for networking opportunities that could lead to business deals.
     R: This is a fairly common resource in the food industry
     I: This is inimitable
     N: This is not easily substituted as having contacts in the industry is extremely valuable

3. Supply Chain Management Skills
     V: This is extremely valuable, especially in my business where we will be involved in a restaurant's supply chain as well as establishing our own.
     R: This is a somewhat rare assignment; even if you are in the industry, it is possible you do not have this skill
     I: One can learn these skills but it would not be easy.
     N: This cannot be easily substituted

4. Available Financial Capital
     V: This is extremely valuable as it is super important for startups to have capital to begin purchases and marketing
     R: This can be common or rare depending on the market and region.
     I: This cannot be easily imitated
     N: This can be substituted by loans

5. College-educated Management
     V: This is fairly valuable as it provides more mature perspective, but is not necessarily a requirement
     R: Nowadays, this is not rare
     I: This can be easily imitated
     N: This can be substituted through hard or mature workers who learned just as much from working instead of college

6. Unique Idea/Service
     V: This idea is extremely valuable in our world of oversaturated invention.
     R: Nowadays, this can be fairly rare as there have already been so many ideas explored
     I: This cannot be easily imitated
     N: This cannot be substituted

7. Motivation
     V: This is very valuable as it allows for better work flow and results
     R: This is not necessarily rare and can be found if looking in the right places
     I: This can somewhat be imitated
     N: This can be substituted by a strong work ethic that remains regardless of motivation

8. Time Management
     V: This is a valuable organizational skill
     R: This is not at all rare
     I: This can be imitated
     N: This can be substituted by other organizational skills

9. Personal Relations Skills
     V: This is extremely valuable as it allows for better interactions with staff, employees, and customers
     R: While most have good PR skills, it is fairly rare for people to have GREAT PR skills
     I: This can be imitated based on someone having a nice personality
     N: There are no good substitutions

10. Entry into a New Market (COVID)
     V: Because this is a new idea that is coming to fruition due to COVID, there is less saturation in the market for competitors
     R: It is rare for a company to find a new market with potential they can enter
     I: It can be imitated because any company can attempt to enter the market
     N: There are no good substitutions

Top Resource: Unique Idea/Service. This is the most important because it is what distinctly sets apart and identifies my venture from others. This resource is also the least likely to be imitated exactly.

Comments

  1. Kyle RutledgeJuly 24, 2020 at 10:04 AM

    Hey Jean,
    I think you've got some really great advantages. I agree that this is an incredibly unique idea, and a really great one. However, I don't agree that that is necessarily your top advantage. I believe your supply chain management and/or your education in management is what may prove most useful for running your company. This is just my opinion, and you've done more research into the area, but based on what I've read about your opportunity, you're gonna need a lot of management both of employees and supply chains, as there will most definitely be a ton of moving parts in this kind of job area. Of course, none of this is saying "you're wrong, you're a failure." I think this is an awesome idea, and based on reading this, I fully believe you'll do a great job running with it!

    ReplyDelete
  2. PChase19July 26, 2020 at 7:35 PM

    I think your greatest competitive advantage is your free will, drive and motivation. That will surely take you farther than anything else. Money and other objects and experience will help you in certain areas for sure, but motivation is something that will affect everything else. Keep focused and never let anyone bring you down, because I believe in you and your idea. Keep moving it forward and don't look back.

    ReplyDelete

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