· My sociability
o
Valuable – Allows
me to create close relationships with new people
o
Rare – This is
not a skill that everyone has, and therefore sets me apart from many others
o
Inimitable – You can
practice, but you cannot fully imitate one’s level of sociability or network
o
Non-substitutable
– Social ties and networked relationships cannot be repicated
· Knowing someone that works with materials
o
Valuable – The person
that I have made contact with that works with material can help with the design
of my product
o
Rare – This is
rare because not everyone has this kind of connection
o
Inimitable – No one
can 100% copy the nature of the relationship I have with this person
o
Non-substitutable
– You cannot replace the relationships that people have with each other, they
are naturally formed
· Specialized target market
o
Valuable – With a
specialized target market, the product would be released in a more focused way
and I will therefore be able to focus on the specific details that make it work
o
Rare – This is
not very rare
o
Inimitable – This
can be copied, just not with the same exact product
o
Non-substitutable
– You cannot substitute a certain market for another in a perfect way; slight product
modifications or large changes are probably needed to change target markets
· Adaptable to today’s climate
o
Valuable – With everyone
staying home, it is important to be capitalizing on this issue
o
Rare – This is
not rare, as the pandemic is worldwide
o
Inimitable – This
can be copied
o
Non-substitutable
– The product cannot be substituted perfectly as global pandemics don’t
happen too often
· Knowing someone with experience in target
market (bows)
o
Valuable – This is
valuable because this person has extensive knowledge in how to deal with
members of my target segment
o
Rare – This is
rare because close relationships with people who have expertise in your target
segment must be sought out
o
Inimitable –
Human relationships cannot be replicated perfectly
o
Non-substitutable
– Human relationships also cannot be substituted for others – they happen
naturally over time
· Friends with employee at storage unit facility
o
Valuable – the employee
at the storage unit facility could offer helpful advice and insight into
security methods for the product
o
Rare – this is rare
because it is the result of a specialized event (helping me move out of my apartment)
and resulted in a personal line of communication being opened
o
Inimitable – only
those that were with me when I was moving out of my apartment can somewhat
imitate this
o
Non-substitutable
– this may be substituted by another person with experience in security, but that
would come with new terrain in regards to networking and rapport creation
· My education in entrepreneurship at UF
o
Valuable – this is
valuable because not everyone has the opportunity to study at UF, an the
entrepreneurship class I am taking is offering a more hands-on approach than I
believe I would be getting somewhere else
o
Rare – this is
rare because not everyone is a Gator and is proud to be a part of the Gator
family
o
Inimitable – you cannot
imitate a Gator if you are not a Gator
o
Non-substitutable
– the UF experience, along with being in this class, cannot be substituted by
anything else; however, other students have the same experience, thus giving them similar qualifications
· Close relationships with people in target
market (mother, best friend’s mother, etc.)
o
Valuable – this is
valuable because I can get opinions on my product right from the source
o
Rare – it is not
often that entrepreneurs have such a close look at members of their target
market
o
Inimitable –
again, you cannot imitate human relationships
o
Non-substitutable
– you cannot fully substitute human relationships, they all come with their own
nuances
· A familial support system
o
Valuable – this is
valuable because I know that with every venture, my family and friends will be
supporting me
o
Rare – this is
not rare, as many people have support systems like this
o
Inimitable – you cannot
copy someone else’s familial structure
o
Non-substitutable
– substituting these kinds of relationships takes a very long time
· Social media
o
Valuable – social
media allows me to reach very large audiences with minimal effort; I would also
have access to many marketing tools and strategies
o
Rare – not rare
at all; almost everyone has some form of social media
o
Inimitable – it is
very inimitable because it is all out there for everyone to see
o
Non-substitutable
– extremely substitutable, duplicate accounts can be made and people can pass
as someone they are not
My
top resource is sociability. I believe it is more important than the others because
it is what has led me to many of the relationships that I cite as other
resources in this assignment. Furthermore, by practicing social skills and building
rapport, anyone (including people who are not entrepreneurs) can begin creating
their networks of relationships. Moreover, the relationships that they create
can be capitalized on, just as I am doing now, in the future. Lastly, sociability
is essential to both the customer experience and to my business venture’s
culture. By maintaining a personal a careful interaction with customers, higher
levels of satisfaction are to be expected. Then, by maintaining good
relationships and team-building sentiments between employees, these customer
relationships can be fortified.