- Me
- V: I am unique, intelligent, and motivated to succeed.
- R: there is only one of me
- I: it is very hard, quite impossible in fact, to copy me and what I can offer to a company.
- N: There may be other people who can do the things I do, but there is no one who thinks like me.
- Computers
- V: Useful in advertising, marketing, finances, and many other business needs.
- R: Common
- I: This resource is replaceable and upgrade-able.
- N: This resource is substitutable.
- Knowledge of Social Media marketing
- V: useful in business building and new market openings
- R: this is a valuable skill nowadays so more and more people are starting to learn
- I: this is a skill that cannot be imitated exactly
- N: This resource is not particularly substitutable but others do have similar knowledge.
- Connections with potential customers
- V: this is imperative for the beginning of our company to start income generation
- R: this is a rare resource that needs to be valued highly
- I: this resource cannot necessarily be replicated because of the customers I would have would be mine and no one else's with respect to this product segment.
- N: This resource may be substitutable because you can find new customers
- UF connections
- V: this is very valuable for many reasons: finding new customers, educational resources, and contributors to the future product.
- R: this is a relatively rare capability for people in my product segment
- I: this is not imitable
- N: this is not a subsitutable resource
- Connections to professors and other sources of information for product
- V: this is extremely valuable and necessary for the production and success of my product
- R: this is a rare resource
- I: this resource is pretty hard to copy
- N: this resource contains knowledge and knowledge is different for each individual so I would say this is a relatively non-substitutable
- Desperate customers
- V: the target market for my product is valuable because it will improve sales and garner growth
- R: this is a hard/rare market segment to target and appeal to
- I: This is an imitable resource but not easily
- N: This resource is not easily substitutable but it is possible
- Money
- V: capital is vital to the startup of a business
- R: This resource is not rare
- I: This resource is imitable
- N: This resource is substitutable
- Vision and business plan
- V: this is valuable because it is important to know the long term direction of the company if you want to succeed
- R: This resource is rare
- I: this resource is a vision in my mind so it is very difficult for someone to copy
- N: this resource may be substitutable but only in different variations
- Specific market targeting
- V: This is valuable because I know who I am trying to sell my product to so it makes it much easier to advertise and market
- R: This resource is not rare
- I: this resource is imitable
- N: This resource is not substitutable but there may be ways to achieve something similar
My top resource might actually be the connections to the sources that make my product truly beneficial to consumers. These people are imperative to the success of the company because I do not have the knowledge yet to provide an educational guide to dealing with problems related to early pregnancy. Without these people, my product would no longer be viable.
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ReplyDeleteI see most of your resources were human capital , which I believe are the most important since they are personal and non-substitutable. Moreover, I agree with you about connections because without them you would not be able to expand your consumer list nor even get help from people with more expertise. I also liked how you summarized your resources. Good post!
ReplyDeleteI absolutely agree with you that humans are the focal and most important parts of a business. Moreover, you mentioned customers, which I also wrote in my post. All in all i think that you have a lot of valuable things that you can make use of for your business. Also a business plan and vision drive a businesses success!
ReplyDeleteHey Griffin, I really enjoyed the way you summarized your post and all the details you provided. I think it makes sense that your top resource is connections since without that it would be very tough for the company word to get spread around. The rest of your resources will also play a big role in your company's future, and I like the way how you talked about the points in a very brief way.
ReplyDeleteHello Griffin, I like this post a lot. I think that having human capital as most of your resources is great. I t really allows you to have connections and grow them. I also very much enjoyed the breakdown of each resource. It made the post very easy to follow.
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