Resources:
1) As my parents are entrepreneurs, I have the back-up of experienced people in the world of business who have started from the scratch and would be willing to help me over my journey and supporting me in order to make the best decisions.
Valuable: Really valuable
Rare: It kind of is, because not everyone starts a business with experienced people on their side.
Imitable: Not really, because my parents experience is unique.
Non-substitutable: Sometimes getting support or counseling from an expert can be difficult, you may even have to pay to get this kind of advising, so I would say is not imitable.
2) My education, a College degree in Business Administration, and in the future I will get my bachelor's degree on Business Management from UF.
Valuable: Really valuable
Rare: Not really, a lot of people have this level of education.
Imitable: It takes time money to get it, but with effort you can.
Non-substitutable: Not really, you can still get a degree on the same on other institutions, take courses and read books, however it would not be the same or have the same impact.
3) I know the concept for my product as I have been exposed to it since I was a kid (Boli, not the cocktail).
Valuable: It is.
Rare: Here in America, it is rare.
Imitable: Experience is not truly imitable.
Non-substitutable: It is possible to learn about the product.
4) My network (friends and family) that can help me in my project.
Valuable: Really valuable
Rare: It is not, everyone has a network.
Imitable: Not really, my network is unique.
Non-substitutable: As everyone has a network, it is substitutable.
5) I can get the packaging from Colombia and save a lot in costs.
Valuable: Really valuable
Rare: It is.
Imitable: I f you have the chance to go to Colombia and bring it, it is.
Non-substitutable: You can buy it here in the US, but it could cost you more.
6) I am outgoing and would be willing to go out and sell.
Valuable: Really valuable
Rare: It is not, everyone can.
Imitable: It is.
Non-substitutable: You can pay people to sell, but it would cost more.
7) I speak Spanish, so I can connect with more customers.
Valuable: It is.
Rare: It is not, a lot of people speak Spanish.
Imitable: You can learn the language but it would be really time consuming.
Non-substitutable: You can't substitute a language.
8) I have an aunt with experience on this exact business, so she can tell me how to operate more efficiently.
Valuable: Really valuable.
Rare: It is rare here in the US.
Imitable: It is unique unless you are Latin American and know someone who has been in this business
Non-substitutable: You can learn by yourself, but getting that experience takes time.
9) I know Hispanics here that could be interested in the product.
Valuable: Really valuable
Rare: It is not truly rare to have connections.
Imitable: It is, as you can also know them.
Non-substitutable: As everyone can have this type of connections, so it is substitutable.
10) I have the financial capital to start this business.
Valuable: Really valuable
Rare: Money is not truly rare.
Imitable: A lot of people can have the money also.
Non-substitutable: You can't substitute it.
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ReplyDeleteI feel like your best resource will be your parents. Your parents have so much experience that they can pass to you. Having people that you know to help you out is a big step. Not many new entrepreneurs have help and they tend to lose a lot. So take advantage of this opportunity because not many have it. I know you can do it!
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