Wednesday, April 3, 2019

Your Venture's Unfair Advantage

  1. Fitness Background: I'm an APK major and fitness enthusiast.
    • Valuable: This allows me to stand out from competitors because I know what I'm talking about.
    • Rare: Not rare at all, many people also have this knowledge.
    • Inimitable: Other people are able to take the classes I have or get certified to become a professional in this field.
    • Non-substitutable: This knowledge can't be substituted with anything else if the product is to be accurate.
  2. Contact with Potential Customers: As a city employee, I have almost unlimited access to several people in my target audience.
    • Valuable: This allows me to have direct contact with my market.
    • Rare: Somewhat rare, not everyone has the ability to communicate with potential customers at any time.
    • Inimitable: Other people could put themselves in a position to contact their target audience by going out to places where these customers would be (i.e. grocery stores, malls). 
    • Non-substitutable: This resource could be replaced by more in-direct methods of contacting people, like through the phone or an email list, but that would be more impersonal and possibly less effective.
  3. Uniqueness of Product: There are a few, if any, products like mine that exist on the market.
    • Valuable: This helps me stand out in the industry.
    • Rare: Yes, but there are similar products that exist.
    • Inimitable: It is possible that other individuals could copy my idea and start competing with me.
    • Non-substitutable: I could expand on my venture to maintain unique.
  4. Publicity: It is well known that obesity is on the rise in the U.S., so many of my potential customers are already aware of the problem and will be willing to try my product to either avoid future health problems or improve their current situation.
    • Valuable: The more aware people are of a problem, the more they are willing to remedy that problem.
    • Rare: Not very rare, there are several problems that exist and products being sold to solve those problems (i.e. metal straws to slow water pollution).
    • Inimitable: It is possible for anybody to get into this field and get publicity, but it's important to keep people's attention once the headlines are over.
    • Non-substitutable: The media in general would dictate this resource, so this could range from a variety of outlets like the news or social networking sites.
  5. Future Employee Pool: A lot of current and graduated students at UF with the education background are interested in getting involved with this venture including fellow APK majors, dietetics, medical school students, and others in the healthcare field.
    • Valuable: I don't have to search further than Gainesville to grow my business.
    • Rare: Not very rare, any venture starting in a college town will have the same advantage of a young, talented workforce.
    • Inimitable: This could be done by any business by recruiting in college towns for recent graduates or utilizing LinkedIn.
    • Non-substitutable: Employees don't always have to be younger, businesses can also seek out experienced professionals that have already been in the field for several years.
  6. Personal Relationships with Others in the Field: I know many fitness promoters on Instagram and can get more information on how the industry works from a social media perspective.
    • Valuable: Knowing people who already have experience in the field is essential to someone just starting out to know the do's and don't's of the industry.
    • Rare: Not very rare, it's not difficult to reach out to peers in the field.
    • Inimitable: Relationships can be built through networking and experience.
    • Non-substitutable: This could be substituted with more professional relationships via fellow mentors or other leaders in the field.
  7. Relatively Low Costs of Production: The majority of expenses are time-based, meaning the time it takes for me to create workout plans and nutrition/diet tips.
    • Valuable: This is an invaluable resource because I won't require a lot of money to get started.
    • Rare: Not very rare, there are other products that don't necessarily need a lot of money, but they might require more time than I have to put forth in creating a program.
    • Inimitable: Another business could hire a lot of people to reduce the amount of time needed to create a program.
    • Non-substitutable: I couldn't substitute this resource for anything else.
  8. Tangible Product: I'm focusing on mainly creating a hard-copy of my program with an online option for people to access on their phones or computer.
    • Valuable: This will allow my consumers to have unlimited access in the format they prefer.
    • Rare: This is not rare, many products are offered in different formats (i.e. books come in hard-copy, digital, or audio).
    • Inimitable: This is very easy to copy.
    • Non-substitutable: I couldn't substitute this resource for anything else.
  9. Scientific Evidence: All of my information can be backed by science through research articles and peer-reviewed journals to support what I'm trying to sell.
    • Valuable: This will allow me to build trust with my customers and establish myself as a legitimate venture.
    • Rare: This is somewhat rare because a lot of what is being marketed in the industry isn't accurate.
    • Inimitable: Other companies could follow this plan to improve their products and appeal to more people.
    • Non-substitutable: I couldn't substitute this resource for anything else.
  10. Microsoft Skills: I know how to create programs in Word and Excel that will be easy for customers to read and understand.
    • Valuable: This will allow me to easily create my product for distribution.
    • Rare: This is not rare, many people know how to operate Microsoft programs.
    • Inimitable: This could be copied by anybody who owns a computer or laptop.
    • Non-substitutable: I could substitute this resource for similar software, like Apple programs or Google Drive.
Top Resource: After analyzing all of my resources, I think the best one is number 9. By separating myself from the fake sources that already exist on the market I can build and expand on my brand to be more successful. While it is imitable, it is also something not a lot of people are willing to go the extra mile to do.

1 comment:

  1. I think your scientific evidence certainly is a strong resource for you and your venture. I know I personally am someone who likes to have the facts right, especially when trying to make a decision, so I appreciate evidence. I think you being an APK major is also helpful; I believe degrees will be useful always somewhere in life, so I'm glad I see you using it for your venture.

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