1.
Patents and Trademarks
a.
Valuable – increasing the awareness of my
specific product and service
b.
Rare – few to no competitors
c.
Inimitable – infringement on patents and
trademarks are subject to legal issues
d.
Non-Substitutable - infringement on patents and
trademarks are subject to legal issues
2.
Excellent Leadership
a.
Valuable – service creates customers to feel
comfortable
b.
Rare – these days’ customer service isn’t as “trendy”
c.
Inimitable - creating a bond with your customers is rare in
such an industry
d.
Non-Substitutable – there is no close substitute
to a happy environment
3.
Well Managed Processes
a.
Valuable – customers have their product/service
in a organized way
b.
Rare – format is rare in many businesses
c.
Inimitable – a good manager will always know how
to run a business
d.
Non-Substitutable – there are no duplicate
owners, CEOs, CFOs, COOs
4.
Innovative Ideas
a.
Valuable – use your network to validate truths
b.
Rare – not one shares the same creative mind
c.
Inimitable – “imitation is the greatest form of
flatter”
d.
Non-Substitutable – No one can take credit for
your work
5.
Education
a.
Valuable – experience and knowledge about your
business is most important
b.
Rare – what most study is not what they end up
working in
c.
Inimitable – there is no close alternative to
skilled and professional
d.
Non-Substitutable
6.
Business Goals
a.
Valuable – set realistic goals so that as a
venture, you can out-execute your peers
b.
Rare – millenials rather work for someone than
to bust their butt building something of their own
c.
Inimitable – rare to find two people sharing the
same goals for the future
d.
Non-Substitutable – once a goal is set, it is
probable that from that goal with evolve more
7.
Team Work
a.
Valuable – ability to advice and help; the power
of the many
b.
Rare – there is no “I” in TEAM
c.
Inimitable – relationships that are built are
never duplicated
d.
Non-Substitutable – keeping a team together and
unifying them on goals and growth
8.
Work environment
a.
Valuable – happy employees, happy customers, healthy
business, $$$
b.
Rare – the goal is to make everyone feel at
home, “rare” in most businesses
c.
Inimitable – close to none
d.
Non-Substitutable – more than one factor makeup
a flowing work environment
9.
Marketing Strategy
a.
Valuable – unique, eye catching
b.
Rare – attention based on target market
c.
Inimitable – marketing on products differ
d.
Non-Substitutable – patents/trademarks do not
allow room for such close substitutions
10.
Partnerships
a.
Valuable – exclusive deal can create great
barriers to entry against competitors; the power of the many
b.
Rare – organizations are not the same, build specific
relationships with customers; association
c.
Inimitable – trademarks
d.
Non-Substitutable – business contracts
It is important to create a profitable business that contains these essential factors for
growth and awareness.
Hi Aviana!
ReplyDeleteDoes your business have all of these advantages or just some of them? Either way, great list of advantages and the values that they have. In my post I also wrote about my business goals and my marketing strategy, because I agree that they are very important. I wish I knew what your product was so that I could give you some advice on it, but keep up the good work, I'm sure it is great!
Check out my blog! http://cassiespinner.blogspot.com/2016/03/my-unfair-advantage.html
Hey Aviana,
ReplyDeleteI feel like most of the qualities that you listed can all eventually be mimicked. Which isn’t necessarily and bad thing, I had the same problem with this assignment. Overall, I did really like your post. If you want, you can check out my post at http://tristansentblog.blogspot.com/2016/03/my-unfair-advantage.html.