1. Network (social capital)
V- this is valuable in order to break barriers to entry and have support even prior to this product coming into the market
R- networks aren't unique concepts, the strength of one's can vary however.
I- same as above
N- a person's network is invaluable
2. Persistence (Human capital)
V- This trait is crucial to separate average from real success
R- True persistence is rare
I- You cant fake it
N-Again, you cant fake it
3. Marketing Knowledge (Human capital)
V- Actual technical knowledge is very important to creating an efficient product
R- Varying degrees
I- The knowledge is common, and can be gained by most anyone
N-It's not crucial but it's a big bonus
4. Start up Funds (financial capital)
V- Very valuable, this kickstarts your whole efforts
R- Money don't grow on trees
I- You either have it or you don't
N- Absolutely
5. Uniqueness of product (attribute)
V- this gives the product a better position within the market
R- Very rare
I- Yes
N- It's not necessary but theres no substituting for innovation
6. Market attractiveness (benefit)
V- This is certainly valuable, a more wealthy, knowledgable, active target market is a benefit
R- A good deal of research and environmental factors contribute to the rarity
I- Cant imitate
N- It completely changes the way you approach the conception of the product
7. Public Speaking skills (human capital)
V- Very valuable nowadays
R- Rare in the general population nowadays
I- No one can pretend to be a good speaker
N-
8. Understanding of music service (Human capital)
V- This is almost the most important, the product centers around playing off the current trends in the audio industry
R- Not rare, but not everyone can apply it
I- Cant fake it
N- Definitely not substitutable
9.. I have resourcefulness
V: Very valuable
R: somewhat rare
I: not very inimitable
N: non substituable
-10. I have tenacity
V: very valuable
R: somewhat rare
I: not very inimitable
N: non substitutable
My top resource, all things considered, is my knowledge of the music industry and audio services.This is an attribute that is at the core of my idea, and overall has more importance because of that.
Hi Antuna,
ReplyDeleteI think you have great characteristics and resources. I think the fact that you have start up funds is extremely important and you are lucky to have some. Getting funds is not easy and that will determine if you will be able to start your business. I also agree that you placed Networking as first. If you have no networking then you have no company or your company will not grow. Good Job!
here is my blog: http://2016entrepreneurs.blogspot.com
I think you are developing real knowledge about what it takes to be successful and what resources you possess. Access to start up capital is very important, but you must be very carfeul to accurately value your company and to have a great understanding of your costs. You will almost always need more money in the beginning than you think. You also need to decide are you going to invest your own money into the project or leverage the debt. Or, you can sell equity to raise capital, be careful with the valuation of your company when doing this, and be selective of who you allow to be a part. Good luck
ReplyDeletehttps://mcardle526.wordpress.com/2016/03/23/my-unfair-advantage/