1.
Personality: A very personable and easy to get
along with which helps with making business deals and networking.
a.
Valuable: this is very important as you cannot succeed
in business if you cannot make the proper connections
b.
Rare: This is quite common, because it is a
personality trait.
c.
Inimitable: you can pretend to be personable up
to a point, and from there on it becomes hard to fake it.
d.
Non-substitutable: the head of the company needs
to be personable because he is making all the hard decisions, it’s hard to hire
someone to do that, that you trust.
2.
Social Networking: I have contacts that can
assist me if I choose to start this endeavor, I explained them in more detail
in a previous post. I have a friend who has coded apps before, a CFP that can
assist in giving the money management tips, and my friends and my demographic are
market that the application is looking for.
a.
Valuable: this is valuable because you do not
need to use extra resources to find people that can help you, and must take a
gamble to see if they are the right fit. If you know them personally it makes
things a whole lot easier.
b.
Rare: This is quite rare for an opportunity to happen
and know the people that you
can work with to make it successful.
c.
Inimitable: You can imitate this through hiring
people.
d.
Non-substitutable: you can find other people that
can help you in other aspects of the business such as accounting that you know
personally.
3.
Fundraising: I have been my High School’s Senior
Class VP and have fundraised for the prom, homecoming, and have lead
fundraisers for 2 clubs on campus.
a.
Valuable: this is important because you need financial
capital to get your business off the ground.
b.
Rare: many people can fund raise, but few hit their
goals or exceed their goals. I have
c.
Inimitable: some people are good at coming up
for financing and raising capital for it some just are not, it is a unique
skill.
d.
Non-substitutable: It hard to substitute financing
or fundraising your idea, unless you have the capital to support it.
4.
Unique segment in the market place: There are
many apps that track how you spend money, but none that let you control your future
expenditures by deleting the subscriptions or recurring payments that are not necessary
for the next months.
a.
Valuable: you need a market or a niche to
penetrate to be a successful business and I feel that I have that in this
application idea.
b.
Rare: Its not rare because of the other applications
that out there to track money and how it is spent, but it is rare because you would
be able to use to save money by cancelling future transactions.
c.
Inimitable: Since it is an application it is inimitable,
but if we stay ahead of the other competitors we should be successful.
d.
Non-substitutable: This could be changed out for
another application.
5.
Marketing Opportunities: by having a lot of
friends that would be using the application we can use that to our advantage
and use it for publicity.
a.
Valuable: if people don’t know about your
product there is no way that they would be able to buy it and you will
eventually go out of business.
b.
Rare: This is quite common with apps now to have
people in large organizations (greek life, clubs, sports) hire to market the
app to and spread it by word of mouth.
c.
Inimitable: This is common, many apps like
Bumble do this type of marketing to get downloads.
d.
Non-substitutable: we can substitute this type
of marketing for web marketing, or social media marketing.
6.
Financial Background: I am a student studying finance
and both of my parents have been working as accountants, and I have been around
finances for quite a long time.
a.
Valuable: this Is helpful because this could
save costs associated with hiring people in these departments at the onset of
the company, which would give us more capital to work with for marketing or
other purposes.
b.
Rare: this is common for entrepreneurs to be a
jack of all trades and then once the business grows to hire people better
suited to lead in various departments.
c.
Inimitable: this is common as there are
thousands of people that have some familiarity with finances and could do this
just as if not better than I can.
d.
Non-substitutable: I can hire someone to oversee
the finances
7.
Public Speaking ability: I have been doing
public speaking for years. In High school I had to deliver a mock-business plan
in a competition and placed third. Also, I am involved in the mock-trial at UF
as a national champion witness.
a.
Valuable: being able to speak is key because you
need to have your subordinated listen to you and
b.
Rare: Being able to speak well is a good skill
to have and can help in a variety of situations.
c.
Inimitable: Some people are naturally born
public speakers and others do not have the same abilities as others.
d.
Non-substitutable: Some people are naturally
born public speakers and others do not have the same abilities as others.
8.
User Trials: once the product is up and running
we will have a group of about 100 or so people and have them use the app for a
month and see how much money they save on average
a.
Valuable: this is important because this will
prove if the application is going to be successful and how much we would be
able to charge for it.
b.
Rare: I do not think this type of research has
been conducted before.
c.
Inimitable: you can do market research and
predict what is going to happen, but you never know until you conduct the real
thing.
d.
Non-substitutable: You won’t know the results of
how successful the application is until you test it out.
9.
Relatable to the Target Market.
a.
Valuable: without knowing your target market (my
generation, millennials, and young professionals) you can’t accurately know
what the people want
b.
Rare: I feel this is rare in the larger
companies but in the smaller family run business or local business they know
their target market quite well
c.
Inimitable: This is not inimitable because of
the demographic that I fit in and would be marketing it to
d.
Non-substitutable: you can’t really change the
target market for the people that want the product or shift it entirely.
10.
Adaptability
a.
Valuable: you need to be able to roll with the
punches when starting a business and must change things quickly if that is not
working well.
b.
Rare: some people are headstrong, and it must be
done their way. I am not like that and can work with a variety of personality
types and have it work out for the best.
c.
Inimitable: You can’t really copy this. It’s
more of a personality trait.
d.
Non-substitutable: With this being a personality
trait it makes it difficult to copy.
My Top Resource: My network of people that I have available
to work with me on the idea. This is helpful because they can help me work out most
of the issues that I may have when starting up this application. This way I do
not need to hire people, and I know that I am already comfortable working with
them. This will help me in all areas because one can help with funding, one
with the coding of the app, and the other can help with the marketing of the
application.
I think you did a great job on this assignment. I like the fact that you included the clip arts for entertainment. Each resource provided are great for your adventure. I can see how each would benefit your business venture. You clearly have this figured out. I definitely agree with having a personable personality for networking. That is something that cannot be easily duplicated.
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