Your Venture's Unfair Advantage

1.     My first resource is my personal organization skills, which are part of my human capital.

·      Valuable: Yes, this resource is valuable because the ability to be organized and on top of things is crucial for any business.

·      Rare: No, this is not a rare resource, as many people are organized.

·      Inimitable: No, this is not an inimitable resource because people can learn to organized.

·      Non-substitutable: Yes, this resource is non-substitutable because there is no comparable alternative to being organized.

2.     My second resource is my personal experience in this field, which is part of my human capital.

·      Valuable: Yes, this resource is extremely valuable. My firsthand knowledge will help me understand and anticipate my clients’ needs.

·      Rare: Yes, this resource is rare because few people have the same amount of personal experience in this field.

·      Inimitable: Yes, this resource is inimitable because no one can copy experience.

·      Non-substitutable: Yes, this resource is non-substitutable because there is no substitute for actual firsthand experience.

3.     My third resource is my connections to the local senior living community, which is part of my social capital.

·      Valuable: Yes, this resource is valuable because it will help me connect with potential clients.

·      Rare: No, this resource is not rare because other people are also highly connected in the community.

·      Inimitable: No, this resource is not inimitable because others can make their own personal connections within the community.

·      Non-substitutable: Yes, this resource is non-substitutable because of the importance of personal connections and word-of-mouth when doing business in this market and dealing with older clients.

4.     My fourth resource is my personal connections to my target market, which are part of my social capital.

·      Valuable: Yes, this resource is valuable because it will help me connect with potential customers.

·      Rare: No, this resource is not rare. Many people have personal connections to this market, which is adults with elderly parents.

·      Inimitable: No, this resource is not inimitable because others can make their own connections to people in the target market.

·      Non-substitutable: Yes, this resource is non-substitutable because of the importance of word-of-mouth and personal connections in this industry.

5.     My fifth resource is my good credit score, which is part of my financial capital.

·      Valuable: Yes, this resource is valuable because it will help me secure personal loans to finance my business if needed.

·      Rare: No, this resource is not rare, as many people have good credit scores.

·      Inimitable: No, this resource is not inimitable because people work to improve their credit scores.

·      Non-substitutable: No, this resource is not non-substitutable, as there are multiple factors that banks and financiers consider when they consider financing an individual or a business.

6.     My sixth resource are my assets (like my car) that can be used for the business, which are part of my financial capital.

·      Valuable: Yes, this resource is valuable because these assets will not have to be purchased prior to launching the business, decreasing start-up costs.

·      Rare: No, this resource is not rare because all of my business assets are common assets.

·      Inimitable: No, this resource is not inimitable because others can copy it by purchasing the same assets.

·      Non-substitutable: Yes, this resource is non-substitutable because these assets are needed by the business. For example, a car is needed because part of my business idea involves offering driving services.

7.     My seventh resource is my personal passion and empathy, which are part of my human capital.

·      Valuable: Yes, this resource is valuable. My passion for helping people will help me succeed in this business and empathy is a valuable skill in any caretaking profession.

·      Rare: No, this resource is not rare. Many people are passionate about helping others and empathetic.

·      Inimitable: Yes, this resource is inimitable. You cannot “copy” passion and empathy.

·      Non-substitutable: Yes, this resource is non-substitutable because there are no alternatives to these attributes.

8.     My eighth resource is my (future) degree in Business Administration, which will be part of my human capital. (I would not start this business before graduating, so I would have my degree before my business actually launched.)

·      Valuable: Yes, this resource is valuable because it will give me the knowledge to run the business more efficiently and effectively.

·      Rare: No, this resource is not rare because many people graduate with business degrees.

·      Inimitable: No, this resource is not inimitable because others can go to school to get this degree.

·      Non-substitutable: No, this resource is not non-substitutable. One main alternative would be actual experience in running a business.

9.     My ninth resource would be my personal connections to attorneys, which is part of my social capital.

·      Valuable: Yes, this resource is valuable. Businesses should have an attorney help them with things like employment contracts, liability issues, and personal service contracts. My personal connections will allow me to receive this legal help at a steeply discounted price or for free.

·      Rare: No, this resource is not rare because many people have connections to attorneys.

·      Inimitable: No, this resource is not inimitable because people can make connections to attorneys.

·      Non-substitutable: No, this resource is not non-substitutable because people can find and hire attorneys in many different ways. (That being said, legal counsel is a non-substitutable resource for a business.)

10.  My tenth resource would be my personal certification in Microsoft Word, Excel, and PowerPoint.

·      Valuable: Yes, this resource is valuable because it can be used in helping clients and in running the business.

·      Rare: No, this resource is not rare because many people are Microsoft certified.

·      Inimitable: No, this resource is not inimitable because anyone can become certified by passing a test.

·      Non-substitutable: No, this resource is not non-substitutable. Basic proficiency in these programs is necessary to succeed in most careers, but one can be very well-versed and proficient in these programs without a technical certification.

Conclusion: Based on the above analyses, my top resource is my personal experience. I think that personal experience is the most important resource to my venture because of the nature of my business. Since my service is a personalized service, having firsthand experience with helping seniors will help me better understand and anticipate their needs, which will vary from client to client. My personal experience will also help me better understand the emotions and feelings of the seniors, which will help me be more compassionate and empathetic, which will help me in the companionship aspect of my business.