23A: Your venture's unfair advantage

1.   Trilingual: I am fluent in Spanish, French, and English.

·        Valuable: substantially valuable. My communication limits are expanded by speaking three languages.

·        Rare: this is relatively rare. Only around 13% of the population are trilingual.

·        Inimitable: this human capital can be imitated, but it will take time and discipline to achieve such result.

·        Non-substitutable: people could learn different languages and become trilingual, but each language is unique and hence non-substitutable.

2.       Lack of competition: what makes this venture unique and special is the lack of competition which allows me to serve customers better

·        Valuable: extremely valuable. It allows me to provide a unique service

·        Rare: it is rare. In today’s economy, almost every service and product has competition

·        Inimitable: this venture is significantly Imitable. The delivery service itself is not unique.

·        Non-substitutable: there are definitely other resources that can provide the same benefit such as Uber.

3.      Personally adapted to ambiguity and adversity: throughout my life, I have moved 4 times and faced language barriers that taught me to be prepared for change and difficulties.

·        Valuable: This is valuable because it allows me to confront adversities that and changes that might come up during my venture.

·        Rare: This is somewhat rare; many people are not used to change.

·        Inimitable: I believe personal experience is not imitable. Although same experiences happen frequently to various people, we all take it differently.

·        Non-substitutable: nothing substitutes personal experiences.

4.      Openness to experience: I believe that this personality dimension allows me to be intellectual, curious, and broad-minded

·        Valuable: This is valuable due to the fact that it allows me to try new systems, options, and things in my venture

·        Rare: this is not quite rare. I think numerous individuals are open to experience

·        Inimitable: I believe this is inimitable more or less. Education, values, attitude, and past experiences are what allow me to be open to experience.

·        Non-substitutable: being open to experience is non-substitutable

5.      Conscientiousness: another personality dimension that allows me to be persistent and goal-oriented.

·        Valuable: it allows me to stay focus on my objectives and motivated.

·        Rare: not rare. May people possess this personality trait.

·        Inimitable: This is somewhat inimitable. As I said previously, values, attitude, educations, and other factors is what allows to have such personality dimension.

·        Non-Substitutable: Being conscientiousness is non-substitutable.

6.      Self-efficacy: self-efficacy allows to believe in myself and abilities to reach my objectives in my venture.

·        Valuable: I believe self-efficacy is valuable because it assists you to stay motivated and have the confidence to reach your goals.

·        Rare:  Not rare. Various people possess self-efficacy

·        Inimitable: this can be imitable. I believe that numerous people can have self-efficacy so it is easy to be copied.

·        Non-Substitutable:  the belief in oneself to achieve a goal is non-substitutable.

7.      Education: an education provides me with the knowledge that I need to have a higher chance to be successful in my venture.

·        Valuable: Education is valuable because it helps you to think logically and critically. In addition, it provides knowledge that might of great importance in the business world.

·        Rare: Education is not rare. There are various ways to get educated such as reading books, going to college, watching educational videos…etc.

·        Inimitable:  Education is imitable. Experience can imitable by experiences which provide knowledge.

·        Non-substitutable: Education can be substitutable by experience in some cases.

8.      Relationships: relationships are a source in my venture that allows me to have a wider reach. Such relationships that I have are also networks that can help me in my venture.

·        Valuable: I believe relationships are important because they can become networking individuals that could help me with my venture.

·        Rare: I believe relationships are not rare. That being said, the bound/connection you can make with a person can be unique and rare.

·        Inimitable: relationships are inimitable because each person is different and the connection you can make others can be hard to copy.

·        Non-substitutable: acquaintances might be people that can help you network, therefore relationships can be substitutable somewhat.

9.      Convenience: this is a resource my venture have that makes it special.

·        Valuable: Extremely valuable. Convenience is an essential part of a business to be successful

·        Rare: Convenience is not rare. Convenience can come in different forms such as low prices, technological improvements, location...etc.

·        Inimitable: Convenience can be imitable which is why each business has its “secret sauce” that makes their type of convenience unique.

·        Non-substitutable: convenience cannot be substitutable, but it can be improved.

10.  Fitness:  fitness can be a valuable resource that allows me to perform better in my venture.

·        Valuable: although it can help me to perform better professionally because I would be more active, it is not that valuable for my venture.

·        Rare: fitness can be achievable on different levels hence is not rare.

·        Imitable: fitness is easily imitable.

·        Non-substitutable: fitness cannot be substitutable.

After reflecting, my top source is ‘relationships’.  This source is the most important because it allows me to grow my business quicker. In addition, relationships can help me with new ideas, financial and emotional support, and publicity which would enable to have more customers.