Skip to main content

Your Venture's Unfair Advantage

Valuable, Rare, Imitable, Non-Substitutable

1. Experience and knowledge of pin pad usage and the problems that occur 
  • V- very valuable based on the product and what it would work to change
  • R- somewhat rare in terms of the general population
  • I- can be imitated but would not guarantee the same results 
  • N- could be substituted not with the same results
2. Bank wide approach
  • V- valuable in terms of gaining more customers at once
  • R- somewhat rare, companies generally go for only one or a few customers at a time 
  • I- can be imitated but not exactly the same
  • N- could be substituted for other ways of gaining many customers at once
3. Technology 
  • V- valuable in terms of creation of the product
  • R- not very rare
  • I- can be used to create similar products 
  • N- could be used to make a similar product but not guaranteed the same results
4. Social connections
  • V- very valuable 
  • R- somewhat rare in terms of what the connection is
  • I- can have connections with the same people over different things
  • N- could use the same relationships for similar uses
5. Education on the competition
  • V- valuable to know what you are competing against in the market
  • R- others can see your competitors as well but it helps to know how they work
  • I- others can look into the same competitors and gain the same knowledge  
  • N- can be substituted for education on other sources
6. Vision for the product and its success 
  • V- very valuable 
  • R- not very rare
  • I- cannot be imitated easily 
  • N- can be substituted but not easily
7. Product reliability
  • V- very valuable
  • R- rare in terms of this specific product
  • I- cannot be imitated easily
  • N- cannot be substituted easily
8. Determination
  • V- valuable and has impact on the venture's results
  • R- not rare
  • I- can be imitated
  • N- cannot be substituted, can only be left out
9. Financial stability once venture is off the ground
  • V- very valuable
  • R- somewhat rare
  • I- can be imitated
  • N- cannot be substituted
10. Equipment needed to institute the product
  • V- valuable and has to be approved
  • R- somewhat rare due to restrictions
  • I- can be imitated
  • N- cannot be substituted due to restrictions
My most important resource is my own education and knowledge of the venture and all that has been put in to it. With this knowledge I am able to handle all of the issues that could occur with the venture as well as handling the day to day needs of the venture. 

Comments

Post a Comment

Popular posts from this blog

Reading Reflection Number 3

Cognitive Surplus by Clay Shirky 1) The general theme of the book was talking about how previously, the majority of people spent their free time watching TV while now that has shifted a bit. Now, people are spending portions of their free time online collaborating with others whether it be a meaningful collaboration or not. These types of collaborations are creating what is called a cognitive surplus which addresses the excess productivity that happens outside of one's work.  2) I think that the book showed how someone might come up with an idea for a business venture. If you are constantly working on small projects with friends over the internet, it is very possible that one of those ideas could bee feasible and created to make money.  3) If I were to design an exercise based on the book I would make it a collaboration assignment. I would like for two to three students to work together to either fit together their venture ideas that are already in progress, or if that ...
1 comment
Read more

Testing the Hypothesis, Part 1

2) Clearly state the opportunity you have identified, including the who, what, why. For instance, "Hospitals in the United States are unable to easily, efficiently bill Medicare for drugs they distribute because of the logistical challenges in linking a drug given to a patient and the patient's bill."  The who: Hospitals in the United States The what: They are unable to easily, efficiently bill Medicare for drugs they distribute to patients The why: Logistical challenges related to listing prescribed drugs on patients' bills 3) This is your 'hypothesis' about the opportunity. It is a statement of your belief related to an opportunity. I'd like you to test the boundaries of the hypothesis by pushing and prodding each of the three elements. That means: Testing the who: Are there others who have this need? Or, does everyone in your current 'who' share the need?  Testing the what: What are the boundaries of the need? For the example above, t...
1 comment
Read more

Figuring Out Buyer Behavior Number 2

Interview 1: Alex explained to me that since she runs a business that she purchases things for frequently, she uses her business's card every day at least once a day but usually two to four times a day. She says she chose to open her business's bank account with the bank that she did based on their fees and interest rates, she did not ask about the type of card they use because she did not think it really matters. After I informed Alex of my idea for more durable debit cards she told me that if that was a thing that she could chose from she would have looked into it more and spent time looking into types of cards as well as fees and interest rates. Overall Alex seemed content with her choice based on fees and interest rates, however she is not happy with her card and the fact that it does not always work with card readers. Interview 2: Michelle says that she and her husband chose where they bank but that she didn't really have a preference. She has three kids and she ...
Post a Comment
Read more