My Unfair Advantage

For this assignment I will be using a convenient store for my venture.

10 Resources

1. Work ethic - This is valuable because hard work is a key component of being successful and being able to make things happen. This is rare because it is something that not everyone has. It is something that is learned and not all people have the proper upbringing to develop it. This is something that can be challenging for some to copy. It really just depends how much will power you have.

2. Realistic personality - This is valuable because it allows me to see things at face value. To be successful it is important to be honest with ones self. This is rare because a lot of people like to see things not for what they are but for what is more appealing to them and this can lead to poor decision making. This is something that is hard for people to learn because it is something you are born with or are taught throughout childhood.

3. Personable - This is valuable because it is important to be able to talk to people and it helps to create relationships. This is rare because you have to be born with an extroverted personality and know how to talk to people. Not all people are born this way. This is not hard to copy but some people don't have the proper personalities to be personable.

4. Adaptable - This is valuable because the world is always changing and you have to keep up or you will be left behind. This is rare because many people are stubborn to change, especially in old age, and you have to realize that things are constantly changing and we have to keep our ideas fresh or they will get old. This is not always easy to copy because it is something that requires intelligence and being adaptable doesn't mean any one thing. It is how you apply it that matters.

5. Calculated risk taker - This is valuable because most things in life involve risks but calculating risks makes for more educated decisions and less error. This is rare because it takes an analytical and honest mind to evaluate risks properly and not everyone thinks this way. This is hard to copy because it requires intelligence and understanding of the risk/benefits.

6. Team work - This is valuable because in many situations one will find themselves having to work with others and it is important to be able to do so. This isn't necessarily rare. Not everyone is good at working as a team but it is something that we have been conditioned to do from a young age so most people are capable of working together. This is not hard to copy this is something we have all learned from a young age.

7. Financial capital - This is valuable because it takes money to make money. This isn't necessarily rare. It depends how you get the capital that could make it rare. Having a rich father who will invest millions into you venture is rare. receiving money from a bank or investors is not so rare. This is not hard to copy. Anyone with decent credit and a business plan can get a loan or anyone with a good idea can find investors.

8. Social capital - This is important because many people have the ability to help others. Like the old saying goes, "it's not what you know, it's who you know" This is somewhat rare depending on how much social capital you have. For example, being tight with the president or owner of a large company is extremely rare. Even having a good relationship with your mayor would be rare. This can be hard to copy because not everyone knows the same people and unless you track down all of someones contacts and maintain an identical relationship then you have different social capitol than the person you are copying.

9. Strong personality type - This is valuable because sometimes you will be put in a situation where you will have to stand up for yourself or be outspoken. This is rare because it takes a certain type of personality and everyone is born and raised differently. This is hard to copy because some people jsut aren't made for it.
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10. Good communicator - This is valuable because getting a point across clearly is important and confusion can lead to mistakes. This is rare because it is something that is learned and not everyone it taught. It stems from being sociable and understanding how to communicate effectively. This is hard to copy because some people just don't understand how to communicate effectively.

For all of my resources, I don't think that there are any resources not mentioned that can substitute them. Some resources may have similar effects but I think they are each unique.

For this specific venture I think that my top resource is calculated risk taking. This is something that I don't plan on being a long term venture. This idea is simply to get my capital up so that I can move on to my next venture, therefore my top resource isn't going to be something that necessarily contributes to longevity but that gets me off the ground. Calculated risk taking is my top resource because there are obviously risks involved in starting a new venture and this being my first venture, it needs to be successful. If I fail on my first venture I don't have anything to fall back on unless I have mommy and daddy's money or I raised money through kickstarter or something. I need this first venture to be successful in order to move on to the next so this is why I believe being a calculated risk taker is my top resource for THIS venture.