Assignment 23 - Your Venture's Unfair Advantage

List of 10 resources:

Knowledge of sport:

V-valuable as I have a good grasp of the sport world and all the important factors that go into a teams’ performance.

R-rare to a degree as many people follow sports, but the extent of my knowledge and insider information is decently due to my many years being in sport and following sports.

I-inimitable, can be replicated somewhat as other companies can copy my marketing and promotion strategies, but not as much the extent of knowledge my company has.

N-non substitutable, others can have extensive knowledge of sport as well so it is somewhat substitutable.

Social sport contacts:

V-valuable, this is pretty valuable as it allows me to know potential partners or mentors in the field that can help back up my business.

R-rare, not that rare to have contacts but my exact ones are rare and unique to me.

I-inimitable, my exact contacts cannot be replicated but others could have contacts that could help them in their own way.

N-non substitutable, can’t substitute

New field:

V-valuable, this is pretty valuable as there are not many companies so far in the field to compete with.

R-rare, there are plenty of new fields in today’s world.

I-inimitable, a specific field can’t really be replicated

N-non substitutable, can’t really substitute a field.

Knowledge and contact of target potential customers:

V-valuable, this is valuable as it is important to know the type of people you are selling to and what characteristics they possess.

R-rare, not very rare as most companies and business possess some sort of knowledge of their potential customers.

I-inimitable, can be replicated as others also have knowledge on potential customers, although maybe not the same exact contacts of customers I have, but they could easily contact those customers if they wish.

N-non-substitutable, this is pretty substitutable by my resource of sport knowledge and sport contacts.

Social abilities:

V-valuable, this is valuable as it allows me to meet new people and build relationships with them helping my business.

R-rare, not very rare a bunch of people of social skills.

I-inimitable, pretty easy to replicate social skills, business can just talk to people and build mutually beneficial relationships.

N-non-substitutable, could be substituted along with sport contacts and knowledge of potential customers as these require social abilities.

Knowledge of analytics:

V-valuable, valuable to company as we will analyze data and analytics of teams to help us form predictions on games.

R-rare, not very rare as analytics and the usage of them is commonplace in today’s atmosphere.

I-inimitable, can be replicated as others also have knowledge of analytics.

N-non-substitutable, this can be somewhat substitutable by knowledge of sport as with that comes along a basic understanding of the analytics that go along with the sport.

Knowledge of other companies:

V-valuable, valuable as it is important to have a sense of what other companies are doing and what works and does not work for them.

R-rare, not too rare as these companies market themselves on the internet and social media and are pretty transparent of what they do in order to gain consumer trust.

I-inimitable, other companies can easily do this themselves with a little internet and social media research.

N-non-substitutable, not really substitutable by any of my other resources.

Social media skills:

V-valuable, valuable as it helps me reach out to a wider customer base and it is easier to spread the innovation of my product through social media.

R-rare, not really rare as others have a bunch of social media ability, especially in our social-media heavy environment today.

I-inimitable, can be replicated by other companies as all they have to do is know how to use social media.

N-non-substitutable, could be substituted by my social abilities resource.

Creativity:

V-valuable, valuable as creativity is important to find solutions to problems and get a leg up on competition.

R-rare, a lot of people are creative, but nobody has my mind and therefore my exact creativity, so this is rare.

I-inimitable, companies can replicate by coming up with creative idea themselves.

N-non-substitutable, not substituted my any of the other resources as none of them involve unique creativity.

Willingness to adapt:

V-valuable, this is valuable as it helps my business react to the everchanging world around it and the everchanging tastes of customers as well.

R-rare, this is somewhat rare as most successful companies adapt well, but others do not adapt and despise change and do not succeed as much.

I-inimitable, can be replicated it is just whether or not they are willing or not.

N-non-substitutable, can be somewhat substitutable by creativity as adapting to the changes around my business might require some creativity.

I think my top resource is my creativity as this is something that should help me get a leg up on competitors. All my other resources are resources that most companies would have some form of, but my creative mind is something that would make my platform stand out to consumers.