My Venture's Unfair Advantage

1. Experience working in and managing two small business (retail and financial)

  • V - This will allow me to have a better understanding of what decisions are the most important and how I should allocate my resources. 
  • R - Many entrepreneurs have not had first-hand experience running a business
  • I - This is not difficult for others to copy but is time consuming
  • N - Any work experience can be beneficial in understanding how a business runs but having had management and financial insight into the business will help me more than having simply been an employee
2. Access to student loans 
  • V - Student loans have notoriously low interest rates and do not require previous credit history
  • R - Only accessible for current undergraduate or graduate students
  • I - Any student has access to this same resource
  • N - There are lots of other forms of financing available but few with the same benefits
3. Supported by the Environmentalist Movement across the US
  • V - This movement is exponentially growing and many people are trying to find eco-friendly products and services to purchase and invest in
  • R - Many other products and services are also trying to ride this eco-friendly wave
  • I - It would be difficult for my competitors to utilize this because they rely on single-use plastics which are not supported by this movement.
  • N - There are always movements and fads that products and services will try to exploit, but I think that recognition of the importance of the environment will only continue to grow
4. Relationships with small business owners in my community
  • V - People are more willing to work with and trust the people that they know, and I already have a platform for which I can share my service
  • R - It is not easy to develop a large number of relationships or to have a platform that allows you to constantly meet new people 
  • I - It is possible for people to develop their own networks but it takes time and effort
  • N - Many of the relationships that I have developed would be nearly impossible to copy because of the length of time that I have known them and the knowledge that I have regarding their businesses
5. Experience working with graphic and web designers
  • V - This will be beneficial for me because my service will be mostly based out of an online platform
  • R - It is not rare to meet or work with somebody who is a good designer, but not everyone has the hands on experience in developing a graphic or website
  • I - It is not difficult to find someone to help with graphic or web design
  • N - This is necessary for someone starting a business with an online focus but there are many graphic and web designers available to meet and work with new clients
6. Access to the University of Florida's resources 
  • V - UF offers many services like Gator Career Closet, Internship Matching, and networking groups that help student entrepreneurs
  • R - Most people do not have access to these resources, especially not for free
  • I - It is difficult to gain access to all of these resources without being enrolled at a University which many entrepreneurs are not
  • N - Many of the resources offered by UF are substitutable but it would like cost large sums of money to find equivalent resources  
7. Relationships with Charity organizations in my community
  • V - These groups would likely be willing to invest in my service in order to better spread their message or help their cause
  • R - This is not rare in a general sense but not everyone can connect with the same groups that I have established relationships with through volunteering or family connections
  • I - This is not difficult to copy in general but it would be difficult for an outsider to establish the same relationships that I have in place already
  • N - This is substitutable because not every company needs to have relationships with charities
8. My Financial & Economic Awareness
  • V - This will allow me to make better decisions about my businesses budget and to eliminate expenses that could be incurred from hiring an accountant or tax preparer
  • R - This awareness is not unusual but is not held by all entrepreneurs 
  • I - These skills are not difficult to acquire but they take time and experience to develop
  • N - This awareness can be substituted by hiring someone who has this ability
9. Access to Free Labor and Advising through Relationships with UF Staff & Students
  • V - Saving money is important, especially in the early stages of a business, so any tactic for saving money is important
  • R - This is uncommon, especially for entrepreneurs, because many people will not advise or help a business without an incentive
  • I - Most entrepreneurs can find a student to work for them for free or for a small cost but it will be easier for me because I already have developed relationships
  • N - This resource can be substituted with access to more financial capital and the ability or willingness to pay more for help and advice
10. Having lived in a liberal/eco-friendly area for all of my life
  • V - This is important because it has given me insight into what my service might mean to people and how they have responded to similar products and services
  • R - This is not common for much of the older population of the United States but is becoming increasingly more common
  • I - This is not easily copied because it takes a lot of time and research to truly understand the root of a community and how they feel about certain subjects
  • N - This resource could be replaced by hiring someone from the area or conducting lots of market research
I think that my most important resource is my access to and previously developed relationships with small business owners. I think that these relationships will allow me to have needed support in my business as I try to navigate the different decisions that I will have to make, and will provide me with a large network for marketing and distribution. I know that I will be able to get honest opinions from many of the business owners that I know and may even be able to convince them to invest in and utilize my service in the future. 


Comments

  1. Hi Alex,
    I was surprised to read that you have experience managing a small business. Even though this experience is easily replicable, I think there are not many people who currently have this experience. I thought that your most valuable resource would be the support of the environmentalist movement. I think this will be a huge factor in the demand for your product, but you do make a good argument for the value of your previously developed relationships.

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  2. Hi Alex! I hadn’t even thought about the advantage that we as students have with access to low interest student loans. That money is the cheapest loan anyone will be offered so why not take advantage of it. I definitely think that you have some great advantages when it comes to the industry that you’re interested in. Really great work!

    ReplyDelete
  3. Hi Alex,

    I'm glad you mentioned you have access to student loans. I think Professor Pryor mentioned that in one of his lectures, and I actually thought of that when I was writing my blog post! The access to free labor is extremely important especially in the beginning stages of a business. You made a great point. I agree that relationships are one of the most important parts of creating a business. I think social capital is extremely important. Support when creating a business is detrimental.

    ReplyDelete
  4. Alex,
    I appreciate the amount of thought you have put into recognizing 10 things that set you apart from others that would indeed be difficult to copy for success. My favorite items you have listed are having access to student loans as well as resources UF has to offer. It is important you take advantage of everything you can and it seems like you are well aware of this. Good luck!

    ReplyDelete
  5. Hey Alex

    I really love what you was saying I also like when you saidSupported by the Environmentalist Movement across the US
    V - This movement is exponentially growing and many people are trying to find eco-friendly products and services to purchase and invest in
    R - Many other products and services are also trying to ride this eco-friendly wave
    I - It would be difficult for my competitors to utilize this because they rely on single-use plastics which are not supported by this movement.
    N - There are always movements and fads that products and services will try to exploit, but I think that recognition of the importance of the environment will only continue to grow.

    This was a great way to put thing.

    ReplyDelete
  6. Alex,
    Good job with this assignment! I really like how you organized all of your advantages! One advantage that we all have here as UF students that I did not recognize is the resources of the University staff and Students. This is such an advantage to all of us and good for you for recognizing it. I am curious if there has been anyone in this class that has taken advantage of this and brought their business to life.

    ReplyDelete

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