- Knowledge of Industry - This is very valuable as it is essential to breaking into any industry no matter what the industry is. It is imitable as this is a well-established industry. Other resources cannot provide same benefits.
- Personal Connection - This is very valuable because I care about my product and I have a personal will to see it succeeded. This is rare because a lot of entrepreneurs only create products for the economic benefit.
- High Speed Technology - This is easy to copy but an important value in order to make the product as top notch as possible. This will attract more buyers. It is non-suitable.
- Highly Sensitive Technology - Same as being high speed. It is valuable for the product to work exactly how it is meant to as quickly as it can to be the best it can be. This is sometimes rare because a lot of products slow down or break over time.
- Marketability with Different Groups - This is very valuable and sometimes rare depending on the product. A lot of diverse groups can benefit from this product and that will lead to wider sales.
- Efficiency - This product is eco-friendly which is a very valuable asset to many people in this day and age. It is not rare in general but in this industry it is more rare than not.
- Interpersonal Skills - This is valuable but definitely not imitable. Any entrepreneur needs this but it is just as important to have nonetheless. Other factors can add to this benefit.
- Novel Idea - This is important because there is not currently wide competition for the product. It is non-suitable and it can be imitated but it is not at the moment.
- Firsthand Experience - This idea was conceived from my own experiences and this is very valuable. It is inimitable because no one else has had my same exact experiences. It is not rare in general but can be unique to this product. Nothing gives the same benefit to an entrepreneur because I can really relate to the customer.
- Understanding of Customer Base - This is extremely important for the actual sales of the product. I think this is imitable but over time I have understood the customer base even more widely and gotten great feedback that will allow me to know my target audience well.
My top resource is my own firsthand experience with the problem that my product solves. This has led me to be really in touch with exact how the product should function. I am able to clearly see the obstacles to creating a suitable product that would provide the best solution. I understand all of the benefits of my product.
Hi Molly,
ReplyDeleteI think you did a good job of coming up with unfair advantages. I noticed that quite a few of your resources are similar to mine. I would suggest that when you research your competition your resources are superior even if they are similar with your competition. Cornering the market on similar and unique resources will give your company an unfair advantage. Great post.
Hey Molly! I think that another of your strongest traits is the ability to market you idea out to many groups. Of course it is easier to sell to a smaller demographic, but it is even better if your product can be sold to many. Seeing as your product can do this, it makes it all the easier to succeed. However, the larger the demographic, the more customization you have to allow to your consumers as a draw back.
ReplyDeleteHey Molly! I think that your advantages are great and that they truly propel you forward with your business idea. I agree that your strongest suit is that you have first hand experience with your problem and the product that is trying to solve the problem. When you have personally experienced something, you become so much more passionate about it and want to succeed more than ever. Great post!
ReplyDeleteHi Molly. You did a great job of laying out your unfair advantages. Each advantage continues to build the strength of your idea, and how you can execute it if you choose to. Your strongest advantage is your ability to connect with the customer because of your first hand experience. Customers want to trust a product, and being that you have been there and you understand the need really helps you to move forward.
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