23A - Your Venture's Unfair Advantage

1.     I am a student at the University of Florida and I have similar struggles that other students have

·      Valuable- it’s valuable because I can relate to other students in the struggles with classes

·      Rare- I think it’s pretty rare to have a tutoring service created by a current student at that particular university

·      Inimitable- I suppose other students could create their own tutoring service so it could be imitated

·      Non-substitutable- I don’t think this could be substituted because this is what makes my tutoring service unique

2.     My mother is also an entrepreneur

·      Valuable- this is extremely valuable because I could have someone help guide me

·      Rare- this is relatively rare I suppose—I don’t know many people with entrepreneur parents

·      Inimitable- nobody would help me the way my mother would so this cannot be imitated

·      Non-substitutable- I don’t think another mentor would help me in the same way as my mother so this cannot be substituted

3.     My connections at UF—the clubs and organizations that I’m involved in could get involved or help spread the word

·      Valuable- any type of publicity would be valuable

·      Rare- this isn’t rare because people always ask their friends for help

·      Inimitable- other people could do this too, they just have to ask their friends for help and use their connections to their advantage

·      Non-substitutable- the connections that I’ve made with people cannot be substituted

4.     The proximity to other successful tutoring services

·      Valuable- this is valuable because I could potentially ask people with successful business models for tips

·      Rare- I don’t think this is rare because there is always competition around

·      Inimitable- this could be copied

·      Non-substitutable- this could be substituted with different mentorship  

5.     The leadership positions I currently hold

·      Valuable- being in charge of several organizations has taught me valuable skills that I can apply to being in charge of a business

·      Rare- this isn’t rare because there are plenty of people at UF that hold leadership positions in their clubs

·      Inimitable- this can be imitated because other people can hold leadership positions

·      Non-substitutable- I don’t think that the experience of being a leader can be substituted

6.     I have experience tutoring students

·      Valuable- this will be valuable because I know what works and what doesn’t

·      Rare- I don’t think this is that rare because there are people that tutor for volunteering or just to make extra money on the side

·      Inimitable- this can be copied because there is always a need for tutoring

·      Non-substitutable- this type of experience cannot be substituted

7.     My willingness to ask for help when I need it

·      Valuable- this is valuable because it is important to ask for advice when you’re in a rut

·      Rare- I don’t think this is rare—there are definitely people that ask for help when they need to

·      Inimitable- this is a skill that can be imitated by other people

·      Non-substitutable- you can’t substitute something like this

8.     My ability to adapt if things don’t work

·      Valuable- this is valuable because it is important to accept your mistakes and make adjustments

·      Rare- this is relatively rare because sometimes people are afraid to change things

·      Inimitable- this can be copied if people accept what they are doing wrong and are willing to change their approach

·      Non-substitutable- you cannot substitute a skill like this

9.     I see a genuine need for this product

·      Valuable- this is important because if there is no need, then why would you waste time creating the business?

·      Rare- I don’t think this is rare because usually people create things that they see people have a need for

·      Inimitable- this is copied because people create businesses when there is a need for them

·      Non-substitutable- you can’t substitute this, because if there’s no need the product will not succeed

10.  My passion

·      Valuable- this is valuable because if you don’t believe in your business it will never succeed

·      Rare- this isn’t rare because a lot of people are passionate about what they do

·      Inimitable- you cannot imitate passion you just have to have it

·      Non-substitutable- you cannot substitute passion for anything else, you just have to have it

I think my first resource is most important because if I want to open a tutoring service at UF, I will know what the classes are like and that helps me determine different approaches and ways to help students in their classes. My experience with the professors and the classes gives me a big heads up other the other competition.