- People skills/ability to read people
- Valuable: Being able to connect to people is how I can maintain excellent customer service.
- Rare: Many business owners are too logical, and usually not good with talking to people and being social.
- Inimitable: Having good people skills and being able to truly read and understand people is not something you can really learn. If you want to learn this, it's very difficult, more more commonly you're just born with this skill; it's all in the way your mind thinks.
- Non-substitutable: It's almost impossible to create good customer service if you can't read people. How can you give your customers the best experience possible if you don't understand them and know what they want?
- Familial background
- Valuable: Because of my personal connection to certain dietary restrictions, I have passion and determination to create a place where no matter what you can and cannot eat, you can come together to eat and bond together.
- Rare: Not everyone has a personal connection to such issues.
- Inimitable: You either have such a connection and drive to a mission or don't, those that don't have a personal relation to such an issue won't be willing to work as hard at fixing it.
- Non-substitutable: The more passionate you are about a topic, the more willing you are to work towards a solution, the closer the issue is to you personally, the more passionate you feel about it. This sense of connection and passion are traits only I posses.
- Network/connections
- Valuable: Knowing people in the industry will give me an endless supply of tips and possible connections to other people I may need to know. This also shows that there is already a market that exists for my type of business.
- Rare: The people I know may differ from the people that someone who is trying to open a similar shop knows. My unique group of people that I know may give me an upper hand.
- Inimitable: Knowing more people means I have a broad understanding of what already exits, which means I know what not to copy because it won't make my business different.
- Non-substitutable: Knowing a certain person is irreplaceable. There's no telling what a certain person I may know could do for me and my business. They could surprise me and help me in more ways than I even originally thought.
- Passion
- Valuable: A passionate person means a hard-working owner. The more passion someone has, the more they're going to want to and work towards the success of their business.
- Rare: In a growing corporate world, the factors of passion and care are becoming less and less common, but people like these traits and react positively to those businesses that can show they have these characteristics.
- Inimitable: You cannot imitate passion. You either care or you don't. Fake passion is more easy to see through than water.
- Non-substitutable: Passion creates an outcome for success of a business like no other.
- Knowledge
- Valuable: Recipes I may know, the people skills I may have, the imagination I may have or the people I may know, this is all my knowledge of an industry and what will work.
- Rare: Only you hold the specific mixture of things you know. Many people may know the same things as you, but you may know a better way to apply these thoughts all together.
- Inimitable: There's a famous saying that the only thing that no one can take away from you is your education, well this is true and exactly what makes you exact education and background unique from any other.
- Non-substitutable: There's nothing that can be more important than the knowledge you may know to help build the success for your business.
- Creativity
- Valuable: Creativity and knowledge go hand in hand, you can be very smart, but without anything interesting pertaining to your business, it can be dry and unpopular. But with too much creativity and not enough knowledge, customers may be drawn in, but ultimately left disappointed. I believe the key to a successful business and a balance of both of these resources.
- Rare: Creativity is a rarity because even if two people both consider themselves "creative," these actions can play out in different ways. One could say blue walls, the other could say yellow walls, it's all different and unique.
- Inimitable: Something that is truly unique and original cannot be imitated. Even if another were to copy and idea, once an idea is out there, it usually can be recognized when being copied. Especially with things like social media now, word can get around fast.
- Non-substitutable: The popularity of a business can be based on the creativity of its owner(s) alone. The more different a business is, the more likely customers are to be drawn to it.
- Logical
- Valuable: Logical is similar to knowledge, because without this trait, your business may suffer due to lack of awareness.
- Rare: Many people that have a passion and drive for a topic can usually get lost in the heart-ache of it all and start going against their logical thinking. I tend to truly listen to my logical voice over any other.
- Inimitable: Logic isn't a skill to imitate, you either are aware of things or aren't, and listen to this thinking or don't.
- Non-substitutable: Without thinking of the logistics to your business, there's very little possibility for its success. You need to be able to be passionate about an idea without entering into the dream world.
- Organization
- Valuable: The more organized you are, the more prepared you can be and the more space there is for you business to grow.
- Rare: I think that this isn't exactly "rare," but it's not common. I think about 50% of people are organized and the other 50% is disarrayed.
- Inimitable: Organization is imitable, many people follow the same organizational methods.
- Non-substitutable: Though organization is nothing new or rare, it still allows for the growth and success of a business.
- Hard-working
- Valuable: A hard-working person is necessary in the start of a business, especially a business that may be different from others that already exist as they will have to really work to stand out and draw a crowd to the unfamiliar.
- Rare: Many people may be hard-working, but what that means vary and it is important to not just work hard, but to see the results of those actions.
- Inimitable: It's hard to just say you're going to be hard-working. Most people either have what it takes to work hard or don't and those that don't but want to usually find it is very hard to change that about themselves.
- Non-substitutable: This is so important for a new business because you have no following yet so you have to work for that following. But once you have this, the job doesn't all of a sudden become a lot easier, you must still work hard to keep the following and grow.
- Save money
- Valuable: Saving money can be very beneficial for a business because of any money I've already saved to open this business as well as once my business is open saving money at all possible ends can leave space for my company to grow.
- Rare: I think that many people, especially in today's society, don't know how to save money and struggle with the self-restraint to do so.
- Inimitable: Many people will try to imitate this, but the ways in which every person decides to save money are different.
- Non-substitutable: This is essential for a new business to be able to know where to cut ends or tricks you already know on how to save money.
I think my people skills is my top resource, which can be seen in my secret sauce interviews as many of my friends and family highlight this trait as what makes me unique. In today's society, people value customer service and a person's social skills above almost all else. My ability to read people can only help my business gain a following and the support it needs.
Hi Maxine, I think these are all great examples of what makes your venture special. Characteristic traits such as hard-working, organized, logical, creative, and passion all contribute to your social capital. In addition you referenced your human capital with your acquired skills and your companies capabilities. Great post, in my post I talked about how similar traits and systems contribute to my unfair advantage. Here's the link to my post if you'd like to check it out:
ReplyDeletehttp://gregneatrours.blogspot.com/2016/03/my-unfair-advantage.html
Hello Maxine,
ReplyDeleteThis was a great post! As you said, your people skills are your top resource as backed up by your VRIN analysis and can also be connected by others such as "passion" and "familial background." Even though I was unable to do this assignment, something I always put emphasis on was a strong value for customer service like you did, which goes a long way in any venture. Overall, great job!
Hey Maxine. It seems like you have a lot of valuable skills. People skills is definitely a top resource. Many people do not have good people skills, so it is very rare. It is also not very imitable. When you have good people skills, people are more willing to do business with you.
ReplyDeleteCheck out my post: http://tylermurton.blogspot.com/2016/03/my-unfair-advantage.html