This week, I am putting together a list of all of my "resources." Then I will pick the one I currently deem to be the most valuable.
1. No debt. I don't currently have oodles of cash to throw at this product, but I currently am not in debt. That is a huge asset while starting up a product or company as many people have student, credit card, or mortgage debt.
2. Leadership. When I asked the people closest to me what my biggest human capital was, they said that I was a good leader. I feel like this is a rare trait. Many companies fail for lack of good planning and leadership. I am by no means completely ready to run a business, but I feel like I could do a good job managing people.
3. Making people comfortable. Another strength listed by my friends and family was the ability to make people feel comfortable. That can be very big if I am in a position of leadership.
4. Supportive friends and family. My family and closest friends are very supportive and encouraging. If I was to start up an entrepreneurial endeavor, they would jump all over any opportunity to help. This is not incredibly common, and I do not take my strong family relationships for granted.
5. A strong product idea. Of the people I have interviewed, almost everyone was strongly in favor of my product idea. That is something that can be very hard to replicate, and it can make a product very successful.
6. Technology knowledge. While I wouldn't say that I am "technologically brilliant" like some of my friends, I have a very good understanding of how to use technology and social media. I am sure this will come in very handy for my down the road.
7. Friends with entrepreneurial experience. Throughout this semester, I have mentioned people I know who are entrepreneurs. The one that sticks out to me the most is Maple Street Biscuit Company. Knowing people who have that first-hand knowledge and experience is very valuable! An not everyone has the luxury of being able to ask their friends about those kind of experiences.
8. Tenaciousness. Another one of my strengths (according to my friends and family) was my competitive spirit and ability to get things done. Not everyone has a fiercely competitive spirit, and I can certainly use that to my advantage.
9. Humor. This is a tool I can use the break the ice. It ties in with my ability to make people feel more comfortable. This can have immense value in an entrepreneurial environment.
10. Huge market. There are so many people that use chargers. Cell phone chargers, computer chargers, chargers for their car, etc... The growth potential for this product is massive. This is a huge opportunity for a product like this, and I hope to be able to use that to my advantage.
All of these are very important, however, I would say that the large market is my top resource. I could have the other 9 resources, but if there isn't a market for my product, I can't succeed.
Hey Ryan, I really enjoy reading your venture’s unfair advantage and it is quite interesting. We have some similarities such as I listed technology and social media as one of my valuable resources. I also believe you’re right when you say that your large market is your most valued resource because without it nothing else will be possible. Check out my post whenever you get a chance:
ReplyDeletehttp://jamalbrown4.blogspot.com/2016/03/my-unfair-advantage.html
Hello Ryan, This was a great post. It covered the assignment perfectly. I like your idea with the chargers because you are correct, everybody has one. A large market is your most valued resource, but it can also be the most challenging!
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