- Resource: Hard Work
Valuable: Yes, because a hard working mindset results in constant success and tremendous results.
Rare: No, because every single business generally has its fair share of hard working employees.
Inimitable: Yes, people can copy a hard working mindset by simply applying time and effort and watching how others behave in a working environment.
Non-substitutable: Hard work would not be considered as substitutable at all.
- Resource: Observation Skills
Valuable: Yes, because I have the ability to identify or spot minor details which some individuals might not notice and glance over.
Rare: to a certain extent because not everyone has the innate ability to pinpoint the little differences or details.
Inimitable: Yes, people must simply try hard enough to become more aware of their surroundings.
Non-substitutable: Observation skills would not be considered substitutable.
- Resource: Communication Skills
Valuable: Yes, because being able to communicate with others will create a working environment in which objectives are achieved in a timely fashion and confusion is avoided entirely.
Rare: No, there are an abundance of businesses with employees who can seamlessly communicate with one another in order to accomplish their tasks efficiently and effectively.
Inimitable: Yes, people can easily develop better communication skills by speaking to others and voicing their opinions with their fellow peers.
Non-substitutable: Communication skills would not be considered substitutable.
- Resource: Bilingual
Valuable: Yes, because speaking several different languages will enable the employees to attract foreign customers, which will essentially increase the company's overall customer base tremendously.
Rare: Yes, to a certain extent because not too many companies have employees who can speak more than one language.
Inimitable: Yes, people can attempt to learn different languages to become bilingual.
Non-substitutable: Bilingual would not be considered substitutable.
- Resource: Honest Nature
Valuable: Yes, because being honest and telling the truth will result in employees having complete trust, faith and confidence in one another. This will improve the cohesiveness among the workers within the company itself.
Rare: No, there are a myriad of companies with employees who possess an incredibly honest and upfront demeanor/mentality.
Inimitable: Yes, people have the ability to simply voice the truth as opposed to opt to lie in life.
Non-substitutable: Honest nature would not be considered substitutable.
- Resource: Business Experience
Valuable: Yes, because if people are experienced in the business field, then they will have an easier time to make necessary adjustments.
Rare: No, there are a plethora of employees who possess plenty of experience in the business world.
Inimitable: Yes, through acquiring a degree in business as well as completing various internships.
Non-substitutable: Business experience would not be considered substitutable.
- Resource: Creative Mindset
Valuable: Yes, because new ideas/concepts will be generated, and more solutions will be produced in order to rectify any potential issues faced by the businesses.
Rare: Yes, to a certain extent because not everyone has a creative mind and can apply it to helping a company grow.
Inimitable: Yes, people can attempt to expand their minds and think outside the box in certain types of scenarios.
Non-substitutable: Creative mindset would not be considered substitutable.
- Resource: Organization Skills
Valuable: Yes, because being organized will allow employees to accomplish more and remain on task throughout the course of their work days.
Rare: No, there are other people in the business world who keep themselves organized and on track.
Inimitable: Yes, people can easily improve themselves from an organizational standpoint by creating calendars and keeping track of all dates and tasks needed to be done.
Non-substitutable: Organization skills would not be considered substitutable.
- Resource: Proactive Nature
Valuable: Yes, because being proactive will result in tasks and other things being accomplished on time and well before their due dates.
Rare: No, since many companies contain employees who are proactive in their respective workplaces.
Inimitable: Yes, people can choose to complete their tasks and assignments prior to their due dates.
Non-substitutable: Proactive nature would not be considered substitutable.
- Resource: Respectful Nature
Valuable: Yes, because employees must have respect for one another in order to achieve common goals and create a peaceful and successful working environment.
Rare: No, there are a plethora of businesses in which many of their employees treat each other with the utmost respect.
Inimitable: Yes, people should adopt a positive mindset and carry themselves with uttermost professionalism.
Non-substitutable: Respectful nature would not be considered substitutable.
Reflection: my top resource is hard work. This resource is more important to my venture than all of the other resources because hard work often leads to positive results and eventual success. If everyone applies a hard working mentality, then a lot will be accomplished and the business will sustain long lasting success.
Hi Samuel,
ReplyDeleteI truly enjoy reading your post, and I love the way of how you organized your post. You list each point with explanation clearly, so it is pretty easy for me to get your idea. I agree with you that hard work is pretty important for success in business. We would not be successful if we only think about our idea in mind but never start doing it. Keep going.
Hey Samuel, I loved reading your discussion blog post in regard to your venture's unfair advantage. You organized everything very well. You did great job listing each point and explaining it very clearly. It was very easy to understand your point. Hard work in very important in a business. Overall, you did a great job on the assignment. Excellent work!
ReplyDelete