Assignment 23: Your Venture's Unfair Advantage
1. To my knowledge, I am not aware of a service like mine at ski resorts
This is valuable because there is not a business like mine. There are pet care facilities, but not at ski resorts. This type of business is not rare, but the fact that it is targeting a new market is unique. Once this opens, I would expect people to imitate the service as it would be very profitable at other large ski resorts. I plan on having a staff to help because I would not be able to run the business on my own.
2. I am comfortable with public speaking
This is valuable because I am going to have to speak to other business professionals and people on the mountain. This is not rare, and many other people are good at public speaking.
3. I am incredibly familiar with the place in which my business is opening
This is valuable because it is familiar territory and I know precisely which market I am targeting. This allows me to better plan my strategies. This is not rare, but it is also not always common. Opening a business in an unfamiliar area is still a risk, but knowing the area makes it much more comfortable.
4. I know many entrepreneurs that would be willing to answer my questions
This is valuable because since it is my first business, I will most likely have a lot of questions. This is not rare to know entrepreneurs, but it is about who you know. I have a few entrepreneurs in my family, and I know a few people from my hometown who have successful businesses.
5. I would be able to find the financial help to open my business
This is valuable because I am going to need money to start my business. In this case, I am lucky because not every entrepreneur has the money for the start up.
6. I have experience with caring for animals.
This is valuable because this is the service that I am offering at my business. I have gone house to house in high school caring for my friends/neighbors pets. This is not rare, many people have experience with animals, but it is essential in this case.
7. Publicity
Stratton Mountain has a small village exclusive to some stores and restaurants. It will be easy to get the word out since it is so tiny. This is not rare, but also not that common. To get to the main base lodge and the ski lifts, you have to walk through the village so everyone will see it.
8. Work well with others
This is valuable because, in order to succeed, you need to be able to work well with others. Additionally, it is important to take constructive criticism and learn from it. This is not rare, but it is an important quality to have.
9. Social media expert
This is important because I am going to need to start social media pages for my business. I have had two internships dealing with social media, and I have another one this summer. This is not rare because our generation is good with social media, but I am familiar with Google Analytics and graphic design.
10. Good work ethic and willing to learn new things
This is valuable because, without these traits, you cannot be in business or be an entrepreneur. This is not a rare skill, but everyone claims to have it. You have to be passionate about what you are doing for it to succeed.
I think that my most important resource is that I would be financially able to start the business. Without money, there can be no business to begin with. I am sure I am not the only person who has the money to be able to start, but in this case it is essential.
This is valuable because there is not a business like mine. There are pet care facilities, but not at ski resorts. This type of business is not rare, but the fact that it is targeting a new market is unique. Once this opens, I would expect people to imitate the service as it would be very profitable at other large ski resorts. I plan on having a staff to help because I would not be able to run the business on my own.
2. I am comfortable with public speaking
This is valuable because I am going to have to speak to other business professionals and people on the mountain. This is not rare, and many other people are good at public speaking.
3. I am incredibly familiar with the place in which my business is opening
This is valuable because it is familiar territory and I know precisely which market I am targeting. This allows me to better plan my strategies. This is not rare, but it is also not always common. Opening a business in an unfamiliar area is still a risk, but knowing the area makes it much more comfortable.
4. I know many entrepreneurs that would be willing to answer my questions
This is valuable because since it is my first business, I will most likely have a lot of questions. This is not rare to know entrepreneurs, but it is about who you know. I have a few entrepreneurs in my family, and I know a few people from my hometown who have successful businesses.
5. I would be able to find the financial help to open my business
This is valuable because I am going to need money to start my business. In this case, I am lucky because not every entrepreneur has the money for the start up.
6. I have experience with caring for animals.
This is valuable because this is the service that I am offering at my business. I have gone house to house in high school caring for my friends/neighbors pets. This is not rare, many people have experience with animals, but it is essential in this case.
7. Publicity
Stratton Mountain has a small village exclusive to some stores and restaurants. It will be easy to get the word out since it is so tiny. This is not rare, but also not that common. To get to the main base lodge and the ski lifts, you have to walk through the village so everyone will see it.
8. Work well with others
This is valuable because, in order to succeed, you need to be able to work well with others. Additionally, it is important to take constructive criticism and learn from it. This is not rare, but it is an important quality to have.
9. Social media expert
This is important because I am going to need to start social media pages for my business. I have had two internships dealing with social media, and I have another one this summer. This is not rare because our generation is good with social media, but I am familiar with Google Analytics and graphic design.
10. Good work ethic and willing to learn new things
This is valuable because, without these traits, you cannot be in business or be an entrepreneur. This is not a rare skill, but everyone claims to have it. You have to be passionate about what you are doing for it to succeed.
I think that my most important resource is that I would be financially able to start the business. Without money, there can be no business to begin with. I am sure I am not the only person who has the money to be able to start, but in this case it is essential.
Hi Mads, I think your list of unfair advantages is well put together. One interesting thing that you decided to focus on was how your personal skill sets and knowledge base has contributed to your venture concepts unfair advantage. I think this is wise because as an entrepreneur, the success of your business probably depends more on your own skill set than that inherently found in your business.
ReplyDeleteHey Madison,
ReplyDeleteThe list you have complied of your advantages seems to be well thought out and put together elegantly. I think you are spot on with the key factor in determining your most important resources as financial stability. In order for a business to start you need a financial background that would suffice for all the needs of your company to start up and grow. Overall I think you did a great job.
Hey Madison, I really like how you talked a lot about your skills and your capacities in regards to how your company is valuable. Public speaking is definitely a huge advantage and that will make others want to invest in your business. Also, having connections like you have to entrepreneurs is good for advice and tricks to help your company succeed. I also think that in today's world a good social media presence is a must for any company so you having experience with it is great!
ReplyDeleteHey Madison! Great post! I like how you were able to look inwardly and realize your value to you company. Most people gloss over the fact that their company wouldn't exist without them. Especially when you add public speaking into the mix, your input is priceless. Keep up the great work!
ReplyDeleteWow nice job with your list! Everything is super well organized and super detailed. Also your background in particular intrigued me. You are a social media expert and in a business like you have created social media would be such a powerful tool to garner support and clientele. I hope you continue with this idea and hopefully one day I can leave my pet under the care of your business.
ReplyDelete