Assignment 23A - Your Venture's Unfair Advantage
Resource 1 - Extensive knowledge of the youth and young adult market. This knowledge helps my company target young adults. In order to attain this skill, other CEOs would have to be a college student like me. Therefore, this is very hard to copy.
Resource 2 - I have experience doing accounting work - This would help me in the early stages of my startup as having an organized business plan and finances is very important. Other CEOs would likely not have accounting experience and thus it is more difficult for them to keep their companies organized.
Resource 3 - Due to the relatively cheap labor and production costs to make foam panels, our startup costs are rather minimal. This would give us a way to launch into the market faster than competitors. We can also dedicate these funds to other things.
Resource 4 - I have extensive computer knowledge - this could help us negate startup costs related to technology as I could handle that aspect. This money can then be used to better other areas of the business. Other companies would be forced to hire IT professionals, this would deplete their startup budget.
Resource 5 - As an entrepreneur, I have learned how to target opportunities - Other people in the world will not be able to target and exploit opportunities when they arise during the startup prices. My experience with entrepreneurship will allow me to rise above the competition.
Resource 6 - My determination and attitude of perseverance - These skills will help me to succeed in a difficult world. These attributes are not something that can be taught. Rather they are qualities humans are born with. Therefore, It is difficult for other companies to match these qualities.
Resource 7 - Connections to people in the industry - I have some people in my family and other friends who are in industries similar to this. There is no way for other companies to replicate this level of connections. This can help me gain an advantage over my competititors
Resource 8 - I have some experience in event planning - I worked as a producer and planner for events at my high school. This can be very useful in marketing for the early stages of my company. Other companies would have to pay for this expertise.
Resource 9 - The price of the product - the cheap price of this product means it can be marketed with relative ease. People will be more interested in an item that costs less. Therefore, a larger amount of people will be interested in this product. This would give us a market edge.
Resource 10 - I have completed social media marketing courses - these courses help me with managing my new company's social media. This helps us to connect with our customers. Other companies will have to pay others to acquire those skills.
I think my company's overall ability to keep startup costs low because of our in-house marketing expertise, and our cheap production costs. This helps us get to market faster and thus beat our competition. This is the most important thing for my venture.
Resource 2 - I have experience doing accounting work - This would help me in the early stages of my startup as having an organized business plan and finances is very important. Other CEOs would likely not have accounting experience and thus it is more difficult for them to keep their companies organized.
Resource 3 - Due to the relatively cheap labor and production costs to make foam panels, our startup costs are rather minimal. This would give us a way to launch into the market faster than competitors. We can also dedicate these funds to other things.
Resource 4 - I have extensive computer knowledge - this could help us negate startup costs related to technology as I could handle that aspect. This money can then be used to better other areas of the business. Other companies would be forced to hire IT professionals, this would deplete their startup budget.
Resource 5 - As an entrepreneur, I have learned how to target opportunities - Other people in the world will not be able to target and exploit opportunities when they arise during the startup prices. My experience with entrepreneurship will allow me to rise above the competition.
Resource 6 - My determination and attitude of perseverance - These skills will help me to succeed in a difficult world. These attributes are not something that can be taught. Rather they are qualities humans are born with. Therefore, It is difficult for other companies to match these qualities.
Resource 7 - Connections to people in the industry - I have some people in my family and other friends who are in industries similar to this. There is no way for other companies to replicate this level of connections. This can help me gain an advantage over my competititors
Resource 8 - I have some experience in event planning - I worked as a producer and planner for events at my high school. This can be very useful in marketing for the early stages of my company. Other companies would have to pay for this expertise.
Resource 9 - The price of the product - the cheap price of this product means it can be marketed with relative ease. People will be more interested in an item that costs less. Therefore, a larger amount of people will be interested in this product. This would give us a market edge.
Resource 10 - I have completed social media marketing courses - these courses help me with managing my new company's social media. This helps us to connect with our customers. Other companies will have to pay others to acquire those skills.
I think my company's overall ability to keep startup costs low because of our in-house marketing expertise, and our cheap production costs. This helps us get to market faster and thus beat our competition. This is the most important thing for my venture.
Hello Tucker. If there is one thing I know it’s that having connections open doors that you don’t even know you have. You have a lot of connections for your venture and I think that is a great resource to have. Considering that money is a a factor to consider when starting a business, I do agree that your low startup cost are definitely part of your top resources.
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