Your Venture's Unfair Advantage

23A

1.     Communication skills

·      V: I took a public speaking class freshman year to achieve this skill, it will help me with my elevator pitch

·      R: Many people have this skill

·      I: This skill can be learned very easily, but it takes practice

·      N: Other people would be able to provide the same benefits

2.     Way into the industry

·      V: I have an aunt who works in the industry and she can help me make my way to her boss to pitch the idea and get more feedback

·      R: I don’t think this is rare, however not everybody has family connections

·      I: There are other ways to talk to the boss of a company

·      N: No other resources besides communication skills

3.     Social media capabilities

·      V: Very valuable in this day and age

·      R: Not very rare, but the skills I have are not that common

·      I: Anybody can learn these skills

·      N: You don’t need social media experience to survive

4.     Entrepreneurial experience

·      V: Pretty valuable, I know the ins and outs and what to expect

·      R: Not very rare, but the experience I’ve gained will help me 

·      I: Others can educate themselves in the field

·      N: You don’t need previous experience to be an entrepreneur, but it sure helps.

5.     Fundraising experience

·      V: Can be valuable to kickstart your company

·      R: Not rare, many people gain this skill from past experiences in grade school

·      I: This skill can be easily replicated

·      N: you don’t need this skill to survive in your entrepreneurship field.

6.     Persistence

·      V: I would say its valuable, so that I will be persistent

·      R: Motivation/persistence can be rare

·      I: You can’t really learn this trait, you need the drive

·      N: There are no other way you can get these benefits if you give up

7.     Background/schooling

·      V: depending on what you learned and how you apply it, it can be valuable

·      R: not very rare, but also not everybody has the same resources

·      I: You can always teach yourself other skills

·      N: You can also get the same benefits from trial and error

8.     Resources to potentially make a prototype

·      V: I would say this is valuable since I wouldn’t have to pay for the materials

·      R: not everybody has friends or a roommate in the engineering department 

·      I: It can be imitated by buying the materials yourself and educating yourself

·      N:  you can get the same benefits by creating the prototype yourself

9.     Understanding my target audience

·      V: This is valuable because then I’ll know how to advertise and market my idea

·      R: This is not very rare, most ideas have a target market

·      I: This could probably be easily intimidated

·      N: there are no other benefits if you can’t understand your target audience

10.  Support

·      V: This is valuable because the support I have is emotional and monetary

·      R: this is not very rare, but it is important to me that my family and friends would want to invest in me

·      I: This could be imitated by others

·      N: You don’t need support to succeed

I believe my top resource is my persistence to succeed, without the want/ drive to succeed, you could easily give up on your ideas and in return, not be very successful. The amount of drive I have for this idea is what makes this resource valuable.