Assignment #23

Assignment 23 

1.    Financial capital: I have a savings account that I would use to start my business. I also would reach out to potential investors in the beginning to help my business grow. 

a.    Valuable: Money is always valuable to a business, it will help get the ball rolling in my business idea. 

b.    Rare: Possibly could be rare if I don’t have enough investors, or my money in my saving account doesn’t help much. 

c.    Inimitable: Other companies have to have money to start their business too, so financial capital is very inimitable. 

d.    Non-substitutable: There are not many ways to substitute money, especially when starting a business. There are other ways to get money, but money is the main factor needed for financial capital so it is not very substitutable. 

2.    Work experience: I have worked in an ice cream restaurant, Chick-fil-A, and a marina that all contributes to my work experience in the food industry.  

a.    Valuable: My experience is valuable because I am the only one that has my experiences. It will help me have an advantage because I have some insight on how the food industry runs.

b.    Rare: Not very rare because many people also have work experience in the food industry. 

c.    Inimitable: My personal experience is not very inimitable because it is unique to me, however, others may also have experiences of their own that I do not have. 

d.    Non-substitutable: I cannot change my experiences so they cannot be substituted from what has happened in the past because that is done. 

3.    Social Capital: I have made a lot of connections in the business school that will help me connect with valuable individuals to create an advantage for my business. 

a.    Valuable: These individuals that I know are all valuable to me and my company because they all bring something to the table. 

b.    Rare: Very rare to have such talented people among me, however, it does happen in the most successful companies. 

c.    Inimitable: Every person’s value is unique so it is not very inimitable. Other companies can try to gain similar experiences to the people around me, however it will never be exactly the same. 

d.    Non-substitutable: You cannot substitute human capital for many things. Social capital is one of the most important aspects when starting and running a business. 

4.    Variety of options to customers: My restaurant will have a wide variety of options to offer my customers. Allowing them to eat food from different cultures is what will make my company unique. 

a.    Valuable: This is probably the most valuable part of my business because it is so unique. Offering a place that everyone can eat at will be beneficial to my company. 

b.    Rare: I haven’t seen restaurants that offer a variety of cultures’ foods in one location. 

c.    Inimitable: It is possible that this is inimitable because anyone can copy another person’s business once it is running. However, there may be large barriers to entry such as startup costs. 

d.    Non-substitutable: This business probably has a relatively high ability to be substitutable, as does any restaurant, but being so unique will make it less substitutable. 

5.    Education: Studying Finance and Economics and getting a degree at a top 10 public university is probably my biggest personal asset. 

a.    Valuable: I would say education is one of the most beneficial things you can do for yourself to help be useful in the workforce. 

b.    Rare: Not very rare because many people have degrees from great universities, but there are also many people who do not. I think this is just rare enough. 

c.    Inimitable: Other people can definitely copy me by also getting an education. 

d.    Non-substitutable: What I learned here at UF is definitely unique to me and hard to find elsewhere. 

6.    My mom:  I wouldn’t be where I am today without the help of my mom. She is definitely the most supportive person in my life. 

a.    Valuable: Very valuable to me, however, there are a lot of supportive parents out there who go out of their way to make sure their children succeed. 

b.    Rare: Also, very rare because she is so unique, but again there are similar parents out there to my mom. 

c.    Inimitable: I would not say the is very inimitable. Nobody can take the value and experiences away that I gained from my mom. 

d.    Non-substitutable: No one else and nothing else could be able to substitute her. My mom definitely is very unique and has helped me the most. 

7.    Personality traits: I think I have a lot of strengths when it comes to my personality. I think I am fun, energetic, and eager to learn. 

a.    Valuable: My personality is very valuable to me. It is what makes me who I am. I would say my personality is priceless, but so is everybody else’s. 

b.    Rare: Also, very rare because my personality is so unique. Nobody has the same exact personality as anyone else. 

c.    Inimitable: My personality would be hard to copy, as would anyone else’s. 

d.    Non-substitutable: I would also say my personality is non-substitutable because it is unique to me and nothing else would provide the same value to me that my personality does. 

8.    Large Demographic: My business will be open to individuals of all ages and all backgrounds. 

a.    Valuable: A large demographic is valuable because it provides a wide audience that my product can appeal to.

b.    Rare: This is relatively rare because there are many companies that have large demographics, but I think my company takes it one step further. 

c.    Inimitable: This is probably easy to copy, depending on how you market your product. 

d.    Non-substitutable: There are other substitutions such as appealing to a specific group of people. I personally would rather have a large demographic than appeal to a specific group of people. 

9.    Capabilities: I think I have many capabilities that are unique to me. My work ethic is probably what makes me able to do a lot of the tasks that need to be done in order to have a successful startup. 

a.    Valuable: My capabilities are very valuable to me. Without my capabilities, I wouldn’t be capable of doing many things. 

b.    Rare: This is not really rare because everyone has strong capabilities. 

c.    Inimitable: This is also inimitable because others can learn the skills that I have learned throughout my life. 

d.    Non-substitutable: This is also kind of substitutable because if I didn’t have my capabilities I would just learn different capabilities. 

10.  Social media experience: I have grown up using social media. I believe social media is the main part of marketing in today’s world. 

a.    Valuable: Social media is very valuable to influence society and get your company’s name out there. Being able to make a good impact on society through social media is probably one of the most important aspects of advertising. 

b.    Rare: Social media is very popular and many people have a lot of experience using it, so this isn’t a very rare advantage to have. 

c.    Inimitable: Success on social media is relatively hard to get, it depends on how you market your idea and if the audience will like what you’re putting out there. If you can’t get positive social media attention it might be hard to copy. 

d.    Non-substitutable: There are definitely other ways to market and advertise, but social media is probably the most important one making it not very substitutable. 

I intend to create an inclusive and diverse culture. With that being said, I would say my variety to consumers is my most valuable resource. My uniqueness provides a benefit to consumers because they are able to choose from various options in one location when they are enjoying fast food. Bing very inviting will allow my company to succeed and unique because everyone can find something they enjoy eating here.