1. Social Capital- I have a lot of connections in my area with professionals in the pet-care industry from trainers and groomers to veterinary assistants.
V- This is extremely valuable as these connections could will help my establish and improve upon my business as well as lead to possible partnerships.
R- The industry's workforce is so large that I don't think it's rare at all to have connections.
I- Once again, even if one did not already have these connections, it would not be difficult to seek out people in the industry and make connections.
N- To a certain extent- this is non-substitutable. While some of the knowledge shared by these connections could be found in other avenues, a diverse network of connections established within an industry is irreplaceable.
2.Passion- I have had an indescribable love for animals and dogs, specifically, my entire life. I have dedicated more free time that I'd like to admit reading about dogs, talking to people about their dogs and experiences, and spending time with dogs.
V- Passion is beyond valuable in this scenario. Without passion, one may not have motivation to dedicate the time and effort it will take to start a successful business.
R- I believe passion is rare, to a certain extent. While many people are passionate about things in their life, I find it rare to interact with someone who is clearly able to identify their greatest passions.
I- You cannot imitate passion. However, passion could develop over time, but if you don't have it to begin with, you may not make it to that point.
N- One could reason that you could substitute passion with hard-work, however, hard-work is often motivated by passion.
3. Human Capital - The team I will be working with has ample experience and knowledge.
V- Their education and skill provides economic value.
R- Training and education is not rare in a professional field. It is often required.
I- Formal training and education cannot be imitated.
N- Formal education could, in theory, be substituted by a trade school or on-the-job training.
4. Location
V- My location is within 2 miles of the Orlando International Airport as well as densely populated neighborhoods and business centers. This will attract multiple forms of short-term and long-term demand for dog care.
R- I do think this realm of Orlando offers a unique mix of demographic that cannot be found in many other cities.
I- This particular location cannot be imitated, without great effort and investments to add similar traits to an existing area.
N- A great location cannot be substituted. Without a great location, you will not attract the same level of business.
5. Pre-existing customers
V- I already dog-sit for people that live within my range of target demographic and close to my location. It would be a quick transition to open my business with a handful of existing customers and also the additional business I would receive from their recommendations.
R- I think it is rare to start a new business and already have a base-group of clients.
I- You cannot fake having clients.
N- You cannot substitute existing clients.
6. Friends with experience starting a business
V- Some of my best friends have started business and are extremely experienced with seeking and pitching for investors. Their guidance and advise is extremely valuable.
R- I don't know many people in their early 20's who have as many (or any) friends with the level of investing and entrepreneurial experience that some of my best friends have.
I- You cannot imitate someone's first-hand experience.
N- It would take time, but you could seek out and make similar connections.
7. My leadership experience
V- I have almost 5 years of leadership experience within my current career. I have been in a team leader, supervisor, and management position over recent years and the skills and knowledge gained along the way is valuable.
R- Leadership experience is not rare. My level of leadership experience at my age is rare and certainly gives me an advantage over my peers.
I- You cannot imitate experience without actually gaining it.
N- There is no substitution for true experience.
8. My people-skills
V- I have very high "emotional intelligence" which is extremely valuable when offering a service and working with people.
R- I think the true ability to recognize, understand, and react properly to people's emotions based on cues and body language is extremely rare. Most people I know are pretty oblivious to these things.
I- You cannot imitate emotional intelligence.
N- While other things can help to make up for lack of people-skills, you cannot substitute that skill.
9. Critical-thinking skills
V- In my personal and professional life, I find that I think about things differently than my peers and can reach a creative solution for issues.
R- "Thinking outside the box" is relatively rare. The premise of this skill is that it's unique.
I- This trait cannot be replicated.
N- You could only substitute this by bringing someone on your team who possesses the trait.
10- Seeing the "Big Picture"
V- I am often complimented at work for being able to see the big picture--Understanding that things may be difficult in the short-run for long-term benefit.I can also be objective with my own work and acknowledge when what I've done could use improvement.
R- While many successful people must see the "Big Picture", I think it is rare to be able to be objective about yourself and your own work.
I- This skill cannot be imitated.
N- This skill cannot be substituted.
After reflecting, it was pretty clear to my that my passion is my most unfair advantage. This trait is such a pillar in a venture and it one of the most inimitable and non-substitutable resources.
