23A – Your Venture’s Unfair Advantage

Human Capital

V: Very valuable to create and make the product or service that the bussiness is providing

R: I do not think is rare. People with different skills are found every day we just need to find the individuals that possess the skills that are needed in the bussiness.

I: I don't think is something that can be initiate because it might, but with some work, human capital can be built in a short time.

N:   In my perspective, without human capital, a business can not be successful without the necessary skills and different points of view are hard to improve a business. 

Social Capital

V: Valuable to make business growth and to get any advice that can help to improve the product or service.

R: It is not rare but it may take some time to build a social network

I:  this depends on how much people are willing to connect with others to create a networking, but if there is the interest a strong network can build.

N: I don't think that is mandatory to have a social network, but the truth is this can help to grow and expand the business. Moreover, a strong network can bring opportunities in the future.

Financial Capital

V:  I think is valuable at the beginning because to start a bussiness is necessary to have some financial capital. It does not have to be a tremendous amount, but this capital is valuable to start the idea.

R:  I do not think is rare since to start is always necessary to have some kind of financial backup.

I:   This depends on how you get this capital. For some people may take some time to get the money and for others may be easier. This capital can be either personal savings or maybe any kind of loan from a bank.

N:  I think that there is no substitution for financial capital because is something that is necessary to start the business and without it will be hard to build the idea.

Creativity

V:  Extremely valuable because to be creative with the product or services that you provide will make you different from others.

R:  It is not rare, but it might be harder to find rather the other things in the list

I:   I don´t think is inimitable, every bussiness has to be constantly creating new strategies to differ from others. Some people might be easy to be creative, but others might be harder to find creativity.

N:  There might be some services that do not need creativity because the work just the way they are. However, when it comes to product creation is necessary because people are always looking for something different and efficient.

Experience in the Field

V:  Valuable because the fact of having knowledge and skill in the field of your bussiness can give you an advantage and opportunity to grow quickly.

R:  Sometimes is rare to find a good quality product in the field of bakery, and this is due to the lack of experience and skill in the field.

I:   No because to gain experience you have to be involved in the field, and not everybody has adequate training.

N:   A good delivery of products or services improves with the experience of the field. Without good skills and knowledge of the field, the product can turn out unsuccessful.

Customer Services experience

V:  This is something valuable because every business should be able to manage the way they treat their customers. It is important to know how to interact and be polite with the audience.

R:  I do not think this is rare the majority of business train their employees to have a good interaction with the customers.

I:   Yes I think this is something that every business try to have because customer like to treat good and if they do not receive a good customer service they won't recommend the product or service. 

N:   Customer service is necessary to succeed, as I mention before if customers do not feel well treated they won't buy your product or service.

Social Media Experience

V:  This is something valuable because customers are constantly looking at social media. It is a good way to interact with the audience and to do marketing strategies. 

R:  This is not rare because the majority of businesses are using social media to promote their products and services.

I:   Yes it is since as I mention many businesses are using these tools and take advantage of then, but some people use it wrong and might not be taking the benefits of it.

N:  Even that this can be a great tool it is not extremely necessary to be successful. It can be useful for marketing but it is not the only way to promote the product.

Open-mind

V:  This is extremely valuable in order to receive feedback from other entrepreneurs and customers.

R:  I do not think is something rare in entrepreneurs should be able to handle different points of view.

I:   No, this depends on the amount of flexibility that each individual has.

N:  Open mind is something that would let the business grow. Entrepreneurs with an open mind let them listen to others and get good advice.

Determination

V:  This is valuable because this will help to maintain the attention to create and deliver good products and maintain the business in good shape.

R:  I think determination is rare because when people do not get a result quickly the loss of their determination and start to not be constant in their business.

I:   Yes the majority of people have a strong determination at the beginning of their vision, but the tricky part is to maintain the same determination.

N:  It is almost impossible to maintain a bussiness without determination because without it the purpose of the product or service can be lost.

Sale Experience

V:  This is something valuable because in every field there is competition, but having experience in sales can help to approach the customers

R:   Some places train their employees but others don't do this.  This is something that depends is the person has work in the past with sales.

I:   No, I think every company has its own sales strategy because not everybody sells the same product or service. Moreover, it can be something that makes a difference.

N:  There are some companies that have been successful without a sale experience, but the reality is that is something that can be helpful to grow quickly.

Top Advantage

I will say my top advantage is the experience in the bakery field. This is something that makes the difference between the products that I create and other products that are commonly found in retail stores or other bakeries.