1) Experience under
stress, this I believe is my most important resource I currently have.
After being in the Army and a Firefighter/Paramedic I have honed my ability to
be decisive and I know how to control myself under stressful conditions. I
believe this is very valuable because starting your own business is very
stressful. If you do not react well under stress you may make a bad decision,
and/or your employees may see your actions under stress and lose confidence in you.
I believe it is rare, at least to the level I have experienced. It can be
copied by people who have been in stressful situations in their own life. I do not
think it is substitutable because those type of experiences are not easy to
come by.
2) Resourcefulness, I
have always been able to critically think in situation and use all my
experiences to help solve problems in sometimes creative ways if necessary. I
do not think being resourceful is that rare. Inimitable, yes this is inimitable. In most situations, it is substitutable
because some situations do not require resourcefulness to solve the problem at
hand. A lot of situations are pretty straight forward.
3) Attention to
Detail, I believe this is very valuable. I believe it is uncommon but not
rare. It is very inimitable, this is a skill I believe people can hone and get
better at. Also, I do not think it is substitutable.
4) Business
Knowledge, All of the classes I have taken in business school as given me
great knowledge on how to run a business. This is not very rare as anyone can attend
if they meet the requirements of business school. It is inimitable, if someone
has a ton of experience in the business world they should know the basic business
knowledge that I have. Yes, it is substitutable from experience as mentioned in
the last sentence.
5) People skills,
or interpersonal skills. One of the things I treasure most about all my experiences
are the people I have met and the stories I have heard. Having met and worked
with people from all over it has really opened my mind to different ways of
thinking and attitudes of people in general. It is not rare because other people
have had those same sorts of experiences. It is very valuable. Others can go
out and meet people and work with them so yes, it is very inimitable. It might
be substitutable from lots of reading and education.
6) Tenacity, I am
very good at persevering and going after my goals with dedication. This is very
valuable because there will always be bumps in the road you just have to get
over them and carry on. I do not think it is very rare. It is inimitable, other
people can also have tenacity. It might be substitutable if you can hire
someone that will help motivate you and get you through those hard times.
7) Beginning of a
good network, thanks to our other assignment I have a good network started
with a few owners already that seem very eager to help. This is valuable as
they can advise me to errors and mistakes. It is not rare as there are many
other gas station owners out there. It is inimitable because I could find
others out there to mentor. I do not think this is substitutable.
8) Persuasive
ability, this resource is very valuable as it can get things that are
favorable towards my business. This is not rare as other people can be good at
persuasion as well. It is inimitable if someone has purchasing power in one way
or another. It is also substitutable as well if someone has purchasing power or
leverage over the other.
9) Great support system,
this is very valuable because there will be hard times and having people there
for you is invaluable. It is not rare because others have good support systems
too. Other can have this to so it is inimitable. I do not think this is substitutable
at least in a healthy way.
10) Mentors, along
with a great support system I have a couple mentors that are entrepreneurs
themselves. This is very valuable as they can give me advice when I need it.
This is very inimitable as others can cultivate good mentor relationships. This
is substitutable to a degree by continually educating oneself.
I think your list of resources had a good mix that would be helpful for most new ventures. Having experience under stress is definitely a good thing to be familiar with given how many things entrepreneurs must deal with on a daily basis and having the people skills to handle most problems will also certainly come into play. I would have loved to hear what you thought the most important resource for you would be though.
ReplyDeleteBradley,
ReplyDeleteI liked how you started with your ability to perform under pressure. In an entrepreneurship setting this is one of the most important skills that you can have. Your ending point that you made about mentors sums up a great article. These two things might be enough to help you succeed.
Hi Bradley,
ReplyDeleteYou did a nice job talking about the resources your business has. I thought that attention to detail is an important, sometimes overlooked resource that will help your business do well. I also liked how you talked about having mentors and the beginning of a good network. In my post, I also talked about how helpful it is to get guidance from another entrepreneur. Overall, I thought all the resources listed will serve you well in your new business.
Ashley Decker
Hi Bradley!
ReplyDeleteI love the name of your post. Having a sense of humor can help you in the business world, because it can help you make other people feel more at ease.
I think it would have been better if you had described the VRIN factors more fully for each resource you listed. Why is “attention to detail” not substitutable? Why is “resourcefulness” inimitable? Why is the “beginning of a good network” not substitutable? And so on.
I see you think “experience under stress” is your most important resource. (I agree this is very important in business.) But why do you think it is more important than the other nine resources you discussed? I would have liked to see you discuss this further.
Hey Bradley,
ReplyDeleteI agree with Brook! I also think that you chose a really cool name for your post. Its confident and fun. Also I think that one of your most valuable resources that you possess is definitely your calmness. You are able to keep your cool in stressful situations. That is something that can help in numerous situations. I agree that you probably acquired that skill from your numerous experiences. I think that your experiences will help you have an advantage in a lot of ways!
-Dakota Horlocker