23A – What Makes You Special
1. Originality
Value- Yes, originality fosters growth in a business.
Rare- Yes, it’s rare to see originality in a service/product.
Imitable- Yes, I think people strive to come up with original ideas.
Non-substitutable- I think when you have something original, people want to copy it or try and improve on it.
2. Customer Relation
Value- Very valuable. Part of providing service is to find a way to connect with customers and I believe this product will open up businesses to a new market.
Rare- Its rare because its needed for a service/product to be successful and if it wasn’t rare, every company would be successful.
Inimitable- Yes, companies should want to imitate customer relation.
Non-substitutable – No, this is not substitutable.
3. Innovation
Value- Yes, innovation is always a sought-after quality.
Rare- Yes, innovation is rare.
Inimitable- Yes, it can be copied or give another person the ability to improve upon the current product.
Non-substitutable – No, not substitutable, you have to be able to keep improving on your product through innovation.
4. Outsourcing
Value- Yes its valuable. You are able to bring in more expertise.
Rare- No, not rare.
Inimitable- Yes but may not be as good of an outsource.
Non-substitutable – Yes, its substitutable. You don’t need to outsource to be successful.
5. Passion
Value- I do think passion can go quite a ways, however I’m not sure how valuable it is.
Rare- No, not rare.
Inimitable- Yes inimitable.
Non-substitutable – No, people can argue that money is more important than passion when beginning a startup.
6. Specialty Knowledge
Value- Very valuable, people like to know that you are an expert at what you are trying to sell
Rare- Can be a niche depending what your specialty knowledge is in.
Inimitable- Yes, someone can learn and become an expert.
Non-substitutable – I don’t think it is substitutable because you have to know the struggles of a market before you can decide if its marketable.
7. Tenacity
Value- I think it’s a commendable attribute to have, but I’m not sure if an investor would see it as valuable.
Rare- I do think tenacity is somewhat rare. If it wasn’t, everyone would have it, right?
Inimitable- Yes, it can be imitated.
Non-substitutable – Yes, there are other qualities that are sought after.
8. Affordability
Value- Extremely valuable.
Rare-Somewhat. I think it challenges competitors to compete with your value.
Inimitable- Yes.
Non-substitutable- No, I think affordability is one of the top aspects from a consumers standpoint.
9. Attention to Detail
Value- Valuable to fix smaller issues in applications
Rare – Not rare
Inimitable – I think it’s a skill you either have or you have to train yourself to be better at it.
Non-substitutable – No, other skills would be desired over this.
10. Brand Partnership
Value- Yes, big brand partnerships can be very valuable to a smaller company or startup.
Rare- I do believe this can be rare for a startup company.
Inimitable- Yes, others can partner with an app as well.
Non-substitutable – No, I think this attribute can take a startup far.
I think the potential of a brand partnership would be my most valuable resource. The ability to be able to attach myself to a large successful app like MyFitnessPal or be used in major chain restaurants would open other doors and broaden my social capital.
Hey Danielle!
ReplyDeleteI think you made some really great points that really show what makes your opportunity a unique business venture. Customer relations is one that I also highlighted in post because I think positive customer relations can really help a business grow, and it is honestly an easy thing to do if you really try. Brand partnership is also another really valuable resource; I hadn't even thought of it. Working with an already successful brand would help give your brand the opportunity to stand on its own feet. Great job on this post!
Hi Danielle! I think you have a lot of great capital that will help your business grow as quickly and easily as possible! I agree with you that having potential partnerships with other brands is your best resource simply to spread awareness of your product/service and to help make it run smoothly. That is what I said was the most helpful resource for my product too!
ReplyDeleteHi Danielle! I definitely agree with you about your most valuable asset being your brand partnership. Larger companies investing means less fiscal responsibility for you and a professional marketing team to support you. I do think that you undersold your specialty knowledge. The niche information that you have is exactly what means your innovation great! And its why other people may not have thought of it yet.
ReplyDeleteHi Danielle!
ReplyDeleteI liked reading your post about what makes your company special because you hit some very important points. One that I think is extremely important is customer relation. I think that above other things, a company should have a strong customer service department and a strong relationship with their customers that can lead to positive chatter about the company and customers buying more products in the future. All of the points that you touched upon are important and make your company special.
Danielle,
ReplyDeleteI enjoyed reading and learning about what makes your company unique compared to others. I like how you discussed going to a possible partnership. This can be a very important thing an entrepreneur should consider. It can ultimately be a much better option for the entrepreneur in the long run. This can open up a lot more opportunity for your company to grow and reach new barriers.