23A –Your Venture’s Unfair Advantage

1. Uniqueness of Venture:

. Valuable - I feel like my small and creative business is valuable because my art is unique and no one else’s art can be quite like mine.

. Rare- I think finding someone/ a business that is willing to communicate diligently with their customers to bring to life artwork and designs that they want is very rare.

Imitable- Yes this project would be very hard to imitate.

Non-Substitutable- I think this product could be substituted by different materials but not a different artist.

2. Business Operations Experience:

. Valuable- Yes

. Rare- This resource is rare because it is very hard to find.

. Imitable- This can be copied it, one must gain people skills and gain business knowledge. 

. Non- Substitutable- No, it has to be learned and one must go through it to fully understand it.

3. My attention to detail:

. Valuable: Yes, this business requires a good and keen eye

. Rare: Yes, not everyone has the patience I have

. Imitable: Yes, with much effort

. Non-substitutable: Not substitutable

4. Experience in Art:

. Valuable: Been taking art classes my entire life and have developed my own personal style

. Rare: Needs talent and experience

. Imitable: Yes through education and practice

. Non- Substitutable: Not substitutable

5. Social Responsibility: 

. Valuable: Important to customers and reputation

. Rare: No, not necessarily 

. Imitable: Yes

. Non- Substitutable: Not substitutable

6. Support from Family and Friends:

. Valuable: Yes, very important when starting your own business.

. Rare: No

. Imitable: No

. Non-substitutable: Not substitutable

7. Ability to communicate with others in a friendly and simple manner:

. Valuable: Yes, much of my business relies on communication with customers.

. Rare: Somewhat.

. Imitable: No because this has a lot to do with personality, however it can get better through practice.

. Non- Substitutable: Not substitutable

8. Willingness to learn new things:

. Valuable: Yes, is the only way a business can grow and expand. 

. Rare: Yes sometimes, many businesses fail to change their ways.

. Imitable: Yes through effort.

. Non-Substitutable: Not substitutable

9. Time Management Skills:

. Valuable: Yes, helps complete tasks without stress or anxiety.

. Rare: No

. Imitable: Yes through practice.

. Non Substitutable: Not substitutable

10. Smart with Allocating Money:

. Valuable: Yes, all businesses need to know how to allocate their funds in order to succeed.

. Rare: No

. Imitable: No, can be taught through education and experience.

. Non- Substitutable: Not substitutable

Reflection: I think my most valuable resource is my experience and passion for art. It is the one factor that inspired me to start my own business and the one thing that is extremely rare to come by. I think  willingness to learn new things and ability to speak with customers in a friendly manner are two more extremely important parts of running a business.