Your Venture's Unfair Advantage

1. Innovative business concept 

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An innovative business concept is valuable because it is what sets a business aside from others, this is how a new business will be able to surpass established businesses. 

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Innovative business concepts are rare to a certain extent. Many new companies merely copy the idea of another business and make slight adjustments that they feel will set them apart from other competitors selling similar ideas.

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An innovative business concept is difficult to copy by others because in order to be innovative, one can not simply take an existing idea and make their own business with it. It takes an immense amount of research and time to form and establish an innovative business concept. 

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Although a well executed original idea can be successful, there is nothing like innovation. A new, never before seen concept will shock consumers and gain immediate interest. 

2. Experience in similar industry 

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Being experienced in a similar industry has a large amount of value. This is because you are more knowledgable of the road blocks that may occur and have experience with problem solving in this field. 

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Having experience in a similar industry as the company your are starting is not necessarily rare, this is because people often seek to gain experience before taking on difficult tasks, or their experience is what sparks interest in entrepreneurship in that certain industry. 

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Having experience in a similar industry is not difficult to copy. People are able to easily seek out a profession that will give them insight into certain industries before pursuing their own business in that industry; this is likely what many entrepreneurs do. 

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There may be other substitutes that provide the same benefits as having experience in the industry, for example having connections with others who know a lot about the industry could prove equally as beneficial, aside from making you more dependent on their knowledge. 

3. Integrity 

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Integrity is valuable because being honest and morally driven is something that instills customers' trust in a business; customers who have genuine trust in the intentions of a business will remain loyal and spread positive word of mouth. 

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Unfortunately, integrity can be rare in the business world. Especially in companies who put extra emphasis on sales, there are likely to be ethical dilemmas that are handled poorly. 

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Integrity is an easy concept to grasp but not necessarily easy to duplicate in difficult situations. When faced with failure, many business owners and the employees within will make unethical decisions if they lead to advancement or success. 

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Although many companies find success while lacking integrity, there is no substitute for integrity in terms of gaining the trust of customers. Once a business' intentions are questioned, customers will be weary in buying the ideas or products being sold. 

4. Knowledge of marketing and consumer behavior 

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Knowledge of marketing and consumer behavior is a highly valuable resource, this resource is necessary in determining who to target and how they will respond best to your actions. Marketing is essential in developing awareness and a customer base for your business. 

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Knowledge of marketing and consumer behavior is rare for those who did not necessarily pursue this educational path. Unless they have experience in the field, people do not typically understand marketing concepts and how consumers react to different approaches. 

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Knowledge of marketing and consumer behavior is not very inimitable because people who seek this knowledge can take a few courses and have a much more advanced understanding of the topics. 

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This resource could be substituted by hiring someone who does have knowledge of marketing and consumer behavior. Hiring an expert might prove to be a better substitution than going off of your own basic knowledge of marketing and consumer behavior. 

5. Passion 

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Passion is an extremely valuable resource because it is what will drive a business owner to persist through challenges. Although all entrepreneurs face challenges, it is the ones who feel they have purpose that are able to weather the storm and find success. 

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Passion is not necessarily a rare resource because many people will not pursue something that they aren't passionate about, however an overwhelming amount of passion for something is rare; people are not necessarily always willing to sacrifice everything for a cause.  

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Passion is inimitable because someone can not simply copy the passion that another person embodies, they have to just be passionate about what they are pursuing. 

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This resource could potentially be substituted by discipline. If an individual is not passionate to the extent of wanting to pursue something while giving 100%, they could use discipline to simply make themselves do what is required. However, passion will most likely be the key to success because those who are passionate for their purpose go above and beyond. 

6. Connections with potential customers 

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Connections with potential customers is valuable because this is one way to spread word of business. If you have a large outreach through certain social groups or organizations that you are engaged in, you can gain a large amount of customers immediately. 

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Connections with potential customers is relatively rare, this is because it is hard for one person to have a large outreach unless they are highly social and are involved in many different things that expose them to the right type of person (potential customer). 

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Connections with potential customers is pretty inimitable because if you do not already have trusting relationships formed with the prototypical customer prior to pursuing your business concept, this individuals will most likely just view you as someone trying to market a product or service. 

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This resource could possibly be substituted with marketing efforts. If you don't have the outreach to immediately grasp a customer base, you could use extensive marketing efforts at the beginning of your venture to get this customer base. 

7. Connections with those in the industry 

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Connections with people in the industry are valuable because they allow you to ask advice from people who want to see you succeed. These connections are only valuable however if they are genuine relationships with people who would not try and sabotage you and your business. 

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Genuine relationships within the industry are rare because technically this sets you up to be a competitor. Having relationships with people that will offer genuine advice and helpful tips in the same industry can be challenging because of competition. 

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Connections with those in the industry is a inimitable resource because these need to be genuine, trusting relationships that were most likely formed before your business concept was developed. People can not simply copy, long-lasting and trusting partnerships/relationships. 

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The benefits of having connections with those in the industry can potentially be substituted by having experience in the industry. If you have enough experience in an industry to know the ins and outs, you likely won't need to seek advice from someone with the same level of knowledge as you. 

8. Customer service 

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Customer service as a resource is not only valuable, it is essential in the success of a company. Unless it is a necessity, customers do not want to engage with or support a business that is not pleasant and accommodating to them. Customer service creates loyal customers who want to spread positive word of mouth due to their satisfaction. 

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Good customer service is rare. Even if a business owner and upper levels of management within a business include this in the vision for the company, it does not come together unless all persons taking part in the company execute it, this includes part-time employees. 

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Customer service is a resource that can not easily be copied. As previously mentioned, this is because all of the individuals employed at the company must be on the same page about providing genuine and accommodating service; employees have to genuinely be passionate about the cause in order to implement great customer service. 

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Good customer service is non-substitutable. This is because no matter what you offer at a certain price, consumers will avoid supporting businesses that do not provide pleasant experiences for them as buyers. 

9. Lack of competitors 

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Lack of competitors is valuable because if you are the only one offering the product or service at a certain quality or price, then all customers seeking that product or service will be your customers. Lack of competitors leads to a greater market share and therefore more success for your business. 

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Lack of competitors is rare. In most industries, if the product or service is appealing and looks promising, competitors will enter the industry to get what they can out of it. Unless a business idea is highly innovative, there is always a level of competition. 

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A market in which there are a lack of competitors can not be easily imitated. In order to avoid having competition: a business concept must be highly innovative in a way that creates something that can not be found anywhere else. 

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The benefits of a lack of competitors can be substituted by great marketing tactics. If competitors are present, a company can strategically market in a way that sets itself aside from the competition. 

10. Outgoing personality 

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Having an outgoing personality is essential for those who are starting a business venture. Being about to sell yourself as an individual is the first part of being able to sell a product or idea. People that are likable and admirable will attract investors, partners, and customers. 

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Having an outgoing personality is somewhat rare. There are a lot of individuals out there who are very social and easy to communicate with and there are also many who are the opposite. 

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Having an outgoing personality is inimitable, this personality trait is one that many are born with and therefore it can not be easily replicated. Although some might be able to fake genuine interaction, they may never feel truly confident in social settings. 

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Having an outgoing personality is non-substitutable. In the business world you have to engage with people on many different levels in many different settings. Being social is an essential aspect of networking and building the connections necessary for your business to succeed. 

TOP RESOURCE

My top resource is good customer service. Good customer service is highly valuable, rare, inimitable, and non-substitutable. Companies who emphasize customer service down to the level of part-time employees will attract loyal customers who will engage with the business for longer amounts of time and be more willing to spend money due to higher level of satisfaction. Top of the line customer service creates value in a company that makes individuals want to spread positive word of mouth- a free and effective form of marketing.