Friday, April 10, 2020

23a

Some of the resources in my venture include:
1. Social capital (knowing people in the industry)
V- social capital is very valuable in a business venture because it's good to know other people in the industry that can help you out when you need it.
R- this resources isn't necessarily "rare" as many different companies know people in the industry.
I- this is something you can't really "copy", but other businesses can definitely find people in the industry to connect with.
N- there is no other resource that can take the place of knowing people in the industry.

2. Financial capital (financing to get the venture started)
V- this is extremely valuable since almost all business ventures need financing to get started.
R- this isn't rare, unless you're a student or someone just starting out that may not have funding.
I- this also isn't something that people can copy.
N- there's not really any other resource that can replace this, as all businesses need funding.


3. I have the quality of perseverance
V- I would say this is valuable when starting out because it may not work out the first time, or it may take a while to gain traction and you need to be patient with the process.
R- I would say this is a little rare because most people want instantaneous results.
I- people can't really "copy" this.
N- there's not really any other resource that can replace this.


4. Educational capital (knowledge of the industry)
V- This is valuable because it'll make starting and succeeding in your business venture easier.
R- This isn't very rare because many people can gain knowledge of their industry.
I- this also isn't something that people can copy.
N- knowledge of the industry is irreplaceable.


5. Human capital (people I can recruit as employees)
V- this isn't really a necessity, since some startups are done solo or with a very small group of people.
R- this also isn't very rare, as it's easy to recruit people.
I-this also isn't something that people can copy.
N- since human capital isn't really necessary (at least at first) it could probably be replaced with other resources.


6. Emotional resources (a great support system)
V- this is valuable for when you're first starting out, because it can be very stressful.
R- this is somewhat rare because not everyone has a good support system.
I-this also isn't something that people can copy.
N- I would say nothing can replace a good support system.

After reviewing all of these, I would say that financial capital is the most important since you need money to get started, and not everyone has the money needed to get started.

2 comments:

  1. Hey Hayley,

    It was so nice to see your list of resources and identify which ones we had in common that I didnt even think to put in my list as well. Financial capital is a really good resource to have that I think a lot of people wouldnt normally rationalize having it as their top one. If you have the means to start up your venture, there should be no reason not to do it

    ReplyDelete
  2. Hey Hayley!
    It was super cool to see a list of a few resources for your app, especially the value point. I personally struggled a little with this assignment just due to the fact that it required me to research from my target customer's perspective a little deeper than usual. But you did an awesome job!

    ReplyDelete