23A – Your Venture’s Unfair Advantage

1. Superior Customer Service- Due to the fact that our business is locally based and is set to be kept that way, our employee customer relations will be superior due to the individuals relations to the community itself and its culture. Also, we are bilingual. 

Valuable- This is quite valuable as many deeply appreciate doing business with someone they see as being relatable or even kin. 

Rare-  This is uncommon, but not rare. Most companies that see great success, expand and no longer maintain the sense of family. 

Inimitable- I assume this can be copied by others but I do not know of any people who have the idea to do this nor do they have the resources we have

Non-substituable-  Many of the small businesses can probably do all the things we do, however it would probably be tedious, inefficient, done at a higher price, and would require time to be spent out of their business.

 

2. High Maintenance Response- Due to its local nature, if there are repairs that need to be made. We can respond quickly. 

 

Valuable- This is a very valued characteristics in companies involving customer relation

Rare- Most companies are not as responsive as we are capable of being, we communicate and execute effectively. 

Inimitable- I do not think it is feasible for others to do this so I do not think they can provide the same as we can. 

Non-Substitutable- It is substituable, however they would have to call people who specialize in certain things. We are the easier more complete option. 

 

3. Group of Specialized Employees

 

Valuable- Having a group of people who specialize in a job you are trying to do 

Rare- Not very rare, as most companies have people who specialize in the job they do 

Inimitable- Many people could essentially hire others that do the jobs I need such as carpenters, plumbers, and hard working people

Non-Substitutable- This can not be substituted, as this is vital to a successful business. 

 

4. Charismatic Group of People

 

Valuable- Customers appreciate likable people. They are more inclined to refer them to others and doing continued business with someone charismatic

Rare- It is uncommon for people to like the people they do business with. 

Inimitable- Charisma is not very replicable.  You can not be fake being likable and you can not fake the social skills necessary for it. 

Non-Substiutable- There is nothing to substitute certain human capital/characteristics. 

 

5. Free Marketing Due to Concentrated Hispanic Community

 

Valuable- Marketing is very valuable to get the popularity of your company out there and get more business. The fact that it was free is even better. Plus, hispanic people are very talkative and quick to refer others. 

Rare- This sort of free marketing is rare to come by and is best in urban areas with people from warm cultures. 

Inimitable- This sort of marketing is not replicable. It is very difficult to get that sort of publicity

Non-Substitutable- Marketing can be substituded, however it is typically pricey and complicated. 

 

6. Cheaper utilities due to ties with major companies

 

Valuable- Customers appreciate lower costs and will return for that reason. In turn, the business could make more of profit 

Rare- Not very rare, as most businesses form close B2B relationships to secure lower costs by buying in bulk 

Inimitable- Other businesses can form relationship with other suppliers to secure discounts and overall cheaper costs

Non-Substitutable- Cheaper prices are not very substitutable

 

7. Supply of superior masks, as KN95

Valuable- Very valuable, as these masks are not in high supply and are also not given out so freely at stores. Employees and customers alike would greatly appreciate it.

Rare- As I said before, KN95 masks aren’t very common and are uncommon

Intimitable- The effectiveness of the mask is not replicable as the others provide less protection and are thinner in nature

Non-Substitutable- The product is substitutable, however the substitutes are not the same quality and do not provide the same protection

 

8. The expertise in training employees in safety protocols and customer handling

Valuable- Having the knowledge and ability to train employees is very valuable in this business. It helps keep everyone safe and allows business to resume as usual.

Rare- No one is training employees to handle the situations that covid has brought forth, at least not outside of franchises. So this is rare.

Intimitable- People can come up with policies and replicate our training process

Non-Substitutable- There is no real substitute for the training process. Unless the business can go fully online or automated, there will always be customer/ employee interactions and physical locations.

 

9. Financial Capital via family and friends- A perk to being an only child while also having a massive, close family is that people are always willing to help. This is either by offering financial aid or professional expertise.

Valuable- This type of investment is valuable as it will not leave you liable to pay people back, at least not in a fixed period, and you do not incur debt.

Rare- It is rare to have people who love you and are willing to invest so heavily in one of your projects. It is also rare to have such a large amount of people. As I said, I am an only child in a very large, close, supportive family.

Intimitable- This can be replicated with others’ ideas, however I believe I may have a greater supply and support.

Non-Substitutable- There are substitutes for this financial capital but they involve a lot of risk, effort, interest, or debt.

 

10. The added psychological effect of the brand- One of the major obstacles other than making it safe for people to do business, is to make people FEEL they are safe doing business. This is done by enriching the brand and publicizing a strong, reassuring brand image along with a sticker, to drive it home in all of our customers’ locations.

Valuable- The psychological aspect of our service is key, as it is one of the driving reasons why people are not going to physical store locations, out of fear and anxiety.  

Rare- The consideration of peoples psychological concerns and needs is something that nearly all businesses are neglecting. No one is really worried about how customers are feeling and only care about technicalities and abiding by the law in these times.

Intimitable- It can be imitated, however creating a brand image is difficult. Also, once a brand image is solidified prior to yours, it is hard to compete with them.

Non-Substitutable- The only other thing other than a strong brand image and stickers to help keep people’s minds at bay is the use of commercials specific to the times. This however is extremely expensive and sometimes not effective.

 

I believe the top resource we have is the psychological effect of our brand image and sticker. It is the thing that sets us apart from most companies, all others are capable of the technical work that our business does. However, they are not capable of putting the customers’ minds at ease and returning customers to physical locations using psychological tactics. We leave a lasting impression in the minds of businesses and consumers alike.