ENT 23A

My ten resources:

1.     Human Capital (connections)

·      Valuable: Connections with people in any field can help jump start a business and guide it to success, especially if they are experienced businessmen

·      Rare: Each person’s connections are unique and that is what makes them rare

·      Inimitable: Each person’s human capital is hard to replicate because everyone knows different people

·      Non-substitutable: Nothing can replace valuable experience

2.     Social Skills/Persuasion

·      Valuable: being able to communicate well with people and persuade them is very important in life and business

·      Rare: Each person has their own skill set when it comes to effectively communicating

·      Inimitable: Being able to communicate well is replicable, as many people have effective communicative skills, however there are also many who don’t

·      Non-substitutable: Effective communication skills are critical and con not be substituted.

3.     Financial capital

·      Valuable: Having lots of money can help you acquire new resources and grow your business

·      Rare: The more money you have, the rarer you become as an asset

·      Inimitable: It is possible to replicate money, if you find someone who is rich

·      Non-substitutable: Money can be earned, but having it from the start can provide a huge head start

4.     Determination

·      Valuable: Being self-driven and determined to complete your goal can help ensure that you will have a successful business

·      Rare: Being determined is not too rare in the entrepreneurial world

·      Inimitable: Determination is imitable

·      Non-substitutable: There is no substitute for hard work

5.     Time Management

·      Valuable: It is very important to organize your day and prioritize what you need to get done

·      Rare: Not rare

·      Inimitable: imitable

·      Non-substitutable: Being a good time manager is very important

6.     Desire to make things easier

·      Valuable: Can help you envision and create your product

·      Rare: Not rare

·      Inimitable: Imitable

·      Non-substitutable: Wanting to help make others’ lives easier is the driving force behind many businesses today

7.     Access to material resources

·      Valuable: Certain materials can greatly help you if your business requires such

·      Rare: Not everyone can get your hands on certain resources

·      Inimitable: Not necessarily imitable, if the materials are rare

·      Non-substitutable: sometimes one certain material is needed, and there is no substitute for that one material

8.     Social capital

·      Valuable: Having social connections via networking and such can prove very important and provide new opportunities

·      Rare: This goes along with human capital, and having good networking/social capital can be rare

·      Inimitable: Every person’s social capital is unique

·      Non-substitutable: Valuable people can help you in the long run

9.     Desire to succeed

·      Valuable: Goes along with determination, is the driving force behind the business

·      Rare: Not rare, many entrepreneurs are determined

·      Inimitable: Imitable

·      Non-substitutable: Once again, not substitute for hard work

10.  A vision

·      Valuable: It is important to see the end goal, what do you want to accomplish?

·      Rare: Not rare

·      Inimitable: Each person’s vision is unique

·      Non-substitutable: There is no substitute for a well-aimed vision

Summary: My most valuable resource is definitely human capital. Nothing can replace a mentor who has already been through the ring with running a successful business. They can teach you a ton of what you need to know, and greatly shorten the learning curve.