Assignment 23A – Your Venture’s Unfair Advantage

My venture's resources:

1.  Human capital

• Valuable? Yes.
• Rare? I founded a non-profit organization, so I had a basic knowledge of entrepreneurship before taking this course. 
• Imitable? People can share the same personality traits/skills.
• Non-substitutable? Human capital goes beyond a person's education, as it is all about the qualities that make them unique (i.e., compassion). 

2.  Social capital

• Valuable? Yes- just like human capital, the value of social capital is significant. In this scenario, I have an extensive network of people in my community, such as City leaders, veterinarians, and pet owners who are valuable to my venture. 
• Rare? Yes
• Imitable? Social capital cannot easily be copied by others.
• Non-substitutable? There is no substitute for building/maintaining a strong network in your community. 

3.  My knowledge/experience in fundraising

• Valuable? Yes- fundraising is a useful aspect of creating any business.
• Rare? Yes- I have fundraised over $70,000 to help end the global water crisis since I was 11 years old. This experience is rare, especially for someone my age.
• Imitable? While other people may have knowledge in this area, my specific fundraising abilities and experiences cannot be copied by others.
• Non-substitutable? There is no substitute for my knowledge. But, in regards to other resources, there are programs like Kickstarter that can assist organizations in fundraising to start their businesses.  

4.  Branding

• Valuable? Yes- building a brand is extremely valuable.
• Rare? Not necessarily- other dog waste receptacle companies have a similar mission/purpose.
• Imitable? Not as long as you create your own branded materials like a logo.
• Non-substitutable? There is no substitute for a strong brand. There are PR agencies and graphic designers that can assist businesses in developing their brands. 

5.  Location

• Valuable? My venture's location is valuable because it is within the Treasure Coast, which includes Martin, St. Lucie, and Indian River Counties.
• Rare? There are no dog waste receptacle companies located in the Treasure Coast. 
• Imitable? Dog waste receptacles can be duplicated. 
• Non-substitutable? Dog waste receptacles can be substituted.

6.  Product features

• Valuable? Yes- the Doggie Dootie Station's features are valuable because they result in cleaner communities and convenience for dog owners. (i.e., if they forget a dog waste bag, then they can obtain one at their nearest Doggie Dootie Station.)
• Rare? Yes- there isn't a dog waste receptacle that has my product's specific features where dog owners can obtain BOTH waste bags and/or gloves.
• Imitable? Product features can be duplicated.
• Non-substitutable? Product features can be developed (include new features, remove certain features, or enhance them) throughout the existence of the venture. 

7.  Experience as a dog owner

• Valuable? Yes- this adds a level of credibility to my venture. 
• Rare? No- there are millions of dog owners in the United States.
• Imitable? Although others cannot have the same experiences as me, this is somewhat easy for others to copy because they can own one or multiple dogs.
• Non-substitutable? Breeds of dogs can be substituted, but not the overall experiences dog owners have where they can relate to the venture. 

8.  Knowledge of social media/SEO

• Valuable? Yes- I already have extensive knowledge of social media management from my UF courses, and reading Inbound Marketing reinforced the importance of utilizing SEO practices.
• Rare? During my experience at UF, I obtained numerous certifications in digital marketing programs, including Google Analytics. Therefore, I believe this skill set is somewhat rare.
• Imitable? Many individuals have knowledge in this area.
• Non-substitutable? There is no substitute for having a captivating and professional online presence to connect with customers. 

9.  Public Relations major

• Valuable? Yes- a public relations education is beneficial and can be applied in numerous disciplines.
• Rare? No- public relations degree programs are becoming more in demand.
• Imitable? Many colleges teach public relations at both undergraduate and graduate levels. 
• Non-substitutable? Yes- the professors at UF are reputable in this field and have extensive industry knowledge. 

10. ENT3003 course

• Valuable? Yes- learning how to become a successful entrepreneur is invaluable.
• Rare? Yes- not all students at UF take this course.
• Imitable? This course is offered at many universities.
• Non-substitutable? Yes- Prof. Pryor is an excellent professor and very knowledgable about this topic. 

Top resource: Based on my VRIN analysis, I determined that my venture's top resource is branding. This resource is more important than the others because it is essential to establish a strong brand that will make the Doggie Dootie Station stand out. My venture's brand would not only tell a story about my product but also about who I am and what my company does. If I can successfully do so, then this will generate community support and make dog owners want to use the Doggie Dootie Station.