1. Convenience
a. Valuable - Convenience is a value that every consumer desires.
b. Rare - Convenience is not rare, however it is rare in this industry.
c. Imitable - Very imitable in terms of product, but not service.
d. Not-substitutable - Not substitutable as cash readers are the only means of convenience when fueling.
2. Up-to-date Opportunity
a. Valuable - Its valuable because its new but not original.
b. Rare - Gas stations do not use them so it is rare. Up-to-date opportunities in general vary in rarity.
c. Imitable - Yes because other ideas of convenience are possible.
d. Not-substitutable - Yes due to lack of current innovations.
3. Large Market Segment
a. Valuable - The larger the market size the larger the possible demand.
b. Rare - Not all opportunities are blessed with this large of a market segment.
c. Imitable - No because you cannot force people to desire products.
d. Not-substitutable - Yes because there are no other prevalent markets.
4. Can be Internationally Expanded
a. Valuable - Going overseas opens up tons of new markets and opportunities for increased revenue.
b. Rare - No because many businesses expand overseas.
c. Imitable - Yes.
d. Not-substitutable - We could focus on just in the United States, however that is not really a substitute.
5. Communication Skills
a. Valuable - Valuable because the pitch and presentation is extremely important.
b. Rare - Rare for people to have efficient communication skills but most people are decent at it.
c. Imitable - You can always train yourself on a skill such as communication.
d. Not-substitutable - The pitch is so important that it is not substitutable.
6. Financial Independence
a. Valuable - The costs of this business are in the means of my financial capital.
b. Rare - Yes because most businesses need a lot of start up cash.
c. Imitable - You can find similar opportunities for businesses that do not require excessive funds.
d. Not-substitutable - I could secure money from institutions, however it is unnecessary.
7. Expansive Networks
a. Valuable - Networking is valuable because it gets your foot in the door and provides credibility.
b. Rare - Not everyone possesses a good sized efficient network.
c. Imitable - Yes because you can create such networks.
d. Not-substitutable - Networking could be substituted for having a credible, experienced reputation already but this is not the case for me.
8. Time-management Skills
a. Valuable - A business needs time management skills if they are to efficiently meet their goals.
b. Rare - Many businesses and people fall behind in their work and goals so it is somewhat rare.
c. Imitable - You can learn time management skills so it is imitable.
d. Not-substitutable - Could be substituted for extreme efficiency as if someone can do something so quickly and correctly they do not need to worry how they manage their time as much.
9. Creativity
a. Valuable - Valuable because this opportunity has existed for awhile but needs a creative approach to secure clients.
b. Rare - Creativity is very rare as many people in today's age do not value creativity as much.
c. Imitable - Creativity is not imitable.
d. Not-substitutable - There are no substitutes for creativity in this opportunity.
10. Confidence
a. Valuable - Confidence is the key to my venture as pitches and networking will determine my success.
b. Rare - It can be rare to effectively present your business and yourself in good fashion.
c. Imitable - Everyone can learn confidence, however it is not the easiest skill to replicate.
d. Not-substitutable - This is not substitutable as my venture relies heavily on social interaction.
I believe that confidence would be the most important for my venture because it will determine how my venture and myself are viewed. My venture relies heavily on setting up meetings to deliver my pitch and solutions and that will not be effective without confidence in myself and my venture. This skill is the most important because it is the first step to securing clients and most of the other capabilities are important once the business is already on its feet.
a. Valuable - Convenience is a value that every consumer desires.
b. Rare - Convenience is not rare, however it is rare in this industry.
c. Imitable - Very imitable in terms of product, but not service.
d. Not-substitutable - Not substitutable as cash readers are the only means of convenience when fueling.
2. Up-to-date Opportunity
a. Valuable - Its valuable because its new but not original.
b. Rare - Gas stations do not use them so it is rare. Up-to-date opportunities in general vary in rarity.
c. Imitable - Yes because other ideas of convenience are possible.
d. Not-substitutable - Yes due to lack of current innovations.
3. Large Market Segment
a. Valuable - The larger the market size the larger the possible demand.
b. Rare - Not all opportunities are blessed with this large of a market segment.
c. Imitable - No because you cannot force people to desire products.
d. Not-substitutable - Yes because there are no other prevalent markets.
4. Can be Internationally Expanded
a. Valuable - Going overseas opens up tons of new markets and opportunities for increased revenue.
b. Rare - No because many businesses expand overseas.
c. Imitable - Yes.
d. Not-substitutable - We could focus on just in the United States, however that is not really a substitute.
5. Communication Skills
a. Valuable - Valuable because the pitch and presentation is extremely important.
b. Rare - Rare for people to have efficient communication skills but most people are decent at it.
c. Imitable - You can always train yourself on a skill such as communication.
d. Not-substitutable - The pitch is so important that it is not substitutable.
6. Financial Independence
a. Valuable - The costs of this business are in the means of my financial capital.
b. Rare - Yes because most businesses need a lot of start up cash.
c. Imitable - You can find similar opportunities for businesses that do not require excessive funds.
d. Not-substitutable - I could secure money from institutions, however it is unnecessary.
7. Expansive Networks
a. Valuable - Networking is valuable because it gets your foot in the door and provides credibility.
b. Rare - Not everyone possesses a good sized efficient network.
c. Imitable - Yes because you can create such networks.
d. Not-substitutable - Networking could be substituted for having a credible, experienced reputation already but this is not the case for me.
8. Time-management Skills
a. Valuable - A business needs time management skills if they are to efficiently meet their goals.
b. Rare - Many businesses and people fall behind in their work and goals so it is somewhat rare.
c. Imitable - You can learn time management skills so it is imitable.
d. Not-substitutable - Could be substituted for extreme efficiency as if someone can do something so quickly and correctly they do not need to worry how they manage their time as much.
9. Creativity
a. Valuable - Valuable because this opportunity has existed for awhile but needs a creative approach to secure clients.
b. Rare - Creativity is very rare as many people in today's age do not value creativity as much.
c. Imitable - Creativity is not imitable.
d. Not-substitutable - There are no substitutes for creativity in this opportunity.
10. Confidence
a. Valuable - Confidence is the key to my venture as pitches and networking will determine my success.
b. Rare - It can be rare to effectively present your business and yourself in good fashion.
c. Imitable - Everyone can learn confidence, however it is not the easiest skill to replicate.
d. Not-substitutable - This is not substitutable as my venture relies heavily on social interaction.
I believe that confidence would be the most important for my venture because it will determine how my venture and myself are viewed. My venture relies heavily on setting up meetings to deliver my pitch and solutions and that will not be effective without confidence in myself and my venture. This skill is the most important because it is the first step to securing clients and most of the other capabilities are important once the business is already on its feet.
I also agree with your idea that confidence is your most important feature. Not only does it determine how your viewed, it will get you past potential setbacks and problems. The next top attributes I would say are creativity, communication skills, and being up to date. Some of the other attributes could be easily copied so this 4 keys would be special.
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