My Venture's Unfair Advantage

1) Experience with running a business. This is human capital that is valuable because you cannot help someone launch their own entrepreneurial concept without having this experience. It's rare because I think while a lot of people may have a business idea, or see an opportunity, they might not act on it. There are certainly others who have experience with entrepreneurship. But are they willing to share and help other entrepreneurs grow? There is no substitute for entrepreneurship experience.

2) Bringing innovative ideas to my own business. Innovation is a very valuable part of entrepreneurship, because the best ideas are recognizing an opportunity to meet a need. My businesses have gone through rebranding and refocused core values to fall in line with what is evolving as a need. I think innovation is rare. So many small businesses fail to thrive and instead just survive because they never innovate or change their practices. (Even though we know owning a small business and being an entrepreneur are not the same thing). Innovation can't be copied, because the innovation is lost once it isn't new. There is no substitute for innovation

3) Overall social capital. It's not necessarily of my own doing, but I know a lot of people in town. My fiancé makes beer for a living and everyone (literally) knows who he is, from city workers to big-name attorneys in town. He is probably my biggest piece of social capital and I admit that having him beside me during my other business launches has been helpful. I haven't used him for this class, because it feels like cheating, but we are launching another business together and I can already tell that having him involved is going to make a significant difference. Knowing him is valuable because it helps me connect with people I would have never met without him. It's not rare for someone to have a close connection that helps them network. It is not easy to copy, either, because you either know someone or you don't. There is no substitute for personal connections.   

4) Grants for women-run businesses is a feasible way for me to gain some financial capital. I don't already "possess" this, but I have the knowledge that the opportunity exists, so I am prepared to act on it. Free money is very valuable (meaning money you don't have to pay back). It is also rare. There are certainly opportunities for grants, but it's not like every entrepreneur gets a load of grant money to start a business. There is no way to copy or substitute for a lump sum of money that you can use to improve your entrepreneurial venture.

5) It's a unique concept, especially for my area. The array of service I would provide in my business incubator are a resource in themselves. I did find an incubator in Orlando that offers similar services like access to legal experts. So, while this component is not completely unique, it is unique to this area. I think being ahead of a trend and making it happen in a place that doesn't have this need met is valuable. It's not rare that someone brings a unique concept to this area because we are so behind bigger cities in so many areas of development. It would be easy to copy the overall concept, but as I said previously, a copy loses value.

6) My determination. It's very valuable, but it's not too rare (I'd say there are about as many determined people as there are complacent ones, though maybe I'm wrong). Determination can probably be developed if a person chooses to be strong-minded, just as easily as complacency can develop if a person chooses to do nothing. There is no substitute for determination.   

7) The social capital I have in the field I would be entering with a business incubator. For example, the website developer, SEO/analytics expert, and social media marketer that I spoke with for last week's assignment would all be great social capital if I were to open this business. We know that "who you know" is valuable. It isn't rare to know someone that can help with your business, but it does take work to form those relationships. There is no way to imitate or replace a relationship that you have with someone.    

8) My financial stability. Overall, I am in a pretty good position at this point to open a business. I have no housing costs, and while my student loans will enter repayment next year, I should be able to afford those without an issue. I am very fortunate at this point in my life and haven't always been, so now seems like a pretty good time to start an entrepreneurial venture. Being financially stable is valuable. I would say it is rare; so many people, especially young students, face so much economic uncertainty that taking risks seems even bigger. There is no substitute or imitation for being financially stable. There are certainly ways that intelligent people can gain financial stability but sometimes conditions can't be overcome.   

9) Entrepreneurship is trendy. Everyone has an idea, everyone wants to open a business, no one wants to "work for someone else" anymore. This is valuable because my business concept is supported by entrepreneurs that want to take the next step. I would say it's not rare to be in this situation; it's easy to recognize trends, but not as easy to know how to take advantage of them. It would be easy to copy this if someone recognized it. A trend or movement is a powerful force for which there really is no substitute.   

10) I'm not a perfectionist. Some people would say that is a flaw, and that it is not positive capital. In my experience, if you are an entrepreneur you will wear many hats. This means there is a lot to get done, and if you are ever going to finish something and move one, sometimes it can't be perfect. This does not mean that I take a lackadaisical attitude towards any component of running my business, but I recognize that not everything can be exactly the way I envisioned. This is valuable because it allows me to get more done. I would not say it is rare; people are either one way or the other. This is something that is easily adaptable by other entrepreneurs.  

I would say that my personal experience with entrepreneurship would be the most valuable resource of the ones I listed here. I think this is because it is so crucial to the type of business I want to run. How could I run a business incubator for start-ups and help them be successful when I personally have no experience launching a concept from the ground-up?