Assignment 23: Your Venture's Unfair Advantage

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1.     Spectrum of Audience:
Valuable: Since my idea has the potential of reaching a wide variety of people it will help get many to use it
Rare: It is not rare, since many other products are also used by a wide variety of people
Inimitable: It is easy for an app to apply to a wide range of people.
Non-substitutable: This is not the only app that can reach a big audience.

2.     Uniqueness of App:
Valuable: It is valuable because it is something that almost all people struggle with but have not known how to deal with.
Rare: This app would be the first of its kind in the market
Inimitable: I believe that the concept of my app could be easy to replicate.
Non-substitutable: I have not seen a product/app in the market that offers a simple yet versatile solution to this problem. In fact, I haven’t seen anything that helps people tackle this problem other than tips written in articles.

3.     Close Relationship with Fellow Entrepreneur:
Valuable: Having the guidance of someone in your inner circle is invaluable.
Rare: Not everyone has someone in their family that has worked or is working in the same industry as them
Inimitable: A relationship like the one I have with my uncle cannot be formed voluntarily, rather it happened by chance that not only he can help me with my idea but also happens to be my uncle.
Non-substitutable: There may be other innovators who have similar cases like mine, but it is mostly rare.

4.     Organized:
Valuable: Having this character trait is important and valuable because it helps me to not is it on any important aspect of the app.
Rare: It is not rare to find an organized person
Inimitable: It is not an inimitable trait, but not all those who start ventures are necessarily organized in doing so.
Non-substitutable: There are people who also have this character trait.

5.     Free:
Valuable: It is valuable because it is an aspect that makes the app more attractive to users
Rare: There are many free apps in the apps tore, so it is not rare.
Inimitable: Free apps are not a new concept, so it does not apply.
Non-substitutable: If other apps come out that provide the same service as mine, they can also be free, so it is not non-substitutable.

6.     First in the Market:
Valuable: This is valuable as it gives my venture a head-start
Rare: It is definitely rare seeing that there are no other products or services like mine currently in the market
Inimitable: It can only happen once, so it definitely inimitable
Non-substitutable: Since my product would be the first, I would be the only one offering the benefits of this idea...for now.










Comments

  1. Jack LewisApril 12, 2020 at 1:32 PM

    Nicole, I think you have some great advantages to give you and edge for your app. One big advantage is certainly that it is the first in the market. I can certainly say that I haven't heard of any businesses addressing this issue, even though it is so important. great job.

    ReplyDelete
  2. Eddie DunsfordApril 12, 2020 at 9:51 PM

    Nicolel, I hope you will be able to get this app off the ground. I always wondered when grocery stores scan their products they have the food item, and date of purchase, and quantities . I wonder if there is a way to integrate your app with the groceries stores system and then you will have a thorough way to track waste. I thought about a similar app last year in one of my IA classes but also integrated Uber to deliver when your items expired in the household.

    ReplyDelete
  3. Garrett MullenaxApril 13, 2020 at 8:28 AM

    Hey Nicole, I loved reading your post. After reading through your post it was hard to choose the most valuable resource you have. But after reading over it a few times, I believe that the "first in market" aspect is the most valuable. Being ahead of the curve and a few steps ahead of a market is a great way to start your business.

    ReplyDelete

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