My Unfair Advantage

My Unfair Advantage

My Resources:

1.  Hardworking attitude- This resource I posses is valuable because I will not stop at any task with less than 110% effort going forward. If I want something done, I will do it right to the best of my ability. Hardworking tenacity is rare in this generation because it seems that all my peers want to take the easy way out and get things done the quickest, not necessarily the best. I think the quality is inimitable and non substitutable because it’s a quality that has been cultivated in me since I started attacking my school work hard. I continued to build upon this work ethic through many years and translated it in everything I do.

2.  Compassion- This resource I posses is valuable because it is necessary to feel compassion towards those with an unmet need. I can place myself in other people’s shoes and situations, and I think further down the road this can help my customer satisfaction level. I think this is inimitable and non-substitutable because I believe it takes a certain type of person to really understand and sympathize of where the other party is coming from. You can connect with customers this way and really gain a competitive advantage because you care about their well-being, not just your service doing well.

3.  Contacts- Even though I am a junior in college, I feel that I have met many people through college searching, academic and social clubs, my sorority, and accounting recruiting to have a wide contact base for people to get me off of my feet. I believe this is rare because not many college students can say they have built a network of individuals ready to help out. I don’t know if this trait is inimitable and non-substitutable because I think other people can mimic this quality, but currently, I think it gives me a competitive advantage.

4. Adept to failure- This resource I posses is valuable because I have faced failure in my lifetime and college career, and I think I know how to turn this into a positive instead of getting downtrodden by it. While I don’t see failure whether academically or in clubs etc is rare, I think learning how to deal with it is. Most students get upset when they face adversity, so I think that in my soul searching of dealing with it, I have created a skill that is inimitable and non-substitutable. Overcoming failure is a skill every entrepreneur needs to master, so the fact that I know how to turn it from a set back to an advantage is a key to success.

5. Deliberate in actions- This resource I posses is valuable because I make a point to accomplish the little things in life. I think it is important to stop and do nice things for the ones you care about. This factor could also bolster by customer service down the road. I also don’t know how inimitable and non-substitutable this is because if anyone takes the time to be deliberate about random acts of kindness, they can accomplish it. However, I think I could hedge that risk with some of my other traits for my company.

6. Knowledgeable about accounting and financial statements- I acquired this resource through my time here at UF, and I think it is valuable given the reading reflection I just completed about financial statement knowledge. I am an accounting major and have taken many classes on the subject, so although it is not rare for me to be adept at the subject, I think I have a competitive advantage at least in the short run of starting my business in this area. I think many people can copy this by hiring CPAs for their companies, but I can save costs by initially doing the work myself.

7. Time management and organizational skills- This resource I posses is valuable because I write down to do lists and items in my calendar to make sure I am always on top of my tasks. I think this is rare because especially in college, its custom that you are either organized or you aren’t. I pride myself in color coding, outlines, and check marks off my to do list to make sure I don’t miss any details. This can also be copied out in the real world, but to get a business off the ground, you have to know the little details that could end up making your business fall apart. I think organization will keep my workplace tidy and help me eradicate mistakes that could lead to a fatal downfall.

8. Approachable demeanor and personality – I think my short stature but huge smile and heart add value to who I am as a person and my approachability. I don’t seem big and scary to other people, which will then possibly make more customers try my product. I think it is rare to find a genuinely positive happy person all of the time. However, along with my last couple of traits, I don’t see this as inimitable. I do think it is non-substitutable because you cannot replace a happy face with a sad once. I am hoping my approachable personality will lure customers in to try my service.

9. Proactive in nature- This resource I posses is valuable because I am not a procrastinator and like to get things done on time (even beforehand). This is rare because in college, most students wait until the last minute something is due and then turns it in without their best effort forward. I do see how the competitors can copy this demeanor, but to get off the ground, I will research things ahead of time and make sure work is done before, and definitely on, schedule.

10.         Fiscally responsible- This trait is valuable because it is important to understand how to manage money, especially if you are about to run your own business. I think it is rare that students know how to be fiscally responsible and not in debt. I am given a monthly budget and work very hard to stay under that budget. I understand the power of the dollar and don’t abuse my privilege of such. Yes, the competitors can copy this, however, I don’t believe this trait is substitutable. I believe it is of the utmost importance and quite frankly necessary to understand how to be fiscally responsible as an entrepreneur.

Top Resource

I think the resource that will make my company, Bubble Tea Now, special would be my compassion towards others. I always believe in going to the extra mile to make a difference in the lives of others, and I think that will to help others will set me apart from my competitors and boost customer satisfaction in the long run. I really hope I can make a difference in this world, and I also hope that can translate into business success.