Assignment 23A - Your Venture's Unfair Advantage

1. My family friend recently launched an app: could get advice from him

• Valuable: This is valuable because I can ask him for advice
• Rare: This is rare because not many people have their own app
• Imitable: This could be imitated because some people do have their own app and can be used as resources
• Non-substitutable: I don't need advice from someone else but it would be helpful

2. Fundraising experience: was a captain on a Dance Marathon team and fundraised thousands of dollars

• Valuable: This is valuable because I will need money to get the app started
• Rare: This is somewhat rare, but I feel like most college students have had to fundraise before
• Imitable: This could be imitated, fundraising is not unique to me
• Non-substitutable: I would need funds so this really isn't substitutable

3. Motivated to be healthy: I want to use this app myself

• Valuable: This is valuable because I would need to use the app to believe in it
• Rare: This is not rare, a lot of people have this motivation
• Imitable: This is definitely inimitable
• Non-substitutable: I could technically do the app without this motivation, but it would make it harder to want to

4. Programming experience: I took a few programming courses

• Valuable: This is valuable because I may have to do some coding myself to decrease cost
• Rare: This is somewhat rare, not a lot of people can code
• Imitable: Anyone can learn to code
• Non-substitutable: I don't need this experience but it could end up helping

5. Public speaking: I've had to give presentations my whole life

• Valuable: This is valuable because I will certainly have to present my idea to someone at some point
• Rare: This is not rare, many people do public speaking
• Imitable: This can be imitated easy
• Non-substitutable: I could hire someone to speak for me

6. Experience in the gym: I usually go to the gym on a normal basis

• Valuable: This is valuable because I understand how gyms work
• Rare: This is not rare at all, many people go to the gym
• Imitable: This is easily imitated, you just need a membership
• Non-substitutable: I don't have to go to the gym to make this app, but it helps me understand the market better

7. Student at the University of Florida: there are smart people all around me who can help me

• Valuable: This is valuable because I can get advice or ideas from my peers and friends and even have them work with me
• Rare: This is relatively rare because you're usually only at college for about 4 years out of your life
• Imitable: This can be imitated, you just have to apply and be accepted
• Non-substitutable: I don't have to be a UF student to make this app

8. There isn't an app that works the way I want mine to work: I would be the only one in the market

• Valuable: This is valuable because I wouldn't have any direct competitors
• Rare: This is rare because most companies have close competitors
• Imitable: A competitor could eventually enter the market
• Non-substitutable: Competition isn't a deal-breaker, it just makes it harder

9. Social media/internet marketing experience: I owned a social media business and have knowledge of internet marketing

• Valuable: This is valuable because I will need social media pages to promote my app
• Rare: This is rare because not many people have owned a social media business before
• Imitable: There are people with social media businesses already
• Non-substitutable: This experience isn't crucial but it is helpful

10. My dad is an entrepreneur: He motivates me to keep going and think of new ideas

• Valuable: This is valuable because I can use his wisdom to avoid potential problems
• Rare: This isn't entirely rare, there are a lot of entrepreneurs in the world
• Imitable: This can be imitated, I'm not the only person with a dad who I can talk to and ask advice
• Non-substitutable: I could do this without his advice but this makes it easier

My most important resource would be my prior experience with owning a social media business. Once you've already made money from a business you started, it's a little easier to do it the second time. Also, getting downloads and marketing would be a big factor in the success of the app, and I feel confident I could handle that with my experience.