1. Human Capital: I have developed relationships with friends that are very valuable to my app.
a. Valuable: My friend who created his own app can give me insight on how to appeal to my target audience
b. Rare: Not many people are close friends with an entrepreneur like I am
c. Inimitable: It is not hard to meet people, but meeting the right people is difficult to come by
d. Non-substitutable: I cannot replace my friendship with this entrepreneur because our relationship goes beyond that of a mere resource
2. Social Skills: I am a very social and personable person who has great social skills.
a. Valuable: My ability to communicate well with others and keep conversations going allows me to develop personal relationships with others
b. Rare: Not everyone has the ability to talk to anyone they come across
c. Inimitable: People can develop this skill, but it requires them to come out of their comfort zone
d. Non-substitutable: There are not many other skills you can substitute to obtain a social skill
3. Financial Capital: I am by no means a rich individual, but I have worked since I was in middle school, allowing me to have a nice cushion of cash to get by.
a. Valuable: I need funds in order to create this app
b. Rare: people can earn money through hard work, so it is not rare
c. Inimitable: Everyone has money to a certain degree, and many people can possess the same amount of money
d. Non-substitutable: I could use other items to barter with, but most of the time money is the common currency used for trade
4. UF Community: The University of Florida offers several opportunities and resources to create a business venture.
a. Valuable: The career resource center here at UF is one of the best in nation and offers great resources
b. Rare: Only the students attending the university have access to such a resource
c. Inimitable: Trying to copy the UF resource center is very difficult
d. Non-substitutable: The only thing that comes close to this resource is google, but google is all online-based and does not connect you with real people
5. Greek Life: Being a part of a fraternity offers very valuable networking opportunities.
a. Valuable: The opportunities that arise from meeting guys from all over the nation and even world opens up so many opportunities one could not find elsewhere
b. Rare: This networking system cannot be found anywhere else
c. Inimitable: You cannot imitate the bond one forms through the brotherhood of a fraternity
d. Non-substitutable: Friendships are not substitutable
6. Organizational Skills: I am a very organized individual who is always put together.
a. Valuable: Being organized and in order allows me to quickly and efficiently complete tasks
b. Rare: Many people are unorganized and converting them takes a lot of time
c. Inimitable: Anyone can become organized
d. Non-substitutable: Being organized is hard to substitute because not many other skills will allow one to keep all of their tasks in check
7. Support from Friends: Receiving support from your friends gives you confidence and offers another networking opportunity.
a. Valuable: Friendship is very valuable and being able to rely on your friends cannot be seen through a price tag
b. Rare: Most people – or I would like to assume – have friends, therefore not making this a rare resource
c. Inimitable: Friendship is imitable, however, the level of friendship might not be
d. Non-substitutable: It is very difficult to replace someone’s friendship, as most people are unique, and you will not find another person like friend
8. Family Resource: Having a strong family background with loved ones that will support you is very important.
a. Valuable: Family is something that should be held as one of the most valuable parts in one’s life
b. Rare: Most people have at least some sort of family that they can rely on, it just depends how close they are to them
c. Inimitable: It is very difficult to imitate a family role, but it is possible
d. Non-substitutable: You cannot substitute someone as a family member. In other words, no one could substitute for my mom.
9. Software developer: Finding the right person or persons to develop the software for my app is very important.
a. Valuable: Who I chose to program my app matters because every programmer could have a different picture in their head of what I want, so I must find the one that thinks like me
b. Rare: With the growing market of apps, programmers are not hard to come by
c. Inimitable: Because there are so many programmers available, they are usually imitable
d. Non-substitutable: Replacing the right programmer is difficult, especially after you develop a personal relationship with them
10. Punctuality: I am a very punctual person, meaning I am typically always early to meetings and prefer to accomplish tasks far in advance.
a. Valuable: This is a skill that holds value because many people procrastinate, which is a very unhealthy way of accomplishing things
b. Rare: Many people are punctual, so it is not necessarily rare
c. Inimitable: If one does not practice punctuality, they can typically gain the skill with repetition
d. Non-substitutable: You can substitute this skill with other skills, such as organization
Out of all of these resources, I would say the most important one is the Greek life resource with networking. Being a part of an organization with so many other college students that have the same aspirations as me but are from all across the map is amazing. Through my fraternity I have met so many ambitious men who are achieving so many great tasks and having them as a resource is very hard to come by.
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