Wednesday, March 23, 2016
My Unfair Advantage
Human Capital
1. Hardworking: I will not stop until I have reached my goals; many people give up before the task is completed, not me; in this day in age it can be hard to find people who are willing to put in the work for what they want; nothing replaces hard work in success.
2. Passionate: I have a vested interest in this venture; alot of people are passionate about food; anyone can be passionate but it is how they apply the passion to their work; no.
3. Knowledge of the food industry: In my venture knowledge of the food industry is key; this is not a very rare resource since; for people without prior knowledge it can be difficult to gain.
Social Capital
4. Connections with software engineers: My venture is an app and having people with the knowledge of how to format it will help be set it up; I have a unique connection through my father who works for a software company; there are hundreds of people in the world with programming experience; there is no other way program an app without prior knowledge.
5. Social Media Outlets: If it isn't apparent on your facebook, I believe that one of the best ways to spread information about your project is through social media; anyone can post to social media outlets; it does not take alot to set up a social media account.
6. Instant Feedback: I have friends willing to help and give instant feedback. They are not afraid to be brutally honest with me and it helps me develop my venture better; it is rare to find good friends these days.
Financial Capital
7. Savings: I work hard and every sent I earn goes straight into my savings. I can use this money to fund my venture; money isn't a rare venture; with hard work and a good paying job anyone can have financial capital.
8. Good Credit Score: Banks are more willing to give a loan to someone with a good credit score; in today's economy it is hard to get a loan from the bank; it takes years to repair/ build credit.
9. Family backing: I thankfully come from a fortunate background and know that I have built a relationship with my parents and other families that would make them feel comfortable giving me a personal loan; some families don't have the capability of funding big ventures.
Capabilities
10. Ability to communicate well with others: I am an independent person and have been since I was little, because of this I am comfortable talking to anyone and getting my point across; it is a special skill to be a confident speaker; it is not a skill than can be learned overnight.
My #1 Resource
My ability to communicate my message. This skill will help me communicate my venture idea with potential investors, clients, and connections. This is more important than all my other resources because it leads to success with the other resources.
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Hey Niamh, you and I both shared some of the same resources such as having a good credit score, being hardworking and having connections. I think that having those resources are very key in starting a business. I also really like how you separated the different types of resources, I did not do that in my post. Check out mine here: http://andrewdales.blogspot.com/2016/03/my-unfair-advantage.html
ReplyDeleteNiamh,
ReplyDeleteHaving a great credit score is a great thing for every budding entrepreneur. This will help you secure debt if you need to start a new business. Other than that, your connections and hardworking nature will also bode well into your young career. Keep working hard, your idea is great and if you would like to read my blog please go to: http://mitchallenent3003.blogspot.com/
thanks,
Mitch