- Valuable: Soft skills are crucially valuable in the viewpoint of customers.
- Rare: In most businesses it is not rare and more of a rule, but it is overlooked by some.
- Inimitable: No, I believe it is performed in different versions of practices in the business world.
-Non-Substitutable: Soft skills are very essential and a necessity when dealing with customers.
2.) Hospitality
- Valuable: This is a very valuable resource in the movie theater industry and it might be the only key ingredient in retaining customers.
- Rare: In some cases it can be, but shouldn't be when running a movie theater.
- Inimitable: Yes, although this resource is not valued as much as it should be
-Non-Substitutable: This resource absolutely cannot be substitutable in the movie theater industry.
3.) Creativity
- Valuable: Creativity is most of the time valuable, but can break a business is an idea of creativity backfires.
- Rare: No, many individuals in charge of a business are creative, but it's the way they plan to be creative in regards to success.
- Inimitable: Creativity is used in all sorts of ways from standing out from other businesses, but creativity can be copied by other business in how effective and efficient it works for the original creator.
-Non-Substitutable: No, I don't think this is a substitutable resource. It's more of a decision.
4.) Strong Work Ethic
- Valuable: Anytime you acquire and display a strong work ethic, you eventually receive a
- Rare: Yes, it can be if you don't expect it from yourself or your business partners.
- Inimitable: No, this resource cannot be measured, but only recognized by results most of the time.
-Non-Substitutable: No, this resource is hard to substitute when trying to make a business succeed unless you rely on luck.
5.) Experience
- Valuable: Any experience in the same field of the industry is certainly valuable over someone who does not have any experience at all.
- Rare: Yes, experience can put you over the top in simple terms of knowing what to do and what not to do in certain situations.
- Inimitable: Yes, but different experiences can result in different solutions to a certain problem with the business.
-Non-Substitutable: No, you cannot substitute this resource with someone who basically does not retain this.
6.) Knowledge
- Valuable: This resource can be valuable when you know a how certain aspect succeeds and fails in the business based off prior knowledge.
- Rare: Yes, especially when you retain and use this resource to the best of your ability.
- Inimitable: Yes, but not everyone uses this resource to the best of their advantage.
-Non-Substitutable: No, I don't think everyone has the same exact sense of knowledge and makes the same judgement towards a business decision.
7.) Connections
- Valuable: Having connections with the right people in the same industry can be very valuable.
- Rare: I absolutely think that this resource is rare when you need suggestions on what you can do for your business startup to succeed.
- Inimitable: No, a connection is usually a prestigious relationship.
-Non-Substitutable: I don't believe this resource can be substitutable.
8.) Competitive Attitude
- Valuable: Having this resource can be valuable for a business in the nature of wanting to succeed consistently.
- Rare: It can be when you're always looking for a route to make your business more of a juggernaut compared to competitors.
- Inimitable: yes, but not measured.
-Non-Substitutable: No, this is a type of tenacity that makes a business so special. Especially sometimes for customers.
9.) Goal Achiever
- Valuable: Yes, this is a motive that every person involved in a startup should have.
- Rare: Yes, this resource is usually valued but not performed too well.
- Inimitable: Yes, but not always.
-Non-Substitutable: It can be substitutable in the ways people view their goals for their startups.
10.) Adaptive
- Valuable: Being able to adapt to any circumstance or situation at a certain crucial point for a business can be more valuable than people think.
- Rare: Some business policies and ways of running things are set in stone from the beginning of the startup and some businesses adapt, so in a way it can be rare.
- Inimitable: No, adaptability is not imitable. I believe it is a level of practice.
-Non-Substitutable: I don't believe this sort of action can be substitutable.
The top resource I obtain and is most important to my venture is the connections resource. I think having that ability to go back to colleagues you've shared a relationship with and for them to help you out in a startup gives my business an advantage over other competitors.
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