1. Being a late night restaurant, stating open till the early morning
Valuable: Yes, this is valuable because there are barely any real restaurants that are open till very late.
Rare: Yes, it is very rare in the Gainesville area.
Imitable: It is imitable but I plan to establish a brand so respected customers will stay loyal.
Non-Substitutable- No, it is.
2. Always willing to learn
Valuable: Yes, it is extremely valuable because I am willing to adapt.
Rare: Yes, it is rare people get complacent.
Imitable: No, people either are willing to change or are not.
Non-Substitutable: Yes, it's not.
3. My experience in the restaurant industry
Valuable: Yes, it is extremely valuable.
Rare: The experience I got was rare I learned straight from the owners of establishments.
Imitable: No the experience I have you cannot imitate.
Non-Substitutable: Yes, it's not.
4. Social Responsibility
Valuable: Yes, it is valuable for your customers to know you care about the exterior parts of business.
Rare: Yes, I would say it is somewhat rare because not all companies follow the same values.
Imitable: Yes it is.
Non-Substitutable: No, it is.
5. My knowledge in business because of my very useful business degree from a great university.
Valuable: No it is not valuable thousands of other people have the same degree.
Rare: No it is not rare thousands of people have the same degree.
Imitable: Yes you can get the same degree.
Non-Substitutable: No it is extremely substitutable.
6. Being able to speak two languages
Valuable: Yes it is I can speak to way more people.
Rare: I would say it is pretty rare not a majority of people can.
Imitable: Yes anyone can learn.
Non-Substitutable: Yes, it's not.
7. Relentless work ethic
Valuable: Yes it is because I never give up.
Rare: I would say it is rare not many people have it.
Imitable: No it is something you just either have or do not.
Non-Substitutable: Yes, it's not.
8. Management skills
Valuable: Yes it is valuable because you need to know how to manage people.
Rare: I would say it is rare for people to be really good at it.
Imitable: Yes I believe it is some people can learn it.
Non-Substitutable: Yes, it's not.
9. Communication skills
Valuable: Yes it is you need to know how to speak to people professionally.
Rare: No I would say plenty of people have this skill.
Imitable: Yes it is.
Non-Substitutable: Yes it's not.
10. A passion for cooking delicious healthy food
Valuable: Yes it is.
Rare: I would say it is not many people like to cook.
Imitable: No some people are born with the passion others aren't.
Non-Substitutable: Yes, it's not.
Reflection: I think my experience in the restaurant industry is my most valuable asset simply because the training I got was directly from successful restaurant owners themselves. That is something not many people get the opportunity to have so that is why I believe it is my most important asset.
David,
ReplyDeleteYour Unfair Advantage blog was very similar to mine. We both have common interest in the cookie industry and it shows that you truly love what you do. That being said, after reading this I think I can confirm that you have an "unfair advantage" over your competitors.
Hey David,
ReplyDeleteI think that you incorporated your assets very well within your post and chose skills and other assets that go hand and hand with your business idea. Having first hand knowledge on how a restaurant works is probably the biggest advantage from the list because it is a huge learning curve and the fact that you already have insight puts you ahead of the game.
Hey David I really enjoyed reading your blog post. In fact, your unfair advantages turned out to be pretty similar to mine. We both have solid knowledge about our businesses and people who will be there to advise us. We both have great management and communication skills, making us strong businessmen and even stronger leaders. Lastly, we both are pursuing opportunities in the restaurant department.
ReplyDeleteHey David, your experience in the restaurant business is a very important tool for you in the short run and as you continue in your business you will build on your foundation of knowledge and become even more of an expert. I think this is without a doubt one of your more important resources.
ReplyDelete