23A – Your Venture’s Unfair Advantage


  1. Connection to mass suppliers (Social)-I think it is valuable that my friend owns a few companies, one being one of those companies that sends you a monthly subscription box.  He knows different kinds of websites and businesses where I could buy mass amount of material if I needed to.
  2. Connection to several entrepreneurs (Social)-I believe this is valuable because I am friends and have family friends of those who have started their own business so I could ask them for tips and what I should/shouldn't be doing to succeed.
  3. Connection to local boutiques (Social)-I think it is valuable that in Gainesville (and Florida in general) there are boutiques where I could possibly sell my product because my target market is the people who shop there, too.
  4. Willing investor (Financial)-I have already spoken to someone close to me who said that they would help me jump start my company in any way I needed if I decided to do this (even though Dr. Pryor suggested to not invest with your family).
  5. Eye for fashion trends (Human)-I think it is valuable and rare (more unique) that I believe I have an eye for fashion and the current trends so I would be able to tell what people would like and what they wouldn't like when looking to buy a product.
  6. Willingness to work (Human)-I think it is valuable that I am hardworking and a perfectionist.  When it comes to something like a business and especially starting your own, you have to be willing to put in the work and time because it is not easy.
  7. Social Media (Human)-I have a somewhat strong social media (updating it and knowing how to make everything look aesthetically pleasing.  Social media is so important in something like jewelry/clothes to reach more people.
  8. Part of the target market (Human)-I myself am someone who would buy the product so because I know myself, I generally know the target consumer which I find valuable.
  9. Knowledge of different selling platforms (Human)-I think it is valuable that I know how to operate different selling platforms (etsy, my own website, Instagram, in stores..etc.) because it is important to consider and utilize more than one.
  10. Jewelry wearer (Human)-I lastly believe it is valuable that I wear jewelry everyday.  I know what people would want in their jewelry because my friends and I all wear the same kind.
I think my top resource would be social media.  I have seen so many people start their brands on platforms like Instagram.  I think it is how to get people to hear about your product, and then convince them that they would like it/need it through photos and testimonials.  I edit pictures for all of my friends to make the colors stand out and cool things that would look good on a store's page.  I think this kind of skill is attainable, but rare.  It is valuable because it leads to success.  Different brands can try to imitate other pages, but every single one is so different, and people notice if people copy.  Social media is how people all over the world interact and connect and it cannot be substituted for the same exposure as other things.

Comments

  1. Aubrey HoffmanNovember 17, 2018 at 6:52 PM

    Hi Sydney,

    Great job with this post this week! I really like that you picked social media as your top resource, because I agree strongly with this. In today's generation social media is the ticket to reaching your targeted audience, especially for what your venture is. I think social media will take your product far and you will be able to reach a large audience. Because social media is so popular, and many people are using it for their businesses, I would challenge you to think of what the next big platform will be and ensure you get on it ahead of other entrepreneurs.

    ReplyDelete
  2. UnknownNovember 19, 2018 at 3:13 PM

    Hi Sydney,

    I think you did a great job listing a variety of resources. I agree that social media is important in today's age and will be extra important for your business idea. I like how you identified your connection to local boutiques. In addition to selling online/through social media, you can have retail presence as well. The connection to mass suppliers would also be helpful. Good work.

    Grant

    ReplyDelete
  3. UnknownNovember 19, 2018 at 11:11 PM

    Hi Sydney,

    I like the amount of detail you put into this post. I agree with you that social media is very important when reaching out to people for a business. Everyone is constantly using social media and it would be a smart idea to implement business ideas to Instagram. I believe that using social media is our generation’s new way of networking since we can meet people from all over the world on social media.

    Ramar

    ReplyDelete
  4. UnknownNovember 19, 2018 at 11:27 PM

    Sydney,

    Great work listing and explaining all of your advantages in this venture! All of these seem highly relevant, and I like that you are able to appreciate the value that they can each bring. I also agree that having a willing investor is a massive advantage - however, you may want to think strongly about Dr. Pryor's advice, as there's always a risk of straining the relationship when you go into business with a family member. Nice post!

    Zach

    ReplyDelete

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