Wednesday, November 13, 2019
23A Your Venture's Unfair Advantage
23A: My Venture’s Unfair Advantage
1. Uniqueness of Venture
a. This venture is very unique in nature because I have only ever heard of European nations taking advantage of this service
b. Many people would be afraid of starting this service for fear of breaking the laws.
2. High barrier to entry
a. This venture has a high barrier to entry because for it to work, one has to network hard to pitch this idea to music festival organizers.
b. Also, federal laws could prohibit this venture from happening in certain areas.
3. Social Capital
a. I am a part of a fraternity on campus, so I believe that I can utilize my connections to the greatest extent.
b. I also can ask my network to see if this is a good idea.
4. Lack of competitors
a. Since this concept is pretty new, there are no competitors in this market, so profit margin could be high.
5. Experience with music festivals
a. Because I attend music festivals often, I know what it is like, and I know what consumers want with this service.
6. Publicity
a. I can utilize my social media platforms to advertise the safety and the benefits of this service.
7. Teamwork Experience
a. I have experience working on a team of consultants, so I can use that skill to start a business.
8. Diverse perspective
a. I come from a diverse background, so I can leverage my ideas that others would not have.
9. Willingness to learn and fail
a. I have a growth mindset and I would not give up even if the venture fails.
b. I will just learn from my mistakes and try to make the venture come true
10. Budgeting experience
a. Because I served as the treasurer of my fraternity and as student government’s assistant treasurer, I have experience budgeting the funds of organizations.
My top resource would be to have the willingness to learn and fail. I think that often time when people fail, they would give up on what they want to do in life. With this mindset, they will often set themselves up for…failure. I think with persistence, I will succeed,
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Duc,
ReplyDeleteI thought you had some great points one of them being a barrier to entry. If it is hard for people to get into a business this may have a big advantage to you if you are willing to put in the work. I also think that your social capital will go a long way because knowing people is part of the most important things in business. Great job
Duc,
ReplyDeleteI think that most of the skills you listed will be very helpful when attempting to create your service. In my opinion some of the more valuable things you listed are your social capital and knowledge of the industry. Your connections could allow you to get your product into a few festivals initially while it is unknown, and your knowledge of festivals will help you to create a service that people would want to use.
Duc,
ReplyDeleteThe skills your business has makes it stand out against your competitors. I also was treasurer of my fraternity and it provides a lot more skills than you think. I do not think your barrier to entry is that high as you think it is because festival goers are not the hardest crowd to market to.