23A- Your Ventures Unfair Advantage

1.      Advertising Experience: I have worked in several advertising agencies and understand a good marketing plan.

a.      Valuable: This is valuable to any entrepreneur for promoting any product.

b.      Rare: this is not rare and many people understand how advertising works however, I think my level of understanding is more than the average person.

c.      Inimitable: This is inimitable however, once I make a campaign for my product, no one can just copy it out right.

d.      Non-Substitutable: I could always substitute my expertise with an outside source for advertising such as using an ad agency or marketing agency.

2.      Customer unique experience, very user-friendly interface: Many people have complained to me how some hospital apps are very hard to use, and they don’t like them. My product will have a very user -friendly interface geared towards the customer experience.

a.      Valuable: yes, this Is very valuable to me and the customer. It saves time and frustration.

b.      Rare: This is not so rare in comparison to all apps on the App Store however, compared to other medical apps this is rare.

c.      Inimitable: this I unfortunately very inimitable.

d.      Non-substitutable: I don’t this this can be substitutable. This aspect of my product is very important.

3.      Social Capital: Connections with people in medical industry: My dad works with hospitals in the Miami area and I will be able to use some of his connection to sell my app to people in the industry.

a.      Valuable:  I believe this is valuable to because I will be able to meet with people face-to-face about my app and convince them to use it.

b.      Rare: This is not rare. Many people know people in the medical industry.

c.      Inimitable: This is not hard to copy. It is a matter of people skills and networking.

d.      Non-substitutable: Having these connections are vital to my business venture and I don’t think it is substitutable

4.      Marketing analytics experience: I have used many platforms to market people digitally.

a.      Valuable: These new tools are crucial now to targeting the right people on their mobile phones and laptops.

b.      Rare: this is rare because not many people know how to do market analytics

c.      Inimitable: People can replicate and learn these skills.

d.      Non-substitutable: Nothing can substitute the important of marketing analytics especially with a mobile application

5.      Social Capital: Personal relationships with people in public relations: I have many friends that work in PR with medical companies.

a.      Valuable: this is valuable for getting my message out and promoting my application to the public.

b.      Rare: this is not rare. Many people have relationships with people in PR.

c.      Inimitable: these relationships cannot be replicated.

d.      Non-substitutable: This could not be substituted.

6.      The industry for medical applications is booming: Many people are looking for easier ways to take control of their health care.

a.      Valuable: This is valuable for my application because people will be already searching for something like this however, it may increase competition.

b.      Rare: Not rare. People already have medical apps.

c.      Inimitable: The state of the industry right now is not imitable.

d.      Non-Substitutable: This cannot be substituted.

7.      Industry trend: People love to use their mobile device for all aspects of their life

a.      Valuable: This is valuable for the success of my application.

b.      Rare: This situation is not rare. I do not see it changing in the near future.

c.      Inimitable: This is inimitable for other companies. Other companies can use this advantage.

d.      Non-Substitutable: This is resource cannot be substituted. It is valuable for my whole entrepreneurial venture.

8.      Organizational structure: Casual environment that promoted invention and teamwork.

a.      Valuable: This is valuable for all employees working for the company.

b.      Rare: This is rare in the tech industry. Many companies are cut-throat and do not accept failure.

c.      Inimitable: This can be imitated by other companies.

d.      Non-Substitutable: Other companies can provide this culture; however, I will work to provide a very unique culture for my employees.

9.      Social Capital: Digital graphics skills: I have experience coding and creating an application.

a.      Valuable: This is very valuable for my application design.

b.      Rare: This is rare and not many people can code.

c.      Inimitable: Yes, someone can replicate my work if they are trained in computer engineering and coding.

d.      Non-Substitutable: Having these skills cannot be replaced by something else. These skills are crucial for my app design.

10.   Social Capital: Connections with computer engineers interested in working for me: my family is filled with computer engineers and they would love to help me with my idea.

a.      Valuable: This is so valuable to my product and its success. All the help I can get would be greatly appreciated.

b.      Rare: This is not rare. I can always find help from an university.

c.      Inimitable: Someone else can have many connections like me.

d.      Non-Substitutable: I can always outsource my help from other engineers.

Most important: Marketing Analytics Skills

I believe this is my most important asset for my company. If I market the right people, my application should be successful. I am true believer in the power of digital marketing and I have seen firsthand all the things it can do. I think my skills in this department are unique and rare. I can target people using big data programs and I feel comfortable using these programs. Although people know how to use these programs it is still valuable that I can do it on my own.