1) Having access to individuals
who know how to make these quality meals
Value: Very valuable.
Rarity: This is not rare because a lot of people have a
variety of worldwide connections.
Imitability: imitability is high as anyone can make a chicken
alfredo meal. However, the key distinction is the QUALITY in the individuals
who know how to make it.
Non-Substitutability: The only other way to provide this is
to get another chef of less-quality.
2) Having access to individuals
who know how to market new meals to the fast-food restaurant consumer
Value: Very valuable.
Rarity: I think this is sort of rare as most people don’t know
people like that on a first-name basis.
Imitability: Imitability isn’t high.
Non-Substitutability: Yes, other people can do the job but how
well will they do it?
3) Willingness to accept
failure
Value: Very valuable. Some can’t accept this, and it ends up
costing them their whole business
Rarity: While not extremely rare, I do think most will keep
their doubts in the dark rather than being open about it.
Imitability: This mindset can be copied.
Non-Substitutability: No.
4) Start-Up Business
Experience
Value: Very valuable.
Rarity: Not very rare as many people have experience in
starting up businesses whether they end up good or bad.
Imitability: I highly doubt someone is pitching the same
idea as me
Non-Substitutability: Sure, other people have experience but
I doubt there are other alternatives.
5) Unique Idea
Value: I think my idea can be very valuable, only time will
tell.
Rarity: Unique= rare.
Imitability: A competitor could replicate my idea; however I
don’t see the success rates being high.
Non-Substitutability: Don’t think so
6) Being Able to Learn on
the Fly
Value: Very valuable. Helped me a lot in school growing up.
Rarity: I think it is rare as many people have many
different great skills. However, a lot of people can’t just learn things and then
do them
Imitability: This is a very hard skill to imitate because for
a lot of people, it takes time to learn and process things
Non-Substitutability: Being good at other things can take the
pressure off being a fast learner. (i.e being a fast reader, or a good listener)
7) Having People Who Support
my Idea
Value: Very valuable.
Rarity: Not very rare as a lot of people have support from
their friends and family
Imitability:
Non-Substitutability: Support can come from anyone and can
come in a variety of ways.
8) Simple Idea Being
Pitched
Value: Very valuable to me because I think the benefits could
be great.
Rarity: I think my idea is rare as I’ve never heard about it
in the real world.
Imitability: Many ideas can be replicated
Non-Substitutability Nope.
9) Everyone Loves
Chick-Fil-a
Value: This is very valuable because almost any new product
that Chick-fil-a tests on the open market, it usually always gets much
attention from consumers. This trend will only help me in my idea to pith new
chicken related meals at Chick-fil-a.
Rarity: It is rare for an establishment to get so much recognition
for its food and service.
Imitability: Very hard to copy the love Chick-fil-a gets in comparison
to other fast food restaurants.
Non-Substitutability: Perpetual industries could be
substituted with just a long-lasting one or a very short-lived industry, both
can be profitable like a perpetual one.
10) Being a Risk-Taker
Value: This is valuable because if one doesn’t take risks,
success may never be found.
Rarity: 50/50. Some play it safe and others take risks all
the time within the business world.
Imitability: You either take risks or don’t.
Non-Substitutability: You either take risks or don’t.
I think my top resource is my willingness to accept failure
if I gave it my all. If my idea pops off and is a great success, then great for
me. If my idea doesn’t do as well as I thought it would, I’m okay with that because
I gave it my all and wasn’t afraid to take a chance.
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