1. Attention to details
Valuable: it contributes to the quality of the app's content
Rare: most people rely on pre-made outlines and don't pay as close attention to their book/lectures
Inimitable: it would be time consuming for others to copy
Non-substitutable: While Smokin' Notes provides this, their medium is much more time consuming and boring
2. Knowledge of general business courses
Valuable: contributes to the quality of content
Rare: some people just take classes to pass, not to understand content in depth
Inimitable: it would require the amount of work I put into my classes to copy
Non-substitutable: Smokin' Notes does a great job of giving students an understanding of key concepts, but is inconvenient for brushing up or studying quickly
3. Location
Valuable: being on a college campus where these classes take place makes it more relevant
Rare: Not super rare, but I'm better off than someone stationed in a different college town
Inimitable: Only another UF student with this idea could imitate this
Non-substitutable: you can't really substitute the location for somewhere else
4. Accessibility
Valuable: easy access makes it more available and appealing
Rare: there are tons of apps, but none like this one
Inimitable: Study Edge or Smokin' Notes could release an app like this (but they haven't)
Non-substitutable: while local tutoring services usually require frequent visits to their locations, this app doesn't confine users to a location
5. Widespread demand
Valuable: tons of students in the business school would like this app
Rare: --
Inimitable: --
Non-substitutable: --
**not a resource that can be "supplied" or "copied"
6. Networking opportunities (sorority, student groups)
Valuable: helps get the word out
Rare: not rare, but it doesn't need to be
Inimitable: --
Non-substitutable: --
**In this case, the more "available" this resource is, the better my networking opportunities
7. Notes to convert into the app's content
Valuable: Already have some means towards making my app real
Rare: while there are outlines out there, my notes are more succinct
Inimitable: pretty imitable
Non-substitutable: pretty substitutable
8. Specificity
Valuable: differentiates me from things like Quizlet
Rare: pretty rare; things like CourseHero and StudyBlue are somewhat unorganized and can be expensive
Inimitable: somewhat imitable
Non-substitutable: Smokin' Notes or Study Edge could provide this
9. My cousin's an app developer
Valuable: vital in making my app real
Rare: most people don't have family members with these skills
Inimitable: very hard to imitate
Non-substitutable: other resources could provide this service, but probably for a high cost
10. Ability to finance
Valuable: important to making my app real
Rare: not rare
Inimitable: very imitable
Non-substitutable: very substitutable
I think accessibility is my best resource, because it differentiates my idea from things like Smokin' Notes, which aren't available on a phone or other device. Moreover, it makes networking easier (people can easily just download a free app).
Hayley,
ReplyDeleteYour advantages are clear and concise but had I not read a previous blog post of yours, I am not sure I would have understood what your business was, perhaps an introduction would be helpful for others who have not read up on your business model before? I personally would have made your number 9 advantage in your top 3, not everyone knows an app developer and that is big in this day and age of modern technology.
Overall great post. If you would like to check out mine, here is the link:
http://nicoleslifeatuf.blogspot.com/2016/03/my-unfair-advantage.html
Regards,
Nicole
Hi Hayley!
ReplyDeleteI thought you wrote up a very impressive post. It seems like you have a very good idea of what makes your product valuable, rare, inimitable, and non-substitutable. I know as a student, that I am trying to exhaust every possible study/tutoring option that will help me succeed in my class, so if you see an opportunity in places that Study Edge and Tutoring Zone haven't moved in on yet, I think you should definitely pursue it especially if you have a cousin that can help you with the whole coding process! If you want to check out my post here is the link- http://daniellesteinent3003.blogspot.com/2016/03/my-unfair-advantage.html