Assignment 23 - Your venture’s unfair advantage

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In the following I want to point out all the resources my venture has so far:

1) Passion for food

- Valuable: Having a passion for food is valuable when opening up a vegetarian fast-food restaurant because it allows me to produce high-quality food and not low-cost/low-effort food as most ordinary fast-food restaurants do. You need a passion for what you do, otherwise, you won’t do it well.

- Rare: This resource is rare because not everyone has a passion for food. Others have a passion for cars, finance, etc.

- Inimitable: Passion is very hard to copy. If you don’t have it, you will most likely not develop it.

- Non-substitutable: Passion is non-substitutable, if you don’t have it you might do your work just for money. And then your results will definitely be not the same.

2) Endurance

- Valuable: Nothing is perfect from the beginning. Thus, it takes hard work and endurance to improve it until you’re satisfied with the result.

- Rare: Not everyone shows endurance, most of the people give up too early. That’s why the resource is rare.

- Inimitable: Endurance is not imitable

- Non-substitutable: If you don’t have endurance than you might give up. There is no substitute for it

3) Cooking skills

- Valuable: Cooking skills are very valuable for opening up a restaurant. Otherwise, you would need to acquire them somehow or your food won’t taste good.

- Rare: Cooking skills might, in fact, be not very rare, many people have them (especially housewives)

- Inimitable: Cooking skills are imitable, e.g. when you learn from someone how to cook

- Non-substitutable: Cooking skills are non-substitutable because you need to have them either by yourself or you have to employ a cook. But if you have neither of it, you will face a problem

4) Information about nutrition and vegetarian diet

- Valuable: This resource is valuable because it allows me to create more healthy meals and offer a wider variety of vegetarian food, since I have a vegetarian diet by myself

- Rare: This knowledge is not rare, but I think many people in the catering industry might have experience with cooking, but do not know what it takes to have a healthy nutrition.

- Inimitable: This resource is not inimitable since everyone can acquire knowledge about nutrition and vegetarian diets

- Non-substitutable: There are no other assets that can provide the same benefit

5) Experience in the catering industry

- Valuable: This experience is valuable, because I already know how it is to work in the food industry. Thus, I won’t be surprised and know what I can expect.

- Rare: It is not rare to have experience in the food industry

- Inimitable: It is not hard to copy, you can just go and find a job in a restaurant

- Non-substitutable: This experience is not substitutable

6) Open-mindedness to the newest technology

- Valuable: It allows me to use the newest technology in my fast-food restaurant, and thus making my business more efficient and effective than older fast-food restaurants

- Rare: It is not really rare, because most of the fast-food restaurant strive to use the most efficient methods and machines

- Inimitable: This resource is not inimitable

- Non-substitutable: This resource is non-substitutable.

7) Social network with many people that have a vegetarian diet:

- Valuable: Having a social network is valuable because there are so many people out there that I could get advice and help from. I can really count on them. In addition, it helps me to promote my restaurant via word-of-mouth advertising.

- Rare: This resource is rare because although many people might have a social network, there are not many of who have a lot of people with vegetarian diets

- Inimitable: This resource is hardly imitable.

- Non-substitutable: You can also advertise your business in a different way than word-of-mouth advertising and you can also pay for getting help, but it makes life much easier to have friends which can help you out.

8) Financial support from my parents

- Valuable: Private financial support is very valuable because it means that I don’t have to go to a bank to get a loan (which would be way more expensive because they would charge me interest). Thus, my venture has a financial advantage.

- Rare: This resource might be rare because not all entrepreneurs in the fast-food industry have private support.

- Inimitable: This resource can be imitated by everyone who has financial support from his/her parents

- Non-substitutable: This resource is substitutable by financial support by friends or a loan without interest charges

9) Books with recipes for vegetarian food

- Valuable: Those books are valuable because they give me inspiration for different vegetarian food I could offer

- Rare: This resource is not rare, because everyone can acquire it

- Inimitable: This resource is very easy imitable e.g. by buying books

- Non-substitutable: This resource is substitutable, e.g. by using the internet to search for new recipes

10) Chairs and tables

- Valuable: Chairs and tables are valuable because some customers will prefer to sit down and eat their food right away

- Rare: Chairs and tables are not rare, nearly every fast-food restaurant has them

- Inimitable: Chairs and tables can be easily copied by just buying them at a furniture store

- Non-substitutable: Chairs and tables can be substituted by benches or by high tables, where the people have to stay while they eat.

Top resource

My top resource is my passion for food because I think that is really going to make a difference to other fast-food restaurants. I think my customers will buy food at my restaurant because it will just taste so much better than ordinary fast-food and is vegetarian and healthy in addition.

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