MY VENTURES UNFAIR ADVANTAGE

1.     Know many local gym owners already

Valuable: Very valuable. I have the ability to build stronger relationships and business partnership based on the past.

Rare: Not very rare. I assume someone could come in and build a relationship in short amount of time.

Inimitable: it can be imitated and might be easily done.

Non-substitutable: it can be substituted, having a connection to the gym is important but knowing the owner is not the only way.

2.     Sales Experience

Valuable: Very valuable. This is basically 50% of my business model and what will account for most of the revenue.

Rare: Now days it might not be as rare, but I think it is still somewhat rare.

Inimitable: I don’t believe it can be imitated. You either have the knowledge and experience or you don’t.

Non-substitutable: Again, I don’t believe it can be substituted or at least substituted easily.

3.     CrossFit Experience

Valuable: Very valuable. This is the market I am planning on starting with.

Rare: As for my competitors it is not very rare to have this experience. 

Inimitable: No, this is a very different industry and this resource cannot be imitated easily.

Non-substitutable: There are possible substitutes, if someone has worked at a small business before but it might take time to adjust.

4.     Know the area and local businesses

Valuable: Knowing the area might not be as valuable as knowing local businesses.

Rare: Not very rare, many people in Gainesville are from here and it’s a smaller town so lots of people know each other.

Inimitable: I think it could be imitated.

Non-substitutable: I can think of a couple possible substitutes for this resource.

5.     Have entrepreneurial contacts available at UF and SFC

Valuable: Very valuable. Gainesville is big on entrepreneurship and these contacts can provide lots of help and advice.

Rare: Probably not very rare, I would imagine a lot of entrepreneur minds out there have mentors or clubs that help with ideas etc.

Inimitable: Yes, it can

Non-substitutable: Yes, it can also be substituted.

6.     My company is local

Valuable: Very valuable. Most companies that do advertising or far away and you only communicate through the Internet or skype instead of in person.

Rare: Very rare.

Inimitable: I think it could be imitated but as of yet, I have not seen a local business like this in Gainesville.

Non-substitutable: There is possible substitutes, but I think it is difficult to provide the same feel or results.

7.     Savings to start company

Valuable: Somewhat valuable. Some could argue that it is not big factor because you can find different ways to acquire capital.

Rare: Not rare, many people out there that can find or have money to put into business.

Inimitable: It can be imitated.

Non-substitutable: Yes, it can be substituted, I would add pretty easily by another resource.

8.     Bilingual

Valuable: Very valuable in an area like Gainesville with many Hispanics.

Rare: I would say it is somewhat rare.

Inimitable: This resource cannot be imitated or at least can’t be done easily.

Non-substitutable: It could be substitutable.

9.     Familiar with Social Media

Valuable: Very valuable since this is half of the business model and plan.

Rare: I don’t think it is rare now days, many people know and are experts at social media.

Inimitable: I don’t think it can be imitated easily. Social media is such a big part of everyone’s lives right now it is hard to steer away from it. 

Non-substitutable: I don’t believe it can be substituted. You either do social media advertising or you don’t but it has shown to produce the best results for local gyms.

10.  Access to Sales training

Valuable: Somewhat valuable, especially when trying to train and hire other employees.

Rare: Not very rare, now days you can find great training on any free website or even YouTube.

Inimitable: I don’t think it can be imitated, this is a big part of learning to sell.

Non-substitutable: Only thing I think it could be substituted by is just real-life experience.

Top Resource:

I believe my top resource is the experience I have working at a CrossFit gym. Not only any CrossFit gym but a gym that is successful and has found success in gaining new customers rapidly. I have learned how to advertise, what platforms to use, what companies are out there, and what some of the obstacles are. More importantly I have met face to face with the people that are becoming new customers, I have persuaded them to join the gym and have learned much about their wants, needs, and desires. This all will help tremendously in taking some of these techniques and especially the success that has come with it to other gyms.