My Unfair Advantage - Week 11

I am an engineering student

-       This resource is extremely valuable for the business I plan on starting because it revolves around mechanical engineering.  Engineers are taught not only how to design products, but how to manufacture them as well.  Engineers aren’t really as rare as they used to be, but it is rare to have an engineer who can also manage an entrepreneurial venture. 

I have experience working with cars

-       I have worked on cars since I was 14 years old and have accrued a great deal of knowledge from this experience.  This would be valuable because it would help me anticipate possible challenges that are faced by many mechanics and aftermarket car part designers.  It is no longer common to see many people my age with knowledge of cars like I have.  It is not very inimitable or substitutable because of the fact that It has taken me 5 years to learn this amount of information.

I am familiar with the car modifying scene

-       Being part of the intended customer base means that I can really connect with my clients and understand how they would think.  Although it isn’t extremely rare or inimitable, I feel that it is definitely not substitutable because it is the only way to fully understand why someone would want to buy my product.

The startup cost for my venture would be relatively low

-       This would allow me to focus on creating a high quality product by not making me focus on the actual start of my business and more on the engineering behind my exhaust system.  I feel that this is pretty rare because although tech companies have low startups as well, mine would be far lower because I already have a space to work out of and materials to build with for free.  Not many people have these sorts of connections.

I have friends and other people I know who already work as mechanics

-       Although I know it is dangerous to work with friends, I think this is an advantage because I know what skills they possess and I know that I would not have to teach them or train them to do a job.  It is pretty rare to have a group of friends who are also interested in your business and not really inimitable.

I am well versed in CAD software which is where most of the designing would be done

-       This would save me an extraordinary amount of time so that I wouldn’t have to spend hours trying how to use the software necessary to design my product so that it can be made in machines.  Although this isn’t rare, I think it is a very valuable resource.

I am extremely passionate about whatever I put my mind to

-       This is something that would help me enjoy what I’m doing so that I never get burnt out and keep my innovative.  So often entrepreneurs get burnt out on their plans and they don’t follow them through.  Most entrepreneurs are passionate about what they are pursuing but it also doesn’t mean it is imitable. There is nothing that can substitute passion. 

I am good at balancing schedules

-       Many entrepreneurs find themselves balancing extremely busy schedules as work begins to take over their lives.  I feel that I am suitably prepared for this because I have been balancing work all of my life because of things like sports, jobs, and school.  It isn’t very common to be able to balance all of this as people usually drop one more for the other.  Although it is somewhat imitable, I think many people forget to think about it. 

I am good at making unbiased decisions and listening to others.

-       This would be valuable because sometimes an entrepreneur’s head will become clouded with judgment as they have to deal with so much at one time. I always greatly respect other people’s opinions because sometimes they are able to think about an idea in an entirely new way that can be better than my own.  I think it is often hard for entrepreneurs to abandoned their own ideas.  It is a value that cannot be substituted.

I like to have fun

-       It is always good to be able to work hard and play hard because too much of one leads to either becoming lazy or depressed.  Trying to make my venture fun is just as important as working hard because there is no point in having success if you are too depressed to enjoy it.  I think many people need to think about this concept because anyone can do it, it just requires taking a step back sometimes.

I think the most important resource I have is my knowledge of the industry.  This is experience that cannot be replicated and will become a great advantage as it will allow me to anticipate possible problems before they happen.  It requires years of reading through magazines, journals, and working on actual cars to understand much of what goes on underneath them.