Venture's Unfair Advantage

Resources

1. Knowledge of Programming
   
   My core classes for my major are Programming. Granted I'm no Steve Wozniak or Bill Gates, but learning programming is like learning another language: your first programming language is always hard, but once you know one, learning another programming language (or learning more features) becomes easier.
   
   
   1. Valuable
      For this business idea, since it involves making an app, knowledge of programming is fundamental.
   2. Rare
      Not really. While not everyone can (nor SHOULD) code, it's a relatively easy skill to learn, lots of people know how to develop an app.
   3. Inimitable
      Given that this is a skill you have to develop, then yes, it is VERY imitable. Keep in mind though, just because anyone can LEARN how to code doesn't mean everyone should DO it, especially at a professional level.
   4. Non-substitutable
      While the language used to code the app and infrastructure CAN be changed, it IS programming. There are no other ways to make an app, database, or otherwise without programming in some language.



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2. Modernity of concept idea
   
   This idea is trying to merge the gap between the banking business and the current technological present.
   
   
   1. Valuable
      Given that we are in the 21st Century, this is very important to the business idea.
   2. Rare
      I would say idea that try to modernize an industry are somewhat rare, but there are some good businesses that started by trying to modernize an industry, Uber for example.
   3. Inimitable
      Considering this is 2019, right in the age of technology, then sure, it can be easily copied by anyone. Whether it's a good idea for EVERY business is a different question.
   4. Non-substitutable
      I don't think resource can be substituted for many things. Being up-to-date is very important for some businesses, especially for banking.



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3. Multiculturalism
   
   Since I'm from Peru, and I've lived in the U.S for almost 5 years now, I tend to identify with both cultures, which can help in developing the service by understanding what different people from different countries want, or expect, out of it.
   
   
   1. Valuable
      Definitely valuable, especially in the U.S. Being a sort of "melting pot", the U.S is probably the most diverse country in the world. Understanding how different cultures feel toward a certain aspect of a service, in this case, mobile banking, digital privacy, and technology, can really help in making the service as appealing to a broad population as it can.
   2. Rare
      Maybe? There are lots of businesses that don't take multiculturalism into account, yet are very successful among different cultures, so... Well, not EVERY business takes it into account, so sure, it's somewhat rare.
   3. Inimitable
      Sort of...? Like I said, not every business takes other cultures into account, but they are still successful among multiple cultures, so they must be doing something else right.
   4. Non-substitutable
      See Inimitable ↑



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4. Prior Experience
   
   Not plenty, but it's a start. As I mentioned many posts ago [Insert Link Here] I joined a team of developers at Laundr. Sure, it wasn't a lot of experience, since I didn't stay for too long, but I have a basic idea of what developing an app/service is like.
   
   
   1. Valuable
      Extremely valuable. Having experience at anything you are trying to do is always helpful, especially when starting a business.
   2. Rare
      It depends. You may have a different background, or your business might be a completely foreign concept to you (which would probably prompt questions about your choice)
   3. Inimitable
      Lots of people have experience on something, so it can definitely be imitated. However, if you don't have, you don't have it, but you can get it.
   4. Non-substitutable
      Experience can't be substituted either. One thing you could do to sort of close the experience gap (if you don't have any) is learning, but that can only help so much.



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5. Connections to other Developers/Entrepreneurs
   
   I know a group of people, also Comp. Science majors, who know coding, and I meet up with them regularly to work on programming projects. I also know a guy who, despite not having any idea about software development, would be a good asset because of his business connections (and experience! *hits blunt* everything is coming together! it's the circle of yeet!).
   
   
   1. Valuable
      This can be really important, unless I can "Bill-Gates" it and make an entire app, database, and infrastructure on my own, I need people that can help.
   2. Rare
      Kind of? There's many people that know how to develop an app, know about banking, or businesses in general. Are they all connections that I have? Nope. Could some of them become connections in the future? Probably. In general though, finding people to help in an idea is not rare.
   3. Inimitable
      Very easy to imitate, since there's a sort of developer/entrepreneur pool in the world, and separate companies would go to those people.
   4. Non-substitutable
      This actually can be substituted, but man would it be costly. It would require a single person to learn the ins and outs of app development, infrastructures, and databases, it may require an immense amount of dedication (not to mention cash), and perseverance. It's doable, but not really recommendable.



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6. Banking Connections
   
   Well, connection, but who's counting? *guy in the back yells "I AM!!"*
   My mom used to work for CitiBank, and while she only worked for just over a year in the collections department, she learned quite a bit about the banking business, and she dealt directly with customer information, so that could be extremely helpful.
   
   
   1. Valuable
      Given how much my idea involves the banking business, this could be crucial.
   2. Rare
      It can be rare to find someone in your family with first-hand knowledge of the banking business, but just finding anybody with that knowledge is not nearly as rare.
   3. Inimitable
      Only by those who have either worked at a bank, or in cooperation with a bank.
   4. Non-substitutable
      It actually could be. Before starting an idea like this, we would have to talk to banks to learn about any specifics in their business practices, which could give us some idea of other banks as well.



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7. Customer Service Experience
   
   And why is this important? Well, given that my service would aim to make life simpler for people, and given how concerned I am with people's privacy and ownership of information, this is pretty big. And since I used to work at Publix, I have an idea of just how important customers are for businesses (granted, in a completely different context)
   Side note: during my mom's orientation at CitiBank, they brought up Publix as an example of great customer service, which I mentioned in my Publix interview, which is why I got hired. THE CIRCLE OF YEET!
   
   
   1. Valuable
      Crucial in any business. If there's no regard for customer service, you are in the endgame. From there how long your business lasts will depend on how good the service alone is, and how many screwups you make.
   2. Rare
      Not really. Everyone with common sense knows how customers should be treated, and how important they are for businesses.
   3. Inimitable
      Everyone can care about customers (and its easy to fake it... just kidding, I have no idea).
   4. Non-substitutable
      If there's no regard for the customer, well, you're screwed. Nothing can replace it.



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8. Professional Education
   
   And by professional I mean formally recognized. But this could boost credibility of the concept idea.
   
   
   1. Valuable
      Since absolutely everyone HAS to go to college to be find a good job, make lots of money, and be successful in life, then this is a crucial resource... (dont listen to the MULTIPLE high-school/college dropouts that now own some of the biggest companies and make more money in one year than most of us will the rest of our lives)
      On a more serious note, it's important, since people are more likely to listen to someone formally educated.
      I was kidding about the first sentence by the way.
   2. Rare
      Probably about 30% of the population is formally educated.
   3. Inimitable
      Totally imitable, just not as credible. Someone could be self-taught on everything they know, have no fancy diploma to show for it, and be just as capable, or sometimes more, than lots of those that do. Also, there's lots of other people who are formally educated.
   4. Non-susbtitutable
      See Inimitable ↑



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9. Business Ethicality
   
   Meaning, protecting banks from other banks. Just like I care about user privacy, I care about bank privacy and independence. Bank of America should not know that Alexander Arredondo*, who has an account with them, also has an account with J.P Morgan Chase, much less be able to access any information from that account. Could this be viewed as a weakness by other businesses or even banks? Maybe.
   *Any resemblance to reality is purely coincidental.
   
   
   1. Valuable
      Very, since that's a big reason why nothing like this has happened yet.
   2. Rare
      It actually could be rare. Note this only refers to being ethical with other businesses, not users. Thats coming up next.
   3. Inimitable
      Anybody could have guidelines protecting businesses from other businesses, whether they would actually want to make those guidelines is a different question.
   4. Non-substitutable
      This can't be substituted for anything else. If you don't care about other businesses, you don't care about them.



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10. Consumer Ethicality
    
    This is kind of overlapping with customer service, but it's also kind of separate from it. This involves privacy protection, ownership of information, not tracking any data, and preventing banks form tracking data (other than what's necessary). So, for example, I explained several posts back how we would probably implement maps to pinpoint exactly where a purchase was made, but the bank doesn't know that necessarily. They have their information to themselves, if they don't know we don't tell them. And we don't store it either.
    
    
    1. Valuable
       In this day and age, where a sense of privacy is getting lost every day, it can be very important.
    2. Rare
       Very rare. Other than Apple, who are pretty public about user privacy, nobody seems to address this issue.
    3. Inimitable
       It could be replicated by other businesses, but then again, would they actually want to do that, or would they do it just to keep their customers?
    4. Non-substitutable
       Nothing can replace this. Costumer Service kind of touches around this, but it's not the same.



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The Ultimate Resource

While all of these resources are very important, I think that not one, but the two most important are Business Ethicality and Consumer Ethicality. Since not many companies care about user privacy, and probably all businesses want their data to remain private to other businesses and potential competitors, the fact that we care about this could be the most important factor.