Assignment 23A - Your Venture's Unfair Advantage

Assignment 23a

Your Venture’s Unfair Advantage

1.     Finance major

Being a finance major adds a lot of value because it gives me the knowledge and expertise when it comes to running the financial aspects of the business. Although many people have finance degrees or are working towards it, it is a hard degree to obtain and only certain people get it. Other degrees could obviously work to start this business, but they won’t be experts in financial aspects as an individual with a finance degree is.

2.     Bilingual

Being bilingual is incredibly helpful in the business sphere. Although nowadays many people are bilingual, especially in South Florida with the high number of Spanish speakers but it still advantageous to have. It increases customer possibilities as well as potential networking opportunities. I speak French which is something not many in the US have but it can be replaced with other languages such as Spanish.

3.     Determined

This character quality incredibly important, especially for entrepreneurs. It is important to be able to stay focused on the end goal even if we fail at times. I have been determined all my life on the goals I set for myself and I feel it is a trait which will help the business be successful. Many people possess this trait, however not many are able to use it to the full potential.

4.     Multicultural

Being multicultural is a huge advantage. Being from Miami, a melting pot of Latin cultures, and having a European cultural background, I’ve experienced many different cultures and I understand many different people. I am able to empathize with several people in different ways. Miami is extremely culturally diverse, something which some people never experience and never understand how helpful it is when trying to understand someone else.

5.     Firsthand experience

It is important that the entrepreneur understand what the customers are looking for in a service. I have experience when it comes to using vape and nicotine products because I’ve tried them out and many of my friends are users. I see first-hand what drives them and the feelings they have, allowing me to empathize greatly with their problems. Only people with the same experience as me will be able to put themselves in the shows of others and really understand what they are going through.

6.     Logical

When it comes to thinking, I think logically, meaning that I go through a step by step process before reaching a conclusion or decision. I think it is important to have this when making important business decisions. This mindset is something I’m born with and which I have sharpened through my schooling. Although many people may have this, applying it with other resources could make it very effective.

7.     Empathetic

I’ve mentioned being empathetic several times. Being able to understand and really feel what the customers are feeling is incredibly important. As I’ve said before, I have been able to develop a certain level of empathy thanks to several aspects of my life such as being multicultural and having firsthand experience. This ability is developed through experience and not everyone is able to fully comprehend how to effectively be empathetic.

8.     Objective

Being objective when thinking and talking with someone can be extremely important. This is also true when making business decisions. Being able to make decisions and think without having one’s emotions get in the way is extremely important. This goes hand in hand with being a logical thinker and makes the logical thinking more effective. Often times, people are unable to leave their emotions behind and get caught up in them.

9.     Motivated

Being motivated is a very important quality for an entrepreneur. If they don’t feel compelled to give it 100% for their business, then it will most likely result in a failure. Motivation is common in things people care about. If they don’t acre about something, they won’t be motivated to do it. I feel this business has potential and the market for it which means that I feel motivated to unlock that potential.

10.  Friendly

Being friendly is extremely important in this type of service. It is important to be friendly in order to make the customers feel welcome and cared for. If not, they’d feel as if it were a service for money only and that their well-being is not a priority. Being able to be friendly and yet be serious at the same time is valuable for the success of this company. I want it to be based on friendliness and develop an organizational culture of dedicated and serious workers.

After analyzing each resource, I feel that the most important resource is being empathetic. It is the most important because in this type of business, where people are seeking help for a personal problem, they need someone who is able to really understand and feel what they are going through. If the person is unable to do that then they would not know where they’d be able to help that person for them to get better. It is essential to be able to see the viewpoint of the customer in order to fully be able to help them and obtain results.