My Venture's Resources
- Financial Capital
- When it comes to financing the beginning of this business I would take personal loans from people in my family, that are interested in investing in my business. This would not mean that they are part of the business, but they can be assured that I will, at some point in the future, pay them back fully.
- This is probably my weakest resource because not many people would want to invest in a new business that might never take-off. I would also probably have to get loans from my bank.
- Another way to gather more money would be to be sponsored by other companies.
- Human Capital
- In order to make this business I would not be able to do it alone. In this business I would probably team up with my siblings to make this venture successful. These people would be a valuable asset to the company because we understand how to work well with each other. We also have good communication skills between each other, meaning that if anything is happening that we do not agree with it would be resolved quickly.
- I would probably consider this my strongest resource
- Money Expertise
- Having my siblings work with me has even more pros. Each one of my sisters has specific qualities and knowledge that they can bring to the table and help the venture. For example, one of my sisters' is an accountant, so she would take care of all the spending and budgeting of the business. My other sister is a journalist and TV producer, so she would be able to handle the social media and connections with people who have large influence on the segments that this product is meant for.
- Social Media Expertise
- The other person working with me in this business would be my another one of my sisters. This sister is a journalist and TV producer, so she would be able to handle the social media and connections with people who have large influence on the segments that this product is meant for.
- She would be very useful in the company because now-a-days social media is one of the most popular ways to advertise and get the word out about businesses. Having someone that graduated in this field and knows how to properly navigate through these interfaces will give the business a competitive advantage.
- Emotional Resource
- This resource goes hand-in-hand with human capital. The people you are working with and around have to have a good hold of their emotions and understand that starting a business will probably be more stressful and frustrating than anything else.
- Physical Resource
- This resource is basically referring to workspace that will be available to me for creating the product and putting everything together before shipping the products to people.
- For most people starting a business this would probably be the costliest part, but thankfully I would be able to use a space of my family's warehouse. This would help me save money at the beginning while I get things started and later on would be able to have my own space.
- Me
- I would consider myself to be an important asset to the business. Not just because it my idea and I am the one with the vision but because I know that I will be determined, driven and disciplined. I will also always keep the business and its integrity before anything else, and make sure that it completes the task that it was created for.