Your Venture’s Unfair Advantage

What I already have...

1. Credibility- degree/certifications (Human capital)
V- I think this is very valuable in my field
R- This isn't that rare, there are lots of people in the fitness industry with degrees and other certifications
I- This is imitable, but not easily imitable.. Anyone can get these credentials but they take time and money to obtain.
N- Knowledge through a degree and certifications can't really be substituted with anything else, either you get these credentials or you don't.


2. Experience- competing (Human Capital)
V- very valuable, some may argue even more valuable than credentials
R- experience competing is somewhat rare, not everyone can say they've competed before, but the sport is growing, and quite a few people have
I- Sure, this is imitable if one is willing to commit to a competition, but it's not easy... It takes a huge amount of time, financial resources, and dedication to compete in body building.
N- non substitutable, again, you either compete or you don't.  I don't think there is a substitute for this one.


3. Passion (Human Capital)
V- valuable... but a lot of people are passionate about health and fitness so idk if this is enough to make me stand out
R- a lot of people have the same passion as me, so I guess it isn't very rare.
I- people can develop a passion for health/fitness so it's easily imitable.
N- non-substitutable... idk how to answer this one.  Pretty sure you can't substitute anything for passion.


4. Social capital- ex. relationships with my coaches
V- Very valuable to know people higher up than myself in the industry
R- I'd say it's somewhat rare, at least for where I am now.
I- it is imitable, because people can build relationships
N- I don't think there is a substitute for having a good network of people you look up to.


5. Social capital- friends with common interests - a network/support system
V- The circle of friends I've built is valuable because we all have similar goals, and experiences and we teach and support and motivate each other.
R- Idk if this is rare... I feel like most people connect with similar minded people/ people who share your goals
I- imitable... I don't think you can imitate friendship/social network
N- non substitutable... I don't think you can substitute for this either.  I think having a friend group like this offers an individual different opinions, and experiences, and can be substituted by anything else.


Things I'm working on developing...

6. Financial resources (LOL)
V- financial resources are extremely valuable, regardless of the product/service/business offered.  Money helps make things happen!
R- I don't think money is rare, everyone has it.
I- Imitable... Idk everyone has money?
N- Nope, there's no substitute for money.

7. Mentor (social capital)
V- Having a mentor teach and guide you in the area of your interest is extremely valuable and could provide you with lots of other resources
R- I think mentors are somewhat rare, not that many people build a relationship with someone more successful than them.
I- I don't think this one is imitable.
N- Nor do I believe this is substitutable

8. technological skills
V- It's very valuable and important to have some advanced technological skills as an entrepreneur in the fitness industry.  You must be able to take and post photos to social media, design and possibly build your own website (or hire someone to), as well as edit/upload videos to youtube etc.
R- This isn't super rare because pretty much all successful people on social media know how to do these things, or hire people to do it for them, however it is crucial to building your own brand
I- this skill is imitable because it can be learned. It isn't easy to learn all these different technological skills and may be time consuming (or expensive to hire someone instead), but it can be done.
N- This is substitutable if you hire someone to do these things for you, but then you have to have the financial resources available to afford these services.

9. credible physique
V- Having a credible physique is super valuable in the fitness industry, no one wants to be trained by someone who doesn't look the part.
R- I don't think this is rare because most trainers understand this and practice what they preach
I- This is imitable because you can change your physique if it's not what you want.
N- There isn't a substitute for looking good...

10. Social media competency
V- In my industry it's very valuable (and pretty much crucial) to be competent with social media and use it for marketing and branding yoruself
R- Rare... This unfortunately isn't rare at all, which is why it's crucial in my opinion, everyone in this industry uses social media as a marketing tool.
I- This is imitable in the sense that other people can build their own brands on social media... Instagram is a huge platform used by lots of business now.
N-  I guess there are sort of substitutes here... like sending out a newsletter via email, using a blog or personal website,  but I think these things should be used in addition to social media.  Because social media keeps you relevant.


My top resource is probably my experience.  Like I mentioned, a lot of people would say that experience surpasses credentials.  Not all good coaches have degrees and certifications because its not regulated or required... However, having experience is a substitute for having these credentials, and can prove your credibility.  I think experience is the one thing that will set me apart from other coaches.