My unfair advantage

1.Knowledge of music, understanding of how a song is constructed and what the similarities between them would entail

Valuable - yes

Rare - relatively rare when considering the general population

Inimitable - anyone can learn, however it would take time

Non-substitutable - There isn’t any substitute other than actually knowing

2.College education

Valuable- yes

Rare- no

Inimitable- only way to copy is to get one yourself

Non-substitutable - knowledge through practice (self-taught skills)

3.knowledge of statistical analysis and software

This will prove useful in adding features that deal with predicting/probabilities (I haven’t thought about it too much, but if I have access to data I could do a lot with this).

Valuable- yes

Rare- no, but having advanced stats knowledge is very rare

Inimitable- difficult to copy unless you take classes

Non-substitutable- someone else that has this knowledge

4.My main motive with this product is not to make money(I obviously don’t want to lose money though), but rather to help provide a resource to musicians. This means that my prices will be very low, even though there are no other competitors.

Valuable- i guess

Rare- usually people are greedy, so I would say it is rare

Inimitable- anyone else can have this same mindset

Non-substitutable- the only other resource that would cause low prices are if the costs are low (this means low quality of product, and low employee wages. Ex. mcdonalds, walmart)

5.I know many professional musicians and they can prove to be valuable social resource

Valuable - yes

Rare- yes

Inimitable- I would say developing relationships is not easy

Non-substitutable- having knowledge of the music business or doing research

6.I will constantly be looking for feedback and ways to improve the product (will actually listen to the customers and maintain good customer relations).

Valuable- yes, lots of companies who were very successful didn’t follow the trends society was heading to and lost a lot of business because of it (black berry with smart phones). So it is important to follow what the people want.

Rare- no

Inimitable- lots of people do this

Non-substitutable- keep adding features that I think would be an improvement

7.while there will be a lot of initial costs in creating my software, there is almost no other manufacturing or shipping costs. It should be smooth sailing once it's complete.

Valuable- yes

Rare- no any app/software, gyms, movie theatres. Things that provide a service rather than the customer owning a physical product.

Inimitable- see above

Non-substitutable- like I said in a previous resource to keep prices 3

8.advertising. I already have ideas and think it would be fairly easy to get the word out there

Valuable- yes

Rare- no

Inimitable - yes

Non-substitutable- many different ways to spread awareness

9.In addition to looking nice, my software will have a self explainitory user interface. You won’t have to be computer savvy to understand how to operate the software.

Valuable- yes

Rare- no

Inimitable - yes

Non-suvtitutable- the substitute is having someone else do the process for you and give you the results

10.patience. I realize that good things take time, and I will be sure to take as much time as needed to ensure that the product is complete and functional. I wouldn’t release my product unless it is finished.

Valuable- yes

Rare- yes

Inimitable- yes

Non- substitutable- I guess you can substitute patience with efficiency. Because if you get it done quick enough, you won’t need patience.

I think my most valuable resource is my knowledge of statistics. This is because it not only helps with the functions of my product, but also has many other business applications that should increase my chances of success.