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A resource is anything that is useful.
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they are consumed
they have a value – a price tag
markets exist for them to be exchanged.
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Financial resources
- Human resources
Operating resources
- Business plan
- Technological resources
- Reputational resources
- Organizational resources
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Financial Resources
Financial resources are those that are (in varying degrees) liquid.
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Financial Resources
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Operating Resources
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Operating Resources
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Managing Operating Resources
The entrepreneur must ensure that the venture has the right level and balance of operating resources.
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Managing Operating Resources
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Human Resources
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Technological Resources
This is embodied in the process, system or physical transformation in the venture.
Labs
Technological secrets, Proprietary processes
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Reputational Resources
These are the perceptions that constituents in the firm’s environment have of the company
The quality of a firms management
The firms financial soundness
The quality of products and services
The ability to attract, develop and retain top people
The extent of community and environmental responsibility
Innovativeness
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Organizational Resources
The firms structure
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that create competitive advantage.
they are necessary for carrying out the
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Characteristics of strategic resources
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Imperfectly imitable so that competitors cannot mere copy them.
Historical conditions; for example starting a firm at a great location undervalued by others
Ambiguous causes and effects
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Competitive advantage:
the market place?
by competitors?
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Ease of
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Successful entrepreneurs have a way of looking at resources compared to managers.
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Resource Minimization Strategy
Entrepreneurs seek to use the minimum possible amount of all types of resources at each stage in the ventures growth.
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Other Peoples’ Resources
Obtaining the use of other people’s resources particularly at the startup or early growth stage is a very important approach for entrepreneurs:
Money invested loaned by friend, relatives, business associates or other investors
Board of directors