Join Eddie Davila for an in-depth discussion in this video What are your resources?, part of Business Foundations.
- What makes you valuable? Why would someone want to hire you? Don't be shy. If you don't take stock of everything going for you, you may be wasting something. So, what makes you valuable? Do you have a special skill? Perhaps you're willing to travel. Can you speak multiple languages? Perhaps you're young and energetic or maybe you have experience that most others don't have. Perhaps you have excellent connections. You have access to smart and influential people. Perhaps you have a car.
These are your personal resources. It's good to know what you have at your disposal. Because when you set a goal, you need to know what you have going for you and you also need to know where you come up short. It tells us the resources we lack. It tells us what we need to get before we can actually go after our goals. Companies need to do the same thing. Very often, they have a large collection of people, machines, buildings, and inventory that they can use to work towards their goals.
While most of the resources I listed for the company, were tangible, like people, companies must consider their intangible resources. What are the intangible resources a company may have available to them? Perhaps they have a well known and trusted brand name. Maybe the company has a cool image that customers love. Perhaps the company has excellent credit or maybe the company is liked and trusted by important government officials. Like a person, no company has everything, and like a person, companies can make the mistake of miscalculating their resources.
We've all probably thought at some point we had a strength, only to find that others were much better than us. Or perhaps we thought one of our strengths was really valuable only to later find out that no one really cared that we could do a handstand. It can be embarrassing when we discover that something we thought was a resource might actually be a weakness or a liability. In business, being aware of your resources is vital in knowing what you have and knowing what you need. It's critical to know that you have something special, Something that could differentiate your company from the competition.
Or something that could be used to develop new products or reach new customers. Knowing your resources is also vital in selling your company's potential investors. In our cutthroat world, where the battle to get talented people to join your company gets more intense each day, companies often attract employees by listing all of the positive things the company has going for itself. Basically, by listing its most valuable resources. As our world changes at such a rapid pace, a company will have a hard time staying competitive if they aren't aware of what they have and what they lack.
Which of these does your company have? Any one of these might be the thing your company will need to get an edge. Any one of these might be the difference between being prepared to change or getting swallowed up by change. So, let's first consider your goals. What do you want to do? Do you want to write a book? Start a tech company? Do you want to develop a video game? Now, let's take stock of your resources. What are the resources you have at your disposal? What are the strange things you have that someone else might not have? What are your differentiators? Then ask yourself, what are the things you lack to achieve your goal? Okay, now it's time to get someone to believe in you.
If you wanted me to invest in you, how would you try and sell me? Sure, having a good idea would be nice, but if you didn't have some valuable resources at your disposal, I'd probably feel a little nervous about investing in you to make that idea real. Resources. That's what makes you valuable.
He also reviews the basics of the people side of business: managing employees and developing customer relationships. Last, he covers the financial and information management aspects of business and provides a basic explanation of economics, so that you can understand the relationship of your business to the bigger picture.
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- Understanding business goals, stakeholders, and resources
- Developing a product or service
- Selling a product or service
- Raising capital
- Managing employees
- Managing customer data
- Understanding finances
- Managing resources
- Understanding economics