Your Venture’s Unfair Advantage (Assignment 23A)

1. High Quality Product- This is valuable because it sets me apart from the standard drug dealer. People are getting high quality, lab tested product that they know is not going to be laced with any harmful substances. This is rare and hard to copy because not all cannabis suppliers sell lab tested product. A lot of people just grow cannabis from different strains seeds and sell it. This is non-substitutable because people either but lab tested product or not.

2. Human Capital- This is valuable because I need to have people that are experts within the market that I am operating in. These people know the best things to do when running and operating a recreational cannabis store. This is rare because not everyone knows people that are absolute experts in their field. A lot of people have a decent grasp of the industry that they work in, but they are not experts. This is non-substitutable because people are either experts or not, if they are not absolute experts, then they cannot provide the same level of advice that an expert can.

3. Good Supplier- This is valuable because opening a recreational cannabis store is completely dependent on suppliers. If you do not have a good supplier then there is nothing to fill the store with. The supplier also needs to supply high quality products, and has to be reliable as far as the harvest goes.

4. Good Store Location- This is valuable because I believe that the recreational cannabis model requires a very specialized customer. I believe the target market is overwhelmingly younger so placing stores in areas near major universities is very important. I believe this is hard to copy if I am one of the first stores in a specific area. It would be hard to open another store that is similar in the same exact area.

5. Specific Store Decor- This is valuable because it distinguishes my store from all of the other stores that are similar. If I have a specific "vibe" to my store that can steer some customers away from other stores and into mine.

6. Good Marketing Crew- This is valuable because a lot of my businesses success will come from advertising. Since I plan on opening recreational cannabis stores in states that have just legalized recreational use, I am going to be one of the first of my kind in that state. I am going to need to advertise my store heavily in order to get the stores name out there quickly.

7. Affordable Pricing- This is valuable because it will set me apart from other stores. I believe that the biggest deterrent for purchasing cannabis can be the price sometimes. If I can find a good supplier that will lower the cost, I can in turn lower the cost to my customers in the store. Having a lower price than other stores will definitely set me apart, and help me drive more customers to my store, increasing my sales.

8. Store Design/Model- This is valuable because my stores model is trying to be different than the typical cannabis store. I plan on making my store an "all in one" store. While the typical store strictly sells cannabis products only, I plan on selling cannabis related products like glassware, etc.

9. Social Capital- This is valuable because having connections to people in the industry is key. I have made some connections to people on the supply side of things. This helps because it can get my price down if I need to fill my store with product. This can set me apart from other stores because I may be able to get a better price for product, which will in turn lower my selling price to customers.

10. Website Design Team- This is valuable because the internet is a huge part of business in today's society. If a businesses website looks professional and inviting, it gives the customer a sense of reliability and trustworthiness.

I believe that the most important resource is high quality product. I think that this is the backbone of the stores reputation, and is the main thing that can set my store apart from others. I believe that the customers are trying to find the best and safest product they can. My store will aim to sell only lab tested product so every customer knows that they are getting extremely high quality cannabis from my store.