KEY RESOURCES IN YOUR NEW COMPANY. CANVAS

Accelerate your company with these tips "Key resources in your new company. CANVAS". Analyse and discover this TIP!

Identifies the resources that enable your company to create and offer a value proposition (+), reach your customer segment (+), maintaining customer relationships, and generating revenue.

These resources can be physical, intellectual, human or financial. It only makes sense to identify key resources when I have validated the right side of the canvas: customers, proposition, channel, relationship, revenue...

The key resources of your company, both material and human, which are necessary for the development of the business model (+). Particular emphasis should be placed on the word "key".

Thus, we will consider in this segment, all the resources that are most important for your business model to work and everything planned can be realised!!!

TYPES OF RESOURCES

PHYSICAL RESOURCES

Material means, such as facilities, buildings, vehicles, machines, sales outlets, and distribution networks that give you an advantageous position over competitors.

INTELLECTUAL RESOURCES

Branding, patents, car rights, an exclusivity contract or a customer database confer an advantage by the simple fact of being unique.

HUMAN RESOURCES

The people in the organisation itself will be key to the extent that without them it will not be possible to carry out a certain activity of the business model proposed.

FINANCIAL RESOURCES

They will be key to the extent that they allow us to obtain a certain advantage and anticipate market situations (credit lines, cash, etc.) and place us in a more competitive situation.

• FOR EXAMPLE:

In a software development technology company, a software analyst is indispensable to the company's operations and strategy, Without this profile, it will not be possible to make progress in software, which is the company's most valuable asset. On the other hand, all technological devices that are used for work are key resources as well as the equipment, the internet and the applications that make it possible for everyone to work.  

DO THE KEY RESOURCES HAVE TO BE MINE OR CAN I OUTSOURCE TO KEY RESOURCE PROVIDERS?

I recommend that in the beginning it is better to rent, to outsource, to look for existing solutions, i.e. to rent, to outsource, to look for existing solutions, don't invest in having something made to measure, it is better to subcontract with suppliers until you get over the valley of death (+), reach milestones (break even) that give you security. 

In the beginning it is better to use an existing standard software programme and adapt to it than to start developing your own programme by hiring IT specialists etc. Look for existing solutions on the market before doing it yourself, don't invent the wheel!!!

I only have to develop it myself, in case the key resource is my own. core business (+) y competitive selling (+).

THEREFORE, THE MAIN QUESTION IS:

What key resources does your value proposition, channels, customer relationships and revenue streams require? You need to be clear about the key resources you need to get for your business model to work, you need to focus on getting them.

The key resources in the Canvas of a new venture are those that allow to create and offer a value proposition, reach the customer segment, maintain customer relationships and generate revenue. These resources can be physical, intellectual, human or financial, and are essential for the development of the business model. It is important to identify the key resources once the right-hand side of the Canvas has been validated, i.e. customers, proposition, channel, relationship and revenue.

Key resources include facilities, buildings, vehicles, machines, sales outlets, distribution networks, brand, patents, copyrights, an exclusivity contract or a customer database, among others. Human resources are also key, since without the figure of certain people, the activities of the business model cannot be carried out.

Financial resources are important because they allow you to get a head start and anticipate market situations. In the beginning, it is better to outsource or look for existing solutions in the market rather than investing in custom-made solutions. Key resources should be aligned with the company's core business and competitive advantage.

TO BETTER UNDERSTAND THE KEY RESOURCES IN A START-UP'S CANVAS, WE CAN LOOK AT SOME PRACTICAL EXAMPLES:

1. In a consulting services firm, the key resources may be the consultants, who have the knowledge and experience to deliver effective solutions to clients. The software systems and tools used for analysis and reporting can also be key resources.
2. In a food production company, key resources can be high quality ingredients, machinery and efficient manufacturing processes that allow food to be produced on a large scale and at low costs. Branding can also be a key resource, as it can be an important factor in attracting customers.
3. In a transport company, key resources can be transport vehicles, drivers and tracking and monitoring systems to ensure transport safety and efficiency.
4. In a technology company, the key resources may be the team of engineers and developers, the intellectual property and patents, and the server and software infrastructure needed to create and maintain high quality technology products.

In all these examples, key resources are the essential elements that enable the company to deliver its value proposition effectively and efficiently, and to differentiate itself from the competition. It is important to identify and focus on these key resources from the outset to ensure the success and sustainability of the enterprise.

Key resources can be a source of competitive advantage (+)

Key resources can be an important source of competitive advantage for a company. If a company has access to unique or hard-to-imitate resources, it can gain a sustainable competitive advantage.

THE FOLLOWING ARE SOME EXAMPLES OF HOW KEY RESOURCES CAN BE A SOURCE OF COMPETITIVE ADVANTAGE:

1. Exclusive technology: A company that possesses proprietary technology may have a competitive advantage over its competitors. For example, a telecommunications company that has a proprietary data transmission technology may provide better service and data quality than its competitors.
2. Recognised brand: A recognised brand can be a key asset for a company. Customers may choose a company based on its brand and reputation. For example, Apple is known for its innovative and high quality products, which has led to a loyal customer base.
3. Highly trained staff: Highly trained personnel can be a key resource for a company. If the company has highly trained employees, it can be more efficient and productive in performing tasks. For example, a consulting firm that has highly trained consultants can offer more innovative and high quality solutions to its clients.
4. Strategic location: A strategic location can be a key resource for a company. If the company is located close to its target market or its suppliers, it can save transport costs and delivery time, which can provide a competitive advantage. For example, a logistics company that has a warehouse near a major seaport can offer more efficient and cost-effective transport services to its customers.

In short, key resources can be an important source of competitive advantage for a company, as they can provide unique or hard-to-imitate value for the company. Identifying and effectively utilising key resources is essential to a company's success.

How should an entrepreneur identify the key resources in his or her new venture?

An entrepreneur must identify the key resources of his new venture in terms of its value proposition, distribution channels, customer relationships and revenue streams.

YOU CAN DO THIS BY FOLLOWING THE STEPS BELOW:

1. Analyse the value proposition: identify what the key elements of the value proposition are and what resources are needed to deliver them. For example, if the value proposition is to offer customised products, the key resources could be design software and customisation equipment.
2. Identify distribution channels: determine the channels through which the products or services will be distributed and what resources are needed to do so. For example, if the distribution channel is an online shop, the key resources could be an e-commerce platform and a logistics team.
3. Define the relationship with customers: establish how it will interact with customers and what resources are needed to maintain that relationship. For example, if the company seeks to offer personalised customer service, key resources might be a customer service team and customer management software.
4. Determine sources of income: analyse how revenue will be generated and what resources are needed to do so. For example, if the company is looking to sell its products on a monthly subscription basis, the key resources might be billing software and a sales team.

It is important that the entrepreneur does not simply identify the key resources theoretically, but validates them with tests in the market reality. In this way, you can ensure that the key resources you have identified are the right ones and that your company has a competitive advantage.

Key resources for a company wishing to internationalise

The key resources a company needs to internationalise may vary according to the industry and target market.

BUT HERE ARE SOME EXAMPLES:

1. Knowledge of the target market: The company will need key resources to research and understand the needs and preferences of the target market, including its culture, language, regulations and local competitors.
2. International staff: The company will need key resources in terms of trained and experienced international trade personnel, such as executives with language and negotiation skills, as well as employees with specialised knowledge of logistics and distribution in the target market.
3. Technology: The company will need key technology resources to enable it to access and communicate with customers and suppliers in the target market. This may include customer relationship management software, e-commerce platforms and online communication and collaboration tools.
4. Funding: The company will need key resources in terms of financing to cover the costs of international expansion, including market research expenses, legal costs, marketing and advertising costs, and shipping and logistics costs.
5. Network of partners: The company will need key resources in terms of a network of reliable partners and suppliers in the target market, such as customs brokers, freight forwarders and translation service providers.

It is important to note that these key resources will have a cost associated with them, and the company will need to consider these costs when planning its internationalisation strategy. In addition, the company should continuously assess the effectiveness of these key resources and adapt its strategy accordingly.