Creating a Resource Bundle That Is Valuable, Rare, and Inimitable
The ability to obtain, and then recombine, resources into a bundle that is valuable, rare, and inimitable represents an important entrepreneurial resource. Knowledge is the basis of this entrepreneurial resource, which in self is valuable. This type of knowledge is built up over time through experience, and it resides in the mind of te entrepreneur and in the collective mind of management and employees. To a large extent such an experience is idiosyncratic-unique to the life of the individual and therefore can be considered rare. Furthermore, it is typically difficult to communicate this knowledge to others, which makes it all the more difficult for (potential) competitions to replicate such knowledge.