Assignment 23A- Your Venture’s Unfair Advantage
1.Unique
V- Valuable because it differentiates the product
R- it is rare to be unique these days
I- It can be imitated but may take longer
N- Does not apply
2. Fundraising experience
V- This allows me to build valuable capital
R- not rare
I- This can be imitated
N- This could be substituted but would be more costly
I- This can be imitated
N- This could be substituted but would be more costly
3. Business knowledge
V- valuable because I have a degree in business
R- Not rare
I- Can be imitated because many hold a business degree
N- It cannot be substituted with another degree because it wouldn't be applicable
4. Business experience
I- Can be imitated because many hold a business degree
N- It cannot be substituted with another degree because it wouldn't be applicable
4. Business experience
V- valuable because has prior knowledge and experience
R- experience can be rare
I- My own personal experience cannot be imitated
N- My own personal experience cannot be substituted
5. Support
V- This is extremely valuable because support can relate to high sales
R- This can be rare for some companies
I- True support can’t exactly be imitated
N- Cannot be substituted
R- This can be rare for some companies
I- True support can’t exactly be imitated
N- Cannot be substituted
6. Marketing experience
V- valuable in launching the product and continuing to spread the word
R- experience can be rare
I- my own personal experience can’t be imitated
N- my own personal experience cannot be substituted
R- experience can be rare
I- my own personal experience can’t be imitated
N- my own personal experience cannot be substituted
7. Passion
V- passion is very valuable to a new company's success
R- Passion can sometimes be rare
I- Passion cannot be imitated
N- Passion cannot be substituted
R- Passion can sometimes be rare
I- Passion cannot be imitated
N- Passion cannot be substituted
8. Social Capital: business’
V- Very valuable to have other business’ support and backing
R- This can be very rare for a new company
I- This cannot be imitated
N- This cannot be substituted
9. Social capital: prototypical customers
R- This can be very rare for a new company
I- This cannot be imitated
N- This cannot be substituted
9. Social capital: prototypical customers
V- It is very valuable to have real-life examples of prototypical customer
R- it is rare to have real-life examples
I- It can be imitated
N- It can be substituted
R- it is rare to have real-life examples
I- It can be imitated
N- It can be substituted
10. Social capital: UF greek life
V- Creates an extensive network of people
R- Rare because it is a small percentage of UF
I- It cannot be imitated
N- It cannot be substituted
R- Rare because it is a small percentage of UF
I- It cannot be imitated
N- It cannot be substituted
After conducted the VRIN analysis it is sort of difficult to choose which resource would be most valuable. They all seem like a very important factors to making a successful business. I think the aspects of experience would be the most important. I think that my product is pretty rare and it would be very interesting to see what another competitor would do differently.
Hey Delaney,
ReplyDeleteI like how you acknowledge that all your resources are important and valuable to you; thus making it difficult for you to pick. I do agree that experience is an important resource to have. Experience is something that you can not really be taught because it is focuses on the individual. This sets you apart from others.
Hello again, it makes sense that your product holds a lot of value because of what it can bring to the market. Another good example you wrote about is on the social capital. Having real life examples of a prototypical customer will help market your product to the different types of segments that exist in today’s market. Good job on all the examples.
ReplyDeleteHi Delaney,
ReplyDeleteGreat job on this post! You have ten great ventures that will benefit you for your product/service. I like how you incorporated the VRIN concept for all the ventures you listed and think you did a great job identifying each of them. Some of my favorite ventures you mentioned that I think are great for your product are the Networking with Greek life, fundraising experience, and marketing experience.