Your Venture’s Unfair Advantage – 23A

Generate a list of all of the resources in your venture (produce a list of at least 10 resources that you already possess). This can include your human capital, social capital, financial capital, and capabilities. You may also discuss the organizational culture you intend to create (but, obviously, it's not a resource that you have, now.)

1.     Connections to large corporations for advice
a.     V – Extremely valuable
b.     R – It is not extremely rare, but not so common for start-ups
c.     I – It isn’t very hard for others to make connections
d.     N – Others can use resources to get the same benefits
2.     Connections to Marketing and Graphic Design
a.     V – Very valuable to have good marketing connections
b.     R – It is not rare. Common for companies
c.     I – It isn’t very hard for others to make connections
d.     N – Others can use resources to get the same benefits
3.     Financial Capital – potential investors
a.     V – Very valuable
b.     R – It is more rare and difficult for start-ups.
c.     I – It is slightly difficult for start-ups to get investments
d.     N – Others can use resources to get the same benefits but it will take them longer
4.     Social Media Knowledge
a.     V – Valuable
b.     R – It is not rare. Many people today have a good understanding of social media
c.     I – It isn’t very hard for others to learn how to use these platforms
d.     N – Others can use resources to get the same benefits
5.     IT engineering and app design support
a.     V – Very valuable
b.     R – It is rare, and not common for start-ups
c.     I – It is difficult to get proficient IT help
d.     N – Others can use resources to get the same benefits
6.     Innovation of product/service
a.     V – Very valuable
b.     R –It is rare to make an innovative product/service
c.     I – It is difficult to imitate
d.     N – There aren’t any resources to get the same benefits
7.     Support from target market
a.     V – Very valuable
b.     R – It is not rare, but important to have
c.     I – It is difficult to find your target market and ensure their support
d.     N – Others can use resources to get the same benefits.
8.     Extroversion
a.     V – Valuable
b.     R – It is not rare, but it is a positive attribute that not many people have. Being able to talk to different people, potential customers, investors and so on
c.     I – It is difficult since this is not a learned trait
d.     N – Others can be extroverted as well
9.     Ability to work well with others
a.     V – Not as valuable
b.     R – It is not rare
c.     I – It isn’t hard to get along with others
d.     N – Others can work to get along
10.  Education and understanding of product/service
a.     V – Very valuable
b.     R –Education and a proper understanding is rare
c.     I – It takes years of school and lots of money to get a proper education
d.     N – Others can use resources to get the same benefits

After conducting the VRIN analysis, determine what your top resource is. Explain why it's more important to your venture than all of the other resources.


I think the Innovativeness of my product is my top resource. It is the only resource that is rare, inimitable, very valuable and non-substitutable.

Comments

  1. I agree that the innovativeness of your product is your top resource and it certainly seems the most important after conducting a VRIN analysis. I liked that you were very honest in your VRIN analysis and did not let your own bias of your business idea get in the way. This is important because it is valuable to know the potential weaknesses in your business ideas so that you can work on improving them even more. Good job!

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  2. This is a great product, and YES, I agree that it is inimitable, valuable and non substitutable. I like all ten resources you included. As I read them I noticed that I could add more to mine. It is amazing that when you see other ideas and other classmate's assignments one can forget about adding more information into our own documents. Sometimes when we are working on our own we forget to include other important information that allows us to be who we are. Thanks for sharing!

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