1). Experience in Situation- Having already been a freshman in college and not having much family to give any support, I had one of the bigger challenges going into college life my first year and found myself in a lot of situations where I had a lot more stress because of those responsibilities.
Valuable- Being able to know what it is like to be in that situation will help me relate to customers and make product better.
Rare- Not very rare but also not very common. A lot of entrepreneurs created something based off personal experience as well.
Imitable- You can't copy personal experience so yes this is hard to copy for competitors.
Non-Substitutable - Yes, but they are all individual and have to be found using different methods which isn't as convenient or effective.
2). Greek Life- I have recently joined a fraternity and most of my incoming class to the fraternity are freshman, who I have reached out to about my idea. Also, everyone there has connections with other chapters and even alumni that can help spread my networking and awareness of the business.
Valuable- Very valuable because these connections can expand into very large ranges and can go to some very important people.
Rare- Not that rare since many people in Universities all over the country are involved in greek.
Imitable- As said before, it can be done by really anyone so yes it is imitable.
Non-Substitutable - Not necessarily, there are other organizations like greek who can provide connections and expand market but all are unique and do it in different levels of efficiency.
3). Partnerships with experts- Through my roommate and friend, I have managed to form an unofficial but promising partnership with his farther and uncle who are both business owners for industrial supply company's and are experts in the app/ software developing field.
Valuable- Pretty valuable because I get good insight from successful business owners and experts in the field of my product which I trust.
Rare- Not very rare, many business owners have good partnerships and relationships with other experts and business owners to make them more knowledgable and successful.
Imitable- Yes, anyone can go find other business owners and experts to get advice and share information.
Non-Substitutable - Not many other services can substitute for connections between people.
4). Good financial standing- Overall I have a very high and trustworthy credit score which would put me in a good position for a business loan whenever the time came. I also have a very substantial amount of money saved up for a potential business investment and I also have a small stock portfolio built up.
Valuable- Very valuable because money is what funds everything.
Rare- Many people save their money to invest so no.
Imitable- Can easily copy a method such as savings.
Non-Substitutable - Different ways to obtain money for your business than just saving your money.
5). Competitive Advantage- For the time being, this is the first of this type of product to enter my market so therefore I have already developed a competitive edge. Obviously more people will eventually start similar products down the road, however, mine being first will give me the overall head start by getting to my target consumers first.
Valuable- Very valuable to get a good head start over your competitors especially an idea that is new to the market.
Rare- It is kind of rare to see a brand new product or service in a market but they do come pretty consistently from time to time.
Imitable- Can definitely be copied once it is out.
Non-Substitutable - Not really anything to substitute it until it is released.
6). Leadership Capability- I have experience in multiple leadership roles throughout my life.
Valuable- Can be very valuable to get a business going and in the long run.
Rare- Can be rare to come by but there are core leaders in every business.
Imitable- True leadership cannot be copied.
Non-Substitutable - Nothing can really substitute leadership and contains everything leadership does.
7). Father started business with entrepreneur- My father started the lobster claw game business with a colleague in the Florida Keys that was very successful.
Valuable- Can be pretty valuable as far as seeing how it works and getting advice.
Rare- Very rare because not everyone can see behind the scenes stuff of an entrepreneur growing up.
Imitable- You cannot copy what you get out of the experiences of it.
Non-Substitutable - Nothing can substitute the experiences and knowledge obtained through that unless you were exposed to it in some other way.
8). Business Major- I am taking multiple business classes right now including some on finances and advertising that I could use for the business.
Valuable- Very valuable to be getting an education in the specific areas of business. This will help me know how to start a more successful business.
Rare- Not rare at all in today's world because many people are going to college and getting a degree.
Imitable-Very imitable because everyone can go out and do it.
Non-Substitutable - While there are numerous other majors to pursue, only certain ones are specific towards the business you want to start.
9). Connections with larger figures in my segment- I have multiple close friends from here and back home that are very well known on social media that could help promote my product.
Valuable- This can be very valuable in getting the word around about my product and getting people to want to buy it.
Rare- This is more semi rare because not everyone has larger figures to represent their product but their are a large amount who do as well.
Imitable- Yes this is not very difficult to copy.
Non-Substitutable - There are other types of influencers outside of my segment but there are only certain amounts in each segment, however, there are many available in area of college students.
10). Very passionate about the business- I have had many previous experiences that put me in the position where I had to learn how to take care of myself at a very early age so I know how scary it can be being on your own and not knowing what to do and I want to help.
Valuable- Valuable for myself and my own hard work towards the business which in turn can be very valuable for the business.
Rare- Rare since it is based on personal experiences but people have gone through the same ones before and many entrepreneurs have had difficult upbringings that have made them very passionate about what they do.
Imitable- Not something that can be copied.
Non-Substitutable - Nothing can really substitute a motivational factor like that but their are many other factors that can cause someone to feel personally passionate about something.
After completing my VRIN analysis, I have concluded that my most important resource would be having a competitive edge with having one of the first of my products. A lot of the time certain businesses won't do well because too many products or services already exist in that market. Mine would be one of the first, if not the first, to be in existence so many people will want to get the product to try it out.
Hey Christian,
ReplyDeleteI enjoyed reading your list of resources. However, as I agree that being the first to deliver a specific product can be groundbreaking, it can also be detrimental as well since there really is no way to determine the market (and therefore success) for it. Also, that is a temporary resource to have whether it succeeds or not because it'll either be used as a model if it succeeds or thrown out entirely if it flops. I would say your strongest resource, or one of them at least, is your network since you not only already have personal familial and friendly ties with professionals but also have the means to grow it, especially by using your fraternity connections.