- Conduct a "VRIN" analysis for each resource. That is, describe, for each resource, how it is valuable, rare, inimitable (how hard it is to copy by others), and non-substitutable (are there other resources that can provide 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.
- Human Capital
- V- The people that surround me and my ambitions can help me and the company push forward and stay on track. The personality of me and the people I will work with have positive attitudes and much knowledge on the product.
- R-The people that surround me are all intelligent and dedicated people in which not very venture can say they have. Some people and companies will have people that hold them back but i will not.
- I- It is not hard to find intelligent and hard working individuals, but it is harder to get them on board with your idea and work with you.
- N-No other substitutes can take the place of a great human worker.
- Education
- V- Education is extremely valuable. Having an education on technology, finances, and how to manage people is the most valuable thing an entrepreneur can have. Being in college I feel I have adequate education to start a venture.
- R-Education is becoming less and less rare. More and more entrepreneurs have a good deal of education.
- I- It is not hard to find educated professionals that are willing to work on a new venture.
- N-There are no other resources that could take the place of an adequate education.
- Emotional Support
- V- Having emotional support by friends and family is extremely valuable when starting a new venture. I have family that will support me in anything i do and friends that will back me up on my ideas.
- R-Many entrepreneurs lack family and friends that are willing to do anything for them to succeed. Many families push their children to get a "normal job" and not start a business.
- I-No one can imitate the family and support I have for my ideas.
- N-Nothing can replace a strong emotional support system
- Financial Support
- V- Money is probably the most valuable thing for new ventures. Money is what makes the business keep going.
- R-Having enough money to start a business is very rare and is the reason most business don't succeed.
- I-Money can be found in many places and can not be imitated
- N-Nothing can replace cash
- Physical Capital
- V- I have computers to create apps and that is the most valuable part of creating the idea
- R-It is not rare to have enough physical capital in business
- I-Computers are not imitate able and are always needed
- N-Computers can be replaced by outsourcing your tech building.
- Social Capital
- Having friends and family that will support and use the product is valuable and can not be replaced
- Nothing to Lose Mindset
- Being a student, I have nothing to lose but a little money and time. This mindset is very valuable and cannot be replaced by other mindsets
- Time
- Being so young, I have time to grow my ideas and gain more capital in my ideas. time can never be replaced and can never be substituted.
- Constructed Social Capital
- The idea of my venture would create new human connections and create a sense of community for the people that use it. This can be obtained with other products and many social media interfaces can do this.
- Natural Capital
- With the whole world turning to mobile apps, the time and place for this venture to launch is now and the social and tech environment right now is not replaceable for an idea like mine. The time is perfect to push forward.
The most important resource is my emotional support. The support of my family and friends is what will push me and allow me to continue forward and will allow mw to see the future clearly. A supportive family is key to a successful venture, and I know I would have no problem dealing with my family and friends.
Hey, Thomas. Reading your unfair advantage list was interesting. The VRIN was eye-opening by seeing the strengths of others. You listed education which is something we take for granted at times, but it really is an advantage. Through education, we gain knowledge, experience, connections, etc. Good job. Here's my link: http://alejandrogomezent3003.blogspot.com/2016/03/my-unfair-advantage.html
ReplyDeleteHey Thomas, I found it very interesting that you chose emotional support as your most important resource. I also have a very strong support group behind me and I understand how important it is to have people in your corner. However, I feel as if the support of your family and friends can only get you so far. I personally thought that the most important resource that I had was how unique my product is. Having something different than your competitors is crucial to the success of your venture. Best of luck with everything and if you want to check out my post, you can find it at http://alexbeyrent.blogspot.com/2016/03/my-unfair-advantage.html.
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