1. My college education in business. This is valuable, but not very rare, and easily inimitable. It could be replaced by experience in business theoretically.
2. Potential startup capital from family. This is valuable, reasonably rare, not too inimitable. It would be hard to get startup capital as an unproven venture with no track record, I would think
3. Technological prowess. This is very valuable in today's society, but not very rare, and easily inimitable. Theoretically one could replace this with someone to explain or do things for you.
4. Knowledge of the smartphone app market. This is somewhat valuable, but not all that rare, and somewhat inimitable. This is hard to replace, however and is an important skill I feel for penetrating an app-based market.
5. Access to entrepreneur resources via college. This is very valuable, but not too rare considering the size and number of other similar business colleges. Other resources exist for entrepreneurs, but its not very replaceable.
6. I have a car. This is important for getting around and meeting people for meetings, but not at all rare. Its not that important because I could always use public transportation, and is very replaceable.
7. A solid idea for my startup. This is extremely important, as businesses live and die on the quality of their concepts. Its not necessarily rare, but still very important and not at all replaceable.
8. Support network. Starting a company or launching a business plan can be very stressful, and having a network of friends and family is important not for business contacts, but for emotional support and stability. I'm confident that my friends and family are second to none, and absolutely irreplaceable.
9. Location. I currently live in a very active town full of college students, which is my businesses primary demographic. This is very valuable, somewhat rare, and not very replaceable. This will allow me to better access and interview my demographic.
10. Determination. I feel that I am very determined and driven to achieve my goals, This is extremely valuable to entrepreneurs. I cannot say for sure how rare or not rare my specific level of determination is among my peers. It is absolutely irreplaceable.
After performing this VRIN analysis, I feel that my most important resource is the strength of my startup idea. Without a strong, valid idea, every other resource doesn't really matter. It is by the strength of their concepts that businesses live and die, and while other resources assist or harm this, without that central concept, none of it would matter. A close runner up was my support network.
Hey Jordan - great post! You did a good job at listing the top valuable resources of your idea and analyzing them. I think this assignment really gave us the opportunity to see just how unique our idea is. Why some things may be inimitable, we discover that others are absolutely easy to replicate. Yes, the value of your idea is very important, and the other resources will support and help you to build it. It will be very cool if you do this exercise after you've created a business. As a business owner myself, I found this assignment super helpful and I was able to hone in on things that make it unique (or not). Good luck! Here's a link to my blog post: http://generationxonfleek.blogspot.com/2016/03/my-unfair-advantage-what-makes-our.html
ReplyDeletehttp://jlopez3003.blogspot.com/2016/03/my-unfair-advantage.html
ReplyDeleteYour number one assessment appears to be correct. However, your college experience could be unique as compared to someone else.
Your number two potential startup capital from family may be unique and valuable.
Number three is how you can use technology to your advantage.
Knowledge of the smartphone app market could prove to be an advantage.
Access to entrepreneur resources via college would depend on how productive those resources those resources proved to be.
Yes, the car issue may not be a big deal, but, it certainly would be more convenient.
And, a solid idea for your startup would work to your advantage in the future.
A support network. Of family and friends is important, however, a business support network would not be a bad idea.
Your location would be to your advantage.
Your determination may be the most valuable asset that you have. It should provide you with the drive to succeed and the motivation to overcome the obstacles that you will encounter..
Check out my blog st http://princeofentrepbyme.blogspot.com/2016/03/entrepreneur-my-unfair-advantage_23.html