23A-unfair advantage

Assignment 23A – Your Ventures Unfair Advantage

·       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.) 

·       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?). 

·       Remember, not ALL resources will measure up well. That's OK. You just need one. 

·       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.

1.     Awareness of the issue: A large percentage of students deal with the problem and discuss it daily.

a.     Valuable: this is valuable because in order for my proposal to be seriously considered, I would need a solid following by the student body.

b.     Rare: Having the student body as the group with the interest can weigh a lot on a decision.

c.     Inimitable: Having the students want to be engaged in a campaign to improve campus comes with your product, as it does with mine.

d.     Non-substitutable: Having this issue that specifically addresses the student body means that you start with a following of your idea.

2.     Contact with the market: I see these issues and know people who have been victims of the parking lot chaos.

a.     Valuable: this helps to see the issue from the roots.

b.     Rare: Having close contact with multiple aspects in your market is hard to find.

c.     Inimitable: Others could have similar contact.

d.     Non-substitutable: Having these contacts is vital to seeing the issue all the way through.

3.     Relationships with other entrepreneurs: My classmates have already given me suggestions and I have entrepreneurs in my family.

a.     Valuable: I have people in my life to assist with any questions and decisions down the road.

b.     Rare: The platform available in this course is great for expanding ideas.

c.     Inimitable: A close relative of mine owns a construction company which he started, and would be a great resource.

d.     Non-substitutable: Having people to bounce ideas off and consult before making decisions helps avoid mistakes.

4.     Growing network: Through this class I have contacted professionals in this field and would like to gain more connections.

a.     Valuable: Down the road, I can mention my inquiries I made for this class, and build off of that to prove my experience.

b.     Rare: Actually being able to converse with these people was great because, although the feedback and ideas weren’t always positive, they offered me the reasons why it hasn’t been successful with others in the past.

c.     Inimitable: Others could contact people of this importance.

d.     Non-substitutable: Without these connections, my idea would be less evolved and I would’ve missed out on a possible networking opportunity,

5.     Social Capital (Leadership): I’ve always enjoyed being in charge and I believe that to get the proposal for the improvements approved someone has to take charge.

a.     Valuable: Enjoying making the decisions and the feeling after knowing the right decision was made is important to me.

b.     Rare: Others have this trait, but I feel that I am less selfish in the position, and remain open to opinions.

c.     Inimitable: I’m sure others have this trait as well.

d.     Non-substitutable: Having a unique sense of leadership I feel will always be non-substitutable.

6.     Social Capital (Motivation and passion): Besides leadership, passion is a must in order to gather the support for this project.

a.     Valuable: My desire and motivation derive from my love for making decisions.

b.     Rare: Having this trait gives my idea energy.

c.     Inimitable: This trait comes with a network of individuals that know this about me who can be valuable resources.

d.     Non-substitutable: Some things you can’t buy and a hardworking reputation is one of them

7.     Social Capital (Relatability): Since I am so close to the issue, I feel that I can address the issue from the best angle.

a.     Valuable: Seeing all levels of the issue are important, and having been someone who has dealt with it helps as well.

b.     Rare: Being able to first hand see the issue everyday can help evolve and change the proposal.

c.     Inimitable: Watching the issue you are trying to solve every day can give you ideas that no other thing can.

d.     Non-substitutable: Gaining ideas through watching these issues every-day is a valuable development resource.

8.     Support from organizations: With the many scooter stores around, gaining support from businesses that would help protect and prolong the duration of their product would be easy.

a.     Valuable: this is valuable because in order for my proposal to be seriously considered, I would need a solid following from the community.

b.     Rare: Stores nearby would benefit by having their products better protected during their lifespan.

c.     Inimitable: Not only would it protect scooters, it would make it even safer, widening the market.

d.     Non-substitutable: With an idea to make parking more convenient, safer, and less crowded, I can gain support from multiple areas.

9.     Social Capital (Greek Life): With connections in greek organizations who also fit into this market, gaining awareness would be easier.

a.     Valuable: this is valuable because in order for my proposal to be seriously considered, I would need a solid following by large groups of the student body.

b.     Rare: Being able to grab 50-100 supporters at once is unique and many of them have fund raising experience.

c.     Inimitable: Platforms like these to gain support and funds are vital to getting a proposal like this noticed.

d.     Non-substitutable: The ability of these groups to grow my idea is important because

10.  Funding access: With the college kids surrounding me who need a place to park, and love a good fundraising event, tying the 2 together should be effective.

a.     Valuable: this is valuable because in order for my proposal to be seriously considered, I would need considerable funding for official planning.

b.     Rare: I previously organized fundraisers for my band and sports teams as well.

c.     Inimitable: Having this experience on my resume means I should have a good chance at being successful in my efforts.

d.     Non-substitutable: Feeling confident in my abilities and having access to others with similar experience will make my fundraising more efficient.