Your Venture's Unfair Advantage
Brittany
Traynor
ENT3003
Your Venture’s Unfair Advantage
Due:
11/10/17
10 Resources &
VRIN Analysis following each:
1. My
accessibility to a large group of my potential target customers-college
students. (I have access to this as I am obviously a student at the University
of Florida)
·
V:
Extremely valuable, especially in the beginning stages of assessing whether or
not this product is projected to be successful or something that people desire
to have.
·
R:
Moderately rare. I think many people try to gain accessibility to their target market,
but they most likely do not have this accessibility from the start. As far as
attaining this accessibility, it is not too rare as I can go to any college
campus and talk to the students about my product idea.
·
I:
Non-inimitable
·
N:
Substitutable: I can substitute the college from which I conduct my research-it
does not have to be students from the University of Florida.
2. The
fact that I have access to decision-makers at the University of Florida is a
resource for me as I can talk to them about my idea.
·
V:
Valuable. I can use this to my advantage when trying to launch my product to
Universities.
·
R:
Relatively rare. Not many people would have a prior accessibility or vested
interest with the people who make the decision to use the product or not.
·
I:
Non-inimitable.
·
N:
Non-substitutable.
3. Culture
of technological innovation worldwide.
·
V:
Valuable. My product idea is keeping with this trend, so it is likely to be
successful as it will flow with the transfer of products from physical to
electronic.
·
R:
Not really rare. Many people can make products that keep with this trend and
therefore they can use this culture as a resource as well.
·
Non-substitutable.
4. Network
of people who have successfully implemented similar products into markets.
·
Valuable.
These people can shed light on things that worked or did not work for them when
they were creating and implementing their products.
·
R:
Rare. People who are creating an entirely new product cannot reach out to other
people who have successfully launched similar products into different markets.
·
I:
Non-inimitable.
·
N:
Non-substitutable.
5. Close
relationship to another entrepreneur who can assist me in the process of
creating my own product.
·
V:
Very valuable.
·
R:
Not too rare.
·
I:
Non-inimitable.
·
N:
Non-substitutable.
6. Market
who is desperate for mobilization innovation.
·
V:
Extremely valuable. The main reason why people will want to use my product is
for convenience. So, this market and culture of convenience make my product
much more attractive and likely to be successful.
·
R:
Not really rare.
·
I:
Could be inimitable. Others could probably come up with ways to create more
convenience to college students, but maybe not specifically with the Student ID
product.
·
N:
Substitutable. Students could have other forms of their ID, such as the
physical form, at all times that they have the mobile form.
7.
Understanding of the target market as I fit the criteria of my target market.
·
V:
Valuable. This allows me to relate to them and makes me more likely to better
understand how to tailor to their needs.
·
R: Not rare. Many people understand their target
market.
·
I:
Non-inimitable.
·
N:
Non-substitutable.
8. Society
that values convenience and leisure.
·
V:
Extremely valuable. This is one of the main reasons why I believe that my
product has great potential for success.
·
R:
Not really rare. Many people can find ways to capitalize on this resource.
·
I:
Non-inimitable.
·
N:
Non-substitutable.
9. Low
cost business idea and model.
·
V:
Financially valuable.
·
R:
Not really rare.
·
I:
Non-inimitable.
·
N:
Non-substitutable.
10. Access
to those who are willing and able to fund my product-development and
implementation processes.
·
V:
Financially valuable and valuable in the sense that I will be more likely to
actually create my product if people are willing to help me out.
·
R:
Not rare.
·
I:
Non-inimitable.
·
N:
The only way I could substitute this resource is if people were willing to
create the product for me, but I would rather receive sufficient funding and
create the product myself.
My most
valuable resource is my network of people, including my target market, those
who have successfully created and sold similar products, those who have
successfully created and sold products in general, and those who have the
financial capability as well as the willingness to fund my product research and
development, as well as creation. This network is necessary in creating and
launching my product. Networking is something that some people really struggle
with, so it is nice that I already have a relatively established network that
can work to my advantage. The other resources are easier to attain and do not
provide as much as a framework for success as my network.
Hey Brittany,
ReplyDeleteGreat job on this assignment! I agree that having a strong and large network of people is very valuable, especially when launching a business. One of your resources that I thought was interesting was “society that values convenience and leisure.” I didn’t even think of my own idea on that scale, but I think that resource is so relevant, especially for your business idea.
Hey Brittany! Great job on this assignment. You did a really good job of identifying each of the strengths in your venture and describing them. I really got an understanding of what you meant through each thing that you described. This assignment was pretty long, but you did a great job keeping your audience informed and engaged. Great job!
ReplyDeleteHey Brittany,
ReplyDeleteI think you did an excellent job on your posting for this assignment. You went into detail about the resources that you have. You defined each strength very well and I was reading them I really understood every section it was ver well detailed. Even though it was very well detailed it was still very long but it was very well formed and good content. Overall, great job!
Hey Brittany,
ReplyDeleteFirst off, You did a great job on organizing your work and making it easy to follow. I think networking for your particular idea is definitely one of your most important resources. Connections in today's society goes along way when trying to expand business ideas. Also making this product low-cost is extremely important and because your idea is based off an application it should be cost effective. Great Job!