23 A- Your Venture's Unfair Advantage
Resources and VRIN
1. Social Capital
I have met with the manager of a fitness apparel store, this social capital can help run my business
a) Valuable: this is definitely a very valuable resource to have
b) Rare: this isn't very rare, I didn't personally know the guy, though I did use someone I knew to introduce me, I think he would be willing to speak to anyone that walked in and asked
c) Inimitable: This is a pretty easy resource to copy because again anyone can walk in and speak to him
d) Non-Substitutable: There are plenty of people or even books that could provide the same insight as him, so this resource is substitutable
2. Social Capital
I have a friend that is actually an athlete affiliate with one of the online brands I wish to have in my store, another social capital resource that could be beneficial
a) Valuable: this is an extremely valuable resource to have because she provides a way in with one of the companies I wish to work with
b) Rare: I would say this is pretty rare as she is someone unique to the specific business, and not just a random person with knowledge on the industry
c) Inimitable: I would say this is slightly harder to copy, because each company only has so many athlete affiliates, but you could still reach out to the few (possible hundreds) of them that there are
d) Non-Substitutable: I would say this resource is kind of substitutable. There are multiple people that are affiliates for each brand, however I don't think there is many people that could substitute the benefits of knowing an affiliate
3. Financing
I have family members, my own finances, and a very good credit score that I think could help me obtain the finances to start this business
a) Valuable: this is very valuable, especially when starting a business
b) Rare: this may be rare in the sense that I think I have much easier access to this than most people
c) Inimitable: It may be easy for others to copy this so not very inimitable
d) Non-Substitutable: I don't think money is substitutable, I can't think of anything that's not money that will do the same thing as money
4. Experience
Both of my parents run their own businesses, and my dad is sort of a serial entrepreneur, I think both of them have unique experiences that would help in how to start and run a business
a) Valuable: this is very valuable
b) Rare: I think this is pretty rare in the sense that it is not only unique, more personal experiences, but also my parents would help me out and give me advice for free
c) Inimitable: This could be easy to copy by reaching out to entrepreneurs, and even buying books or watching videos on running a business
d) Non-Substitutable: There are plenty of other options that could substitute my parents knowledge
5. The Business Idea
The idea itself is unique, should it go as I plan I will be the only company that has all of the online fitness apparel brands in one store front
a) Valuable: this is definitely valuable
b) Rare: it's rare in the sense that no place like this currently exists
c) Inimitable: This could be copied, it could be a little difficult but could definitely be done
d) Non-Substitutable: The idea is to be able to get online brands in person at a store, so I can't really think of a substitute option for that
1. Social Capital
I have met with the manager of a fitness apparel store, this social capital can help run my business
a) Valuable: this is definitely a very valuable resource to have
b) Rare: this isn't very rare, I didn't personally know the guy, though I did use someone I knew to introduce me, I think he would be willing to speak to anyone that walked in and asked
c) Inimitable: This is a pretty easy resource to copy because again anyone can walk in and speak to him
d) Non-Substitutable: There are plenty of people or even books that could provide the same insight as him, so this resource is substitutable
2. Social Capital
I have a friend that is actually an athlete affiliate with one of the online brands I wish to have in my store, another social capital resource that could be beneficial
a) Valuable: this is an extremely valuable resource to have because she provides a way in with one of the companies I wish to work with
b) Rare: I would say this is pretty rare as she is someone unique to the specific business, and not just a random person with knowledge on the industry
c) Inimitable: I would say this is slightly harder to copy, because each company only has so many athlete affiliates, but you could still reach out to the few (possible hundreds) of them that there are
d) Non-Substitutable: I would say this resource is kind of substitutable. There are multiple people that are affiliates for each brand, however I don't think there is many people that could substitute the benefits of knowing an affiliate
3. Financing
I have family members, my own finances, and a very good credit score that I think could help me obtain the finances to start this business
a) Valuable: this is very valuable, especially when starting a business
b) Rare: this may be rare in the sense that I think I have much easier access to this than most people
c) Inimitable: It may be easy for others to copy this so not very inimitable
d) Non-Substitutable: I don't think money is substitutable, I can't think of anything that's not money that will do the same thing as money
4. Experience
Both of my parents run their own businesses, and my dad is sort of a serial entrepreneur, I think both of them have unique experiences that would help in how to start and run a business
a) Valuable: this is very valuable
b) Rare: I think this is pretty rare in the sense that it is not only unique, more personal experiences, but also my parents would help me out and give me advice for free
c) Inimitable: This could be easy to copy by reaching out to entrepreneurs, and even buying books or watching videos on running a business
d) Non-Substitutable: There are plenty of other options that could substitute my parents knowledge
5. The Business Idea
The idea itself is unique, should it go as I plan I will be the only company that has all of the online fitness apparel brands in one store front
a) Valuable: this is definitely valuable
b) Rare: it's rare in the sense that no place like this currently exists
c) Inimitable: This could be copied, it could be a little difficult but could definitely be done
d) Non-Substitutable: The idea is to be able to get online brands in person at a store, so I can't really think of a substitute option for that
6. Knowledge in the Industry
I am very familiar with this industry, so I think I am both knowledgeable and passionate about this business
a) Valuable: This is definitely a valuable resource
b) Rare: I think this is semi-rare, it is unique to me but there are plenty of people that have a knowledge or passion in this industry
c) Inimitable: I don't think anyone can copy my personal knowledge, skills, and passion
d) Non-Substitutable: This is a substitutable resource, someone else's knowledge, skills, or passion could substitute mine
b) Rare: I think this is semi-rare, it is unique to me but there are plenty of people that have a knowledge or passion in this industry
c) Inimitable: I don't think anyone can copy my personal knowledge, skills, and passion
d) Non-Substitutable: This is a substitutable resource, someone else's knowledge, skills, or passion could substitute mine
7. Organizational Culture
If the company opens, it will be a "by women for women" type of business that I think will develop a very unique and positive organizational culture
a) Valuable: This is extremely valuable
b) Rare: This is definitely rare, the concept itself is more unique, then combined with being in the fitness apparel industry I think makes is even more so
c) Inimitable: I don't think another company can copy what my organizational culture is like
d) Non-Substitutable: I don't think this is very substitutable, I can't think of something that could replace having a positive and unique culture
8. Brand Loyalty
Because of the by women for women style of business, I think the business mission statement and purpose will attract a lot of loyal customers that support the concept
a) Valuable: This is very valuable
b) Rare: I think this is pretty rare, the brand will have customers that not only love the product but really support what it stands for
c) Inimitable: This is imitable because plenty of companies can create a mission that people support
d) Non-Substitutable: This isn't a substitutable resource because I think the whole point of a business is to create long-term loyal customers that support your brand
b) Rare: This is definitely rare, the concept itself is more unique, then combined with being in the fitness apparel industry I think makes is even more so
c) Inimitable: I don't think another company can copy what my organizational culture is like
d) Non-Substitutable: I don't think this is very substitutable, I can't think of something that could replace having a positive and unique culture
8. Brand Loyalty
Because of the by women for women style of business, I think the business mission statement and purpose will attract a lot of loyal customers that support the concept
a) Valuable: This is very valuable
b) Rare: I think this is pretty rare, the brand will have customers that not only love the product but really support what it stands for
c) Inimitable: This is imitable because plenty of companies can create a mission that people support
d) Non-Substitutable: This isn't a substitutable resource because I think the whole point of a business is to create long-term loyal customers that support your brand
9. Partnerships
Because this is a store that will exclusively sell other brands, there is potential to great partnerships and deals with these other, much larger, brands
a) Valuable: This is very valuable
b) Rare: I think these relationships would be pretty rare, as these brands don't really have any partnerships like this at the moment
c) Inimitable: This is pretty inimitable, I think it's pretty difficult to copy a developed personal relationship/partnership
d) Non-Substitutable: This isn't really substitutable, I do not think there are resources that could really provide the same benefits that having a partnership does
b) Rare: I think these relationships would be pretty rare, as these brands don't really have any partnerships like this at the moment
c) Inimitable: This is pretty inimitable, I think it's pretty difficult to copy a developed personal relationship/partnership
d) Non-Substitutable: This isn't really substitutable, I do not think there are resources that could really provide the same benefits that having a partnership does
10. My Human Capital
I think I myself have a few skills that would be considered a resource for my business. For one I am always willing, and eager, to learn new and better ways to do things, I am very strong willed and determined, and I tend to see the positives in all situations.
I think I myself have a few skills that would be considered a resource for my business. For one I am always willing, and eager, to learn new and better ways to do things, I am very strong willed and determined, and I tend to see the positives in all situations.
a) Valuable: I would say this is valuable
b) Rare: I think this is semi-rare, not everyone has these skills otherwise I don't think they would be very valuable
c) Inimitable: I don't think it's very easy for someone to copy my personality and skills, but I guess it could be done
d) Non-Substitutable: This is subsitiuatble
b) Rare: I think this is semi-rare, not everyone has these skills otherwise I don't think they would be very valuable
c) Inimitable: I don't think it's very easy for someone to copy my personality and skills, but I guess it could be done
d) Non-Substitutable: This is subsitiuatble
Top Resource
By using the VRIN I think my partnerships would be my top resource. It is the only resource that was valuable, rare, inimitable, and non-substitutable. Aside from that, I think it is the best resource because of what it has to offer. Building relationships with these brands expands the businesses social capital, and could be really beneficial should we need any type of help in the future. These partnerships could also lead to exclusivity deals, which could help ensure that we don't have any issues with competition. Having these partnerships could also mean that these brands promote out business, since we would be authorized sellers of their products, which means more customers and awareness of the business. Additionally, some of these brands have a similar by women for women style, so they could even help my business establish those values.
By using the VRIN I think my partnerships would be my top resource. It is the only resource that was valuable, rare, inimitable, and non-substitutable. Aside from that, I think it is the best resource because of what it has to offer. Building relationships with these brands expands the businesses social capital, and could be really beneficial should we need any type of help in the future. These partnerships could also lead to exclusivity deals, which could help ensure that we don't have any issues with competition. Having these partnerships could also mean that these brands promote out business, since we would be authorized sellers of their products, which means more customers and awareness of the business. Additionally, some of these brands have a similar by women for women style, so they could even help my business establish those values.
Hey Maddi,
ReplyDeleteI think your VRIN analysis was very good and thorough. It is interesting that you said that your partnerships are your most valuable resources, because I had the same thoughts about my personal analysis. I agree with everything you said, including the part where you explain the value of these partnerships because these people will always be here to help you through any future obstacle. I also believe that brand loyalty is at the top of your resources as well. Brand loyalty is what keeps attracting your customers, thus what keeps them wanting more and more of your product.
Hi Maddi,
ReplyDeleteGreat job on your VRIN analysis. I agree with you and Beca that partnerships certainly seem like the most valuable resource! I always think of networking as an individual tool. For example, I think the people that you personally network with are resources to you as a person. However, I never considered that other companies/people who your company (as a whole) does business with, as a resource too! People build loyalty and favoritism towards companies, not necessarily the person running the company!
Hi Maddi,
ReplyDeleteI believe that knowledge in the industry is such an essential resource to have before starting any business. Understanding the ins and outs of any business is valuable beyond measures when going into business. I also see brand loyalty as being a great resource for you to have. A lot of the brands you will be selling have a very loyal customer base which will definitely play to your advantage when going in to business selling these products.