Resources:
1) Social capital - I know a decent amount of people. I am VP of a fraternity, involved in Growl and DM among other organizations. I also know several people in the industry.
2) Financial Capital - I come from a wealthy family and they would be willing to invest
3) Financial understanding - I have been investing my entire life and have taken several finance and accounting courses.
4) My venture is in a niche market
5) Realistic goals - I want to start small at first before expanding
6) I possess dedication
7) I'm IN the target market - I have inside knowledge
8) Education - I go to University of Florida
9) Social Media capabilities - I know how social media works and could use it to help me.
10) Physical Capabilities - I could demonstrate the cleaning capabilities to show the abilities of the app.
VRIN (Value, Rare, Inimitable, Non-substitutable):
1) This is incredibly valuable. It's all about who you know. It can also be quite rare in this day and age. To have my exact social circle is not imititable. There are no substitutions to who you know.
2) This is very valuable for getting the company started. It is somewhat rare, but not incredibly rare. Other wealthy people can imitate. There is no substitution.
3) This is also very valuable. It is also rare. It can be imitated. There are no substitutions.
4) This is valuable, non-niche goods usually don't do as well as the counterpart. It is not rare. It can be imitated, many items have niche markets. There is no substitution I can think of.
5) Very valuable, starting too big causes many failures. It is somewhat rare for new ventures. It can be imitated. There can be substitutions.
6) Very valuable. Not that rare. Can not be imitated to my degree. No substitution for dedication.
7) Being part of the target market gives me a valuable insight. Somewhat rare. It can be imitated. There are substitutions, for example hiring someone in the target market for ideas.
8) Education is very valuable. Not rare. It can be imitated. There are substitutions.
9) This is very valuable in today's world. It is not that rare. It can be imitated. There are no substitutions.
10) This is somewhat valuable for my idea. Not that rare. It can be imitated. It can be substituted.
Numero Uno:
My great asset is either social network or my financial capabilities. To pick one, I'd say the financial capabilities. Having money will make starting a business much much easier. However, it must go along with my other assets.
Dear Collin,
ReplyDeleteVery good job with your resource list. I felt that the niche market, social capital, financial capital, social media, and physical capabilities were especially relevant. In the end, you are absolutely right about financial capabilities because money is the hardest thing for any new entrepreneur or venture to secure. If you have access to capital, you are already many steps ahead of a typical entrepreneur. Take a look at my unfair advantage at http://taleemreflections.blogspot.com/2016/03/my-unfair-advantage.html. Thank you.
Farrukh
Collin,
ReplyDeleteI would say that this post does put you in the unfair advantage compared to the rest! You show great ideas on this post. I would also agree with you there that either your social network or your financial capabilities is your strong point. Great post!