1. Fraternity Network- I belong to a business fraternity with over a quarter of a million members. I can easily connect with business professionals from any field as a result.
Valuable: This is incredibly valuable. Having so many connections already formed will help my business tremendously.
Rare: This is rare. While other fraternity networks are common, having one so large with the majority being business people is not.
Inimitable: This can be imitated to an extent. Someone else can join the fraternity or have a similar sized network.
Non-Substitutable: There are other resources that can provide the same benefits. Anyone can have a network.
2. Website design - I have several friends in web design and coding. They can help me design my companies website and applications
Valuable: This is somewhat valuable. It will help me be providing an already reliable person to perform the service.
Rare: This is not rare. There are several people who can design websites and apps.
Inimitable: This can very easily be imitated. One will have no trouble finding s person or service to design a website.
Non-Substitutable: Other services can easily provide the same benefits that my connections can.
3. Fabrication- I have friends who can help me produce prototypes of my products with the use of fabrication machines.
Valuable: This is valuable to me because it saves me money in the production and development of products.
Rare: This is not rare. Many people know how to fabricate items in a fabrication shop.
Inimitable: It is easy for others to copy this. Other companies likely already have manufacturing facilities that can produce items much faster than my friends can.
Non-Substitutable: This is very substitutable. Machines can do all of the work.
4. Unique design - My design is unlike any other that I have seen in the market, and I plan to have it patented.
Valuable: This will be very valuable. What differentiates my from my competition is what will make my product successful.
Rare: A unique design is not rare in a product. Countless products have unique features.
Inimitable: The product cannot be imitated. This will be because of the patent.
Non-Substitutable: This is somewhat non-substitutable. This is because price can replace the uniqueness of a product in order to drive sales.
5. Attention to detail - I have a strong attention to detail. This will aid me in the development of a thoughtfully designed product.
Valuable: This will be moderately valuable. The most popular and successful products are those that are thoughtfully designed and have attention to detail.
Rare: This is not rare. Several other people have strong attention to detail.
Inimitable: Others can easily copy this.
Non-Substitutable: Attention to detail can be replaced through computer software that can measure imperfections better than humans can.
6. Drive - I have powerful drive. This can aid me in accomplishing all of my more ambitious goals.
Valuable: This is very valuable. Every entrepreneurial venture needs someone with drive to make it successful
Rare: This is not rare. There are a lot of other people who have a lot of drive
Inimitable: Drive is easy to imitate. It just a matter of setting one’s mind to something.
Non-Substitutable: I feel as though one cannot substitute drive. It is something that one either has or does not have.
7. Ability to make people feel valued - In am interview for this course I was told that I am able to make people feel valued. This can help a lot in effective leadership.
Valuable: This is very valuable. Employees work well when they feel as though the company they are working with values them.
Rare: This is moderately rare. I have seen this ability in some leaders, but not very many.
Inimitable: This is difficult to imitate. It would take time for one to learn this ability.
Non-Substitutable: The benefits of an employee can he had through different methods. High pay and a good work environment are examples of substitutes.
8. Leadership experience - I am specializing in leadership for my major. Because of this a have a strong leadership background and a good amount of experience leading.
Valuable: Strong leadership is essential to running a company. Without it a company would not last long.
Rare: This is not rare. Effective leadership can be found in a number of places easily.
Inimitable: It is easy to imitate effective leadership. One can be trained to lead well or a good leader can be hired
Non-Substitutable: I believe that there is no substitute for good leadership.
9. Fast learner - I am able to learn new topics and skills in a very short duration of time.
Valuable: This is very valuable. As an entrepreneur I will have to learn a number of things when starting up my business. I will be able to do so quickly.
Rare: This is somewhat rare. There are other fast learners in the world, but I do it see very many of them
Inimitable: This can be imitated somewhat easily. Everyone, however, learns at their own pace.
Non-Substitutable: This is substitutable. One can hire someone that already possesses the skills that are required for a job.
10. Communication Skills - I have developed strong communication skills through a variety of coursework and professional experience.
Valuable: String communication skills are very valuable. Without them, one cannot effectively communicate an idea or task to a team.
Rare: This is not rare. Countless other people have strong communication skills.
Inimitable: This is easy to imitate. One can easily develop good communication skills.
Non-Substitutable: I fell as though one cannot substitute communication skills. It is simply something that one needs.
After completing my VRIN analysis, I have determined that my top resource is my fraternity network. It’s more important than my other resources because it encompasses everything that I need in order to effectively start my venture. The connections I have are priceless. If I need someone in manufacturing, marketing, or human resources, then they are just an email away. I can find an individual with any of the items listed above in my vast network.
Valuable: This is incredibly valuable. Having so many connections already formed will help my business tremendously.
Rare: This is rare. While other fraternity networks are common, having one so large with the majority being business people is not.
Inimitable: This can be imitated to an extent. Someone else can join the fraternity or have a similar sized network.
Non-Substitutable: There are other resources that can provide the same benefits. Anyone can have a network.
2. Website design - I have several friends in web design and coding. They can help me design my companies website and applications
Valuable: This is somewhat valuable. It will help me be providing an already reliable person to perform the service.
Rare: This is not rare. There are several people who can design websites and apps.
Inimitable: This can very easily be imitated. One will have no trouble finding s person or service to design a website.
Non-Substitutable: Other services can easily provide the same benefits that my connections can.
3. Fabrication- I have friends who can help me produce prototypes of my products with the use of fabrication machines.
Valuable: This is valuable to me because it saves me money in the production and development of products.
Rare: This is not rare. Many people know how to fabricate items in a fabrication shop.
Inimitable: It is easy for others to copy this. Other companies likely already have manufacturing facilities that can produce items much faster than my friends can.
Non-Substitutable: This is very substitutable. Machines can do all of the work.
4. Unique design - My design is unlike any other that I have seen in the market, and I plan to have it patented.
Valuable: This will be very valuable. What differentiates my from my competition is what will make my product successful.
Rare: A unique design is not rare in a product. Countless products have unique features.
Inimitable: The product cannot be imitated. This will be because of the patent.
Non-Substitutable: This is somewhat non-substitutable. This is because price can replace the uniqueness of a product in order to drive sales.
5. Attention to detail - I have a strong attention to detail. This will aid me in the development of a thoughtfully designed product.
Valuable: This will be moderately valuable. The most popular and successful products are those that are thoughtfully designed and have attention to detail.
Rare: This is not rare. Several other people have strong attention to detail.
Inimitable: Others can easily copy this.
Non-Substitutable: Attention to detail can be replaced through computer software that can measure imperfections better than humans can.
6. Drive - I have powerful drive. This can aid me in accomplishing all of my more ambitious goals.
Valuable: This is very valuable. Every entrepreneurial venture needs someone with drive to make it successful
Rare: This is not rare. There are a lot of other people who have a lot of drive
Inimitable: Drive is easy to imitate. It just a matter of setting one’s mind to something.
Non-Substitutable: I feel as though one cannot substitute drive. It is something that one either has or does not have.
7. Ability to make people feel valued - In am interview for this course I was told that I am able to make people feel valued. This can help a lot in effective leadership.
Valuable: This is very valuable. Employees work well when they feel as though the company they are working with values them.
Rare: This is moderately rare. I have seen this ability in some leaders, but not very many.
Inimitable: This is difficult to imitate. It would take time for one to learn this ability.
Non-Substitutable: The benefits of an employee can he had through different methods. High pay and a good work environment are examples of substitutes.
8. Leadership experience - I am specializing in leadership for my major. Because of this a have a strong leadership background and a good amount of experience leading.
Valuable: Strong leadership is essential to running a company. Without it a company would not last long.
Rare: This is not rare. Effective leadership can be found in a number of places easily.
Inimitable: It is easy to imitate effective leadership. One can be trained to lead well or a good leader can be hired
Non-Substitutable: I believe that there is no substitute for good leadership.
9. Fast learner - I am able to learn new topics and skills in a very short duration of time.
Valuable: This is very valuable. As an entrepreneur I will have to learn a number of things when starting up my business. I will be able to do so quickly.
Rare: This is somewhat rare. There are other fast learners in the world, but I do it see very many of them
Inimitable: This can be imitated somewhat easily. Everyone, however, learns at their own pace.
Non-Substitutable: This is substitutable. One can hire someone that already possesses the skills that are required for a job.
10. Communication Skills - I have developed strong communication skills through a variety of coursework and professional experience.
Valuable: String communication skills are very valuable. Without them, one cannot effectively communicate an idea or task to a team.
Rare: This is not rare. Countless other people have strong communication skills.
Inimitable: This is easy to imitate. One can easily develop good communication skills.
Non-Substitutable: I fell as though one cannot substitute communication skills. It is simply something that one needs.
After completing my VRIN analysis, I have determined that my top resource is my fraternity network. It’s more important than my other resources because it encompasses everything that I need in order to effectively start my venture. The connections I have are priceless. If I need someone in manufacturing, marketing, or human resources, then they are just an email away. I can find an individual with any of the items listed above in my vast network.
I think that you have the most valuable and basic skills that everyone should have. It is good for people looking to start their business ventures to have connection or at least have a plan to connect because it will be the most important source. Another thing that I didn't think about that I could have used is that I am a fast learner, and that skill can become useful when it comes to building and learning new material. Lastly, making your customers feel valued is very important. Customers like to feel valued and that is where business thrives.
ReplyDeleteYou did a great job in really diving into your personal capital and understanding how that specifically benefits your opportunity. Not only did you address in depth your capitals, but you went above and beyond in explaining why/why not they would or wouldn't benefit you and your opportunity. Great job.
ReplyDeleteHi Alexander,
ReplyDeleteGood job identifying the most valuable resources and human capital you have. I like how you mentioned that “drive” is one of your resources. That is something that I did not think about when completing my list. I think it is really cool that you identified your fraternity network as your top resource. From what you described, it sounds like it is a fantastic networking resource which is critical in any entrepreneurial venture.
I really agree that your network is your key element. Having those connection means a lot and when you are in business you are going to be faced with many things that you didn't think you would have to deal with. Having a network of diverse business contacts is invaluable.
ReplyDeleteHey Alex, really good analysis of the advantages you have available to you. I love how you went into detail for each of them; I could understand how you came to the conclusion that your fraternity network is the most valuable resource you have. I am also in a fraternity so I also have the insight that this network can provide a diverse group of people that can help you out in many different ways.
ReplyDeleteHey Alexander,
ReplyDeleteI liked reading through your unfair advantage list. It is clear that your involvement with a fraternity gives you a vast network of similarly minded individuals that you can rely on. You also mention the help that you would be receiving from several friends, this is a great way for a company to bootstrap and get off the ground for little to no funding. It seem to me like you have a clear plan and the means and resources to execute it, and that alongside your ability to make people feel valued will make you a great leader and entrepreneur.