Your Venture's 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.)
  1. I have the need for eyewear the fits well on lower nose bridges
  2. I can connect well with my customers with my communication skills
  3. With the last assignment, I was able to grow my network within my market
  4. I like to be realistic about my goals, especially my career goals, so I won't set goals for my business that seem unreachable
  5. I would put my all into something that I am passionate about
  6. I am detail-oriented
  7. I am conversational in Japanese and Mandarin, giving me an opportunity to open my business overseas
  8. I have great customer service skills that I learned through my work experience
  9. I know many people who have low nose bridges and have trouble finding eyewear that fit so I can use their experiences to shape my business
  10. I am a very adaptable person, so if there is a time where I would be thrown into a new situation, I would react and adapt as best as I can

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?). 
  1. It is valuable because then I can connect with my customers well and really understand the type of eyewear that they would need for them to be completely satisfied.
  2. In addition with resource #1, I can connect well with my customers also through my communication skills. This is valuable because I would be able to listen to my customers' needs, understand them, and then produce a product that will satisfy those needs.
  3. The connections that I made with the last assignment would be valuable and non-substitutable because they would be able to give me advice on the market and how to succeed. They have worked in the eyewear industry for a long time so they would know the business very well, giving me valuable advice.
  4. Having realistic goals will help my employees and myself a better idea of how to go about business in the future, not giving us a crazy goal that could or could not be achieved.
  5. I don't like to do things half-heartedly and so I would make sure to give my all to the best of my abilities to make my business venture succeed.
  6. When starting a business, it can be hard to keep track of everything, thus being detail-oriented would be an advantage. Making sure that all the numbers add up and that things are running smoothly is important when the business is first starting up.
  7. Being conversational in Japanese and Mandarin is unique because it gives me an opportunity to reach other markets on a more personal level that maybe other eyewear brands can't.
  8. Customer service is important when you want to have customers to have a good first impression on your business. This resource would be valuable when wanting to grow a loyal customer base.
  9. Knowing a lot of people who can be potential customers is valuable because it could help me know how to cater to the majority of my customers in the best way where they could get the most satisfaction from my product.
  10. Being adaptable is valuable because if my business venture were to hit bumps in the road, which it will, I wouldn't dwell on the loses, but adapt to the new situation we were thrown into and find a new way to succeed.
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.
  • My top resource will have to be the new connections that I made through the last assignment. We all know the phrase: what you know is not important, it's who you know. It is very important who you know within your industry, and having made new connections to add to my network will help me figure out what to do and what not do, the ins and outs of the industry, research more on the market, etc. Knowing the right people will get my business brand more well-known and spoken about and can help me settle in to the industry. 

Comments

  1. Tarang DongaApril 12, 2020 at 10:59 PM

    Hi Mia, I think that you have a great set of resources that can help you in achieving success for your venture by giving you an edge over the rest of the competition. Even I felt that the Growing your Social Capital assignment helped immensely in building valuable relations that have the potential to provide that "unfair advantage" to the venture. Overall, it is a great post!

    ReplyDelete
  2. Amaya MarshallApril 13, 2020 at 8:31 AM

    Hi Mia,
    I 100% agree that your top resource will be the new connections that will be made. I believe this because it will ultimately help you out in the long run when you either want to compete with other companies you will have others for advice, or advance in the eyewear industry which connections can help with too. I will say my top recourse was not new connections but with your industry I believe it works. Great post!

    ReplyDelete

Post a Comment

Popular posts from this blog

Figuring Out Buyer Behavior No.2

Begin with alternative evaluation.  My business idea is to start a company that provides eye wear for those who have lower nose bridges and have a hard time finding good fitting eye wear in the market right now. For my customers, I believe that when they are looking for the perfect eye wear for them, they consider the style of the eye wear as important. I believe so because even if the eye wear is reasonably priced, but they do not like how it looks on them, they will not buy the product. Since this will be something that will be worn out where others can see, the style will have to be perfect for the customer to be confident in what they are wearing. In addition to the style, the fit would be the most important aspect to my customers. Considering my whole business is based off how eye wear will fit those who have a lower nose bridge, I hope that my customers will take advantage of this and find eye wear that fits them best.  How/where do they buy?  For my business, ...
Read more

Reading Reflection No. 2

I read How to Fail at Almost Everything and Still Win Big  by Scott Adams . 1) What was the general theme or argument of the book? The general theme of the book is that one cannot be discouraged after failing. Scott Adams had failed in so much in his life that he wrote a book all about it, yet he was still able to succeed in something that he grew a lot of passion for and he probably doesn't regret the route that he took to get there. He learned from his past experiences, took them and applied it to his next new adventure, whether it be a new business or a new job. He wanted us to learn from his book that our failures are what puts us on that path of success that we desire, and that if we work smarter, then we can all get there eventually.  2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003? In my opinion, I think the book connected with and enhanced what I was learning in ENT 3003 when it came to starting a business, but no...
Read more