My Venture's Unfair Advantage

My List of Resources:
1. My ability to return calls. I am one of those people that always check my notifications and reply ASAP. I feel like this trait will be great for capturing a sale of my venture's service.

2. The social web that I interact in. I know people from all over the world and many within Gainesville since I am an ACR. These social connections are great for networking.

3. Work ethic is another valuable resource. Anything business venture I am involved in is going to thrive off of smart but hard work.

4. My ability to lift people up. Even though it is tough at times, I have a knack for the encouragement of others.

5. I plan to create a culture within the company for users to be rewarded based on their persistent hard work.

6. I have a firm belief of paying your employees before yourself. This confidence will belittle the company's chances of going under.

7. Communication within my company. This relates to bullet points 1 and 5. My ability to return to calls to not only customers but employees as well is a plus in business. I would also like communication to be factored in the foundation of the company's culture.

8. I have access to potential investors due to my social capital.

9. I already have the capital to begin the company. The 2 main essentials are a cell phone and laptop.

10. Belief in this business venture from my classmates and others I have interviewed. So, in a way, I guess this could be labeled as social approbation.

VRIN Analysis:
1. Value: The value of this is found in the capturing of sales. Rarity: Yes, not all but most people are not the best at rapid responses. Inimitability: This trait isn't as hard to maintain as some make it out to be. All you have to do make an effort to pick up the phone and provide responses to the people that contacted you. If you are too busy for this, hire a good secretary. Non-substitutability: You cannot substitute the contact between you and curious customers because that initial contact could be a sale.

2. Value: Very valuable. The famous entrepreneur Tony Robbins once said, "You can judge the quality of your life based on the quality of your relationships." Rarity: Yes, good healthy relationships are undervalued and hard to find. Inimitability: This one cannot be imitated. A genuine relationship cannot be imitated whatsoever. Non-substitutability: Sure you could substitute a fake relationship for a genuine one but it will not prosper.

3. Value: Very valuable, this is the driving force of the business. Rarity: Hard is easy to come by. The question to ask yourself during the analyzation process is "Is it quality work?" Inimitability: Yes this can be imitated but the fruits of one's labor will eventually reveal the truth. Non-substitutability: There is no substitute for hard work.

4. Value: Very valuable. This is another key factor in the venture's cultural foundation. Rarity: I'd say this is a tad bit on the rare side. I have heard tons of stories of people working for places that were more of a drag than uplifting. Inimitability: Yes and no, there has to be a genuine essence in the encouragement you provide. Non-substitutability: There is no substitute for the encouragement of your employees.

5. Value: Very valuable. This gives employees/participants a sense of belonging. Rarity: Yes it is rare to find an effective culture in a business but I feel like this method is starting to be implemented more and more we progress into the future. Inimitability: This cannot be imitated because a company's culture is what gives them differentiation. Non-substitutability: Sure this could be substituted but lack of culture will cause the fall of a company.

6. Value: Very valuable. This is a variable cost that must be taken care of always. Not only for the integrity of the business but for the integrity of one's self. Rarity: 50/50, I have heard of people not getting paid on time but if the business is healthy, it's paying its employees on time. Inimitability: Integrity cannot be imitated. Non-substitutability: This cannot be substituted because, at the end of the day, your guys need to get paid.

7. Value: Very valuable. Communication within is the determinant of the smoothness of a firm's deliverance of service or product. Rarity: Effective communication is hard to come by but can be obtained. Inimitability: Yes, if practiced, efficient communication can be obtained. Non-substitutability: Nope, communication cannot be substituted.

8. Value: Very valuable, especially for expansion. Rarity: This resource is rare. Many can go to banks but to have people you know personally and who believe in you sitting in your contact list is more valuable. Inimitability: No, as said above, genuine relationships cannot be imitated. Non-substitutability: There are many substitutes to obtain financial support for your business but knowing the investor can make the cash acquisition process a lot smoother.

9. Value: Very Valuable. A cell phone and laptop are easy to come by but essential for running any business nowadays. Rarity: Not rare at all but important. Inimitability: Anybody can obtain these items. Non-substitutability: No reason to substitute these.

10. Value: This is also valuable but not required. Rarity: This can be rare at times. It is hard to find people who genuinely believe in your vision. Inimitability: 50/50 Non-substitutability: This can be substituted for envy but at the end of the day you control the outcome of your business not 'innocent bystanders'.

The Most Important Resource:

I would say the most important resource would be bullet point 5. This is the foundation a company is built on. Just like a house, if there is not a solid foundation, the structure will fall. I like to correlate this example to business. If a control is not viable, as I said before, this could be the fall of the firm.