23A – Your Venture’s Unfair Advantage
Ten resources:
Valuable
Rare
Inimitable
Non-substitutable
1) Computer savvy to create web/mobile application
V - I believe this is valuable since I will not need to hire someone to do it for me (at least not for a while)
R - Rare because my knowledge is a compilation of multiple experiences I have acquired overtime
I - It is imitable, however, it would not be easy to do so
N - It is non-substitutable for the same reason it is rare
2) Having contacts in the technology industry for future needs at a lower cost
V - Very valuable as it will save me a lot of time in the future.
R - It is rare because I have multiple contacts in different sections of the technology industry
I - It is imitable, however, it would not be easy to do so
N - It is non-substitutable for the same reason it is rare
3) First products of its kind
V - Very valuable for parents that will be able to save a lot of money
R - Very rare, there are none in the market so far
I - It is imitable, however, it would not be easy to do so
N - It is non-substitutable
4) Knowledge of the speech therapy field and technology
V - Very valuable and necessary for this business plan
R - Rare because it is hard to find someone with knowledge of both
I - It is imitable, however, it would not be easy to do so
N - It is non-substitutable for the same reason it is rare
5) Personal financial resources
V - Very valuable and required for this business
R - It is not rare because anybody can have money saved
I - It is imitable because anyone can have money saved
N - It non-subistitutable because money will be necessary to get this business started
6) Credit (if needed)
V - Very valuable if necessary to take a loan
R - It is not rare as anyone can build credit
I - It is imitable, however it takes years to build a good credit
N - Can be substituted by money
7) Excellent communication skills
V - Very valuable in any business endeavor
R - Not rare
I - It is imitable
N - Cannot be substituted
8) Excellent problem solving skills
V - Very valuable in any business endeavor
R - somewhat rare
I - It is not imitable
N - Cannot be substituted
9) Entrepreneurial experience from past venture
V - Very valuable in any business endeavor
R - somewhat rare
I - It is not imitable
N - These kinds of experience cannot be substituted
10) This course
V - Very valuable
R - Very rare. Not every entrepreneur has had the chance to think of the business this deeply and analytically before starting
I - Imitable for the other students of this course
N - Can be substituted by work and past experiences
I believe that my most valuable resources is "computer savvy to create web/mobile application". This is the one that definitely passes the VRIN test. This is crucial for this venture because it is a web and mobile application, it will save me a lot of time, money and most importantly, I will not need to share my intellectual property with anybody to help me build it.
Valuable
Rare
Inimitable
Non-substitutable
1) Computer savvy to create web/mobile application
V - I believe this is valuable since I will not need to hire someone to do it for me (at least not for a while)
R - Rare because my knowledge is a compilation of multiple experiences I have acquired overtime
I - It is imitable, however, it would not be easy to do so
N - It is non-substitutable for the same reason it is rare
2) Having contacts in the technology industry for future needs at a lower cost
V - Very valuable as it will save me a lot of time in the future.
R - It is rare because I have multiple contacts in different sections of the technology industry
I - It is imitable, however, it would not be easy to do so
N - It is non-substitutable for the same reason it is rare
3) First products of its kind
V - Very valuable for parents that will be able to save a lot of money
R - Very rare, there are none in the market so far
I - It is imitable, however, it would not be easy to do so
N - It is non-substitutable
4) Knowledge of the speech therapy field and technology
V - Very valuable and necessary for this business plan
R - Rare because it is hard to find someone with knowledge of both
I - It is imitable, however, it would not be easy to do so
N - It is non-substitutable for the same reason it is rare
5) Personal financial resources
V - Very valuable and required for this business
R - It is not rare because anybody can have money saved
I - It is imitable because anyone can have money saved
N - It non-subistitutable because money will be necessary to get this business started
6) Credit (if needed)
V - Very valuable if necessary to take a loan
R - It is not rare as anyone can build credit
I - It is imitable, however it takes years to build a good credit
N - Can be substituted by money
7) Excellent communication skills
V - Very valuable in any business endeavor
R - Not rare
I - It is imitable
N - Cannot be substituted
8) Excellent problem solving skills
V - Very valuable in any business endeavor
R - somewhat rare
I - It is not imitable
N - Cannot be substituted
9) Entrepreneurial experience from past venture
V - Very valuable in any business endeavor
R - somewhat rare
I - It is not imitable
N - These kinds of experience cannot be substituted
10) This course
V - Very valuable
R - Very rare. Not every entrepreneur has had the chance to think of the business this deeply and analytically before starting
I - Imitable for the other students of this course
N - Can be substituted by work and past experiences
I believe that my most valuable resources is "computer savvy to create web/mobile application". This is the one that definitely passes the VRIN test. This is crucial for this venture because it is a web and mobile application, it will save me a lot of time, money and most importantly, I will not need to share my intellectual property with anybody to help me build it.
Hi Arthur,
ReplyDeleteHope all is well with you. Additional to the resource, computer savvy to create web/mobile application, which you considered the most valuable, I think that you should also consider as the second most valuable “Knowledge of the speech therapy field and technology.” Known your patients is very important . Definitely, money is one of the most important resources, especially our saving, which are going to give us the starting point. Great post.
Hi Arthur,
ReplyDeleteI liked your VRIN analysis and how in depth you went. I know that this is assignment took me a long time and I am sure it was time consuming for you also. I think your most important resource is your knowledge of the speech therapy field and technology. I think you have a business that needs specific knowledge and that people will not be able to copy it.