Friday, April 5, 2019

23A - Your Venture's Unfair Advantage


  1. Lack of competition: There isn't a lot of available resources that are like mine that would have a close partnership with schools.
    1. Valuable: Very valuable. I want to be able to stand out.
    2. Rare: Not too rare, there are no noticeable barriers to entry and there a couple of similar services.
    3. Inimitable: My service in partner with schools would be more unique, however, someone else could also enter my market.
    4. Non-substitutable:  Could be substituted with another idea or better plan.
  2. My connection to other entrepreneurs/businessmen: My uncle is a businessmen with over 30 years of experience and I have met other entrepreneurs through the Big Idea Competition.
    1. Valuable: Very valuable. Having connections with other fellow entrepreneurs and business people gives me a point of reference and an avenue for advice.
    2. Rare: Relatively rare if you're not already in the industry where you would be in contact with these type of individuals.
    3. Inimitable: Could not be imitated - no two relationships are the same.
    4. Non-substitutable: Could not be substituted to the same extent.
  3. Fundraising Experience: I have some experience with fundraising by helping plan and organize soccer fundraisers for Susie's Knee.
    1. Valuable: Very valuable. Could be a way to make money and support my idea.
    2. Rare: Not that rare - other people have this ability (especially through clubs)
    3. Inimitable: Could be imitated to some degree.
    4. Non-substitutable: Yes. There are people I could hire who have this skill or I could have other people join my team.
  4. Social Capital/Connection to other students: I'm in a place where my market is literally all around me, essentially "at my fingertips."
    1. Valuable: Valuable. Having my market be so accessible to me allows to me to gain feedback instantly and allow me to make changes as needed.
    2. Rare: Not that rare - anyone can get in contact with students.
    3. Inimitable: Could easily be imitated.
    4. Non-substitutable: Yes, could be substituted. This problem is not only reflected in recent high school graduates, but other young adults as well.
  5. My Marketing Experience: I served as the Director of Marketing with Susie's Knee.
    1. Valuable: Very valuable and extremely relevant when trying to get the word out about my service.
    2. Rare: My experience is unique but the skill itself isn't that rare.
    3. Inimitable: The skill could be imitated, but not the experience.
    4. Non-substitutable: Yes. I could hire people who have this skill. 
  6. Support from other Organizations: Quality of education is something so many organizations are passionate about and would be willing to help.
    1. Valuable: Very valuable. The more support I can get, the better.
    2. Rare: Not too rare, this is a prevalent topic.
    3. Inimitable: To some extent this could be imitated since education is such a broad subject.
    4. Non-substitutable: Since there are so many organizations willing to help, I would consider it substitutable. 
  7. Popular Theme for Millennials: Many students connect to this issue that school didn't really teach them any valuable life skills.
    1. Valuable: Valuable. My market is aware of their unmet need, which makes it even better to market my idea.
    2. Rare: Not too rare, there are so many relevant trends for millenials.
    3. Inimitable: Slightly imitable. 
    4. Non-substitutable: Could be subsituted with other similar problems. 
  8. Relationships with Past Teachers
    1. Valuable: Valuable in the way my idea could be implemented and the way the content could be taught.
    2. Rare: Not very rare, a lot of students have good relationships with their teachers.
    3. Inimitable: Relationship itself could not be imitated, but there are plenty of other students who have connections with their teachers.
    4. Non-substitutable: Could be substituted by other types of teachers like mentors, school board directors, guidance counselors, etc.
  9. Personal Connection to Problem
    1. Valuable: Valuable in that I can identify the pain points of the problem and I have a higher motivation to solve this problem.
    2. Rare: Not rare, students everywhere have this problem.
    3. Inimitable: Widespread problem, so it is imitable. 
    4. Non-substitutable: I could be satisfied relying on parents to solve this problem so yes it is substitutable.  
  10. Access to UF Resources: By using the resources UF has, I can bring more awareness and even elevate my idea to the next level.
    1. Valuable: Valuable that I have so many resources I can utilize to promote my idea.
    2. Rare: Not rare to UF students, but outside of that, yes.
    3. Inimitable: Other universities' resources could provide similar services.
    4. Non-substitutable: Could be substituted by other universities.
Top Resource: My top resource is my social capital/connection to other students. Having my market in my immediate surroundings is a huge advantage for my business idea. A lot of my other resources are both useful and relevant, but to me what stands out is how closely I'm connected with people who have an unmet need. Life skills are the most relevant to when students graduate from high school and I can see the effects/mechanisms of that by looking at those around me. 

3 comments:

  1. Ashley,
    I thought it was interesting that you said your top resource is your connection to other students. This was not something I even really thought about as a resource, but it definitely is important! Because we have this, we know our audience very well. This is also super important because we are a part of the market we are trying to serve. Great job!

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  2. Hey Ashley, I thought you had a really interesting VRIN analysis. Overall the points that you provided are important, but I was surprised that your top resource was the connection you shared with other students. I had no idea that would actually be a top resource in an analysis, but after reading your reasons I can see why. I agree with your statement when you say that life skills are the most relevant, and I think you saying this shows how much you learned from this assignment. Great job!

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  3. Hey Ashley,

    This was such a great post. I really liked your VRIN analysis. It was very insightful and awesome. You also made some really insightful points. This truly showed you knew a lot about your product and are ready to move forward. Overall this was an amazing post. I totally agree with you that your top resource is your connection to other students.

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