23A My venture's unfair advantage

Resources in my venture that I already possess:

  • Access to a reliable computer
    • Useful for a wide range of functionality, assist with app creation, research, and development.
    • Relatively valuable, not rare, very inimitable, and very substitutable. 
  • Access to a smartphone
    • Portable, on-the-go contact and research to help flesh out this app and service. 
    • Relatively valuable, not rare, very inimitable, and very substitutable. 
  • High-speed internet
    • Ability to research and make this idea as successful and as fleshed out as possible. 
    • Somewhat valuable, not rare, very imitable, and very substitutable. 
  • Previous marketing experience 
    • Familiarity with presenting the idea in a way that will appeal and be palatable to my target market. Understanding of which programs to turn to and what sort of communication would be more effective. 
    • Relatively valuable, somewhat uncommon, somewhat imitable, and somewhat substitutable. 
  • Knowledge and practice with social media marketing 
    • Very useful when considering the fact that my target market is young adults, nearly all of which use social media platforms.
    • Somewhat valuable, somewhat uncommon, a bit imitable, and somewhat substitutable. 
  • A network of friends, family, and acquaintances to leverage 
    • Assist me with connecting to potential customers, suppliers, employees, and advisors. 
    • Quite valuable, not very rare, somewhat imitable, and somewhat nonsubstitutable. 
  • Access to a kitchen and working space 
    • Help with preparing actual recipes and ideas for the service. 
    • Not very valuable, not rare, very imitable, very substitutable. 
  • Previous experience with preparing and cooking my own meals
    • Intimate and personal experience with making and preparing meals as a young adult in college myself - can relate to and understand the target market's struggles. 
    • Not incredibly valuable, not rare, very imitable, very substitutable. 
  • A personal connection with someone that has app development experience 
    • Can leverage this connection for advice and as a sounding board for my idea. 
    • Quite valuable, uncommon, somewhat imitable, somewhat substitutable. 
  • Effective communication skills to communicate my idea to potential investors and customers 
    • Ability to effectively explain my idea and market it to potential stakeholders. 
    • Somewhat valuable, not rare, imitable, it is substitutable. 

After conducting the VRIN analysis, it's clear that my top resource is my connection with someone that has prior experience with developing an app of their own. Overall, it is the most uncommon and valuable resource that I have at my disposal It's also not incredibly imitable or substitutable as it is unlikely to find someone that has launched their own app service. The app is a core part of my business model, so this individual would really help me get this off the ground.

Comments

  1. Hey Nick, great job with your post. You seem to have all the resources you need to prepare your service/app and launch it. And knowing someone who has developed an app is always useful, especially when your business is almost dependent on it. I still think there would be a lot of competition if you launched your service, but with the skills/resources you have, that shouldn’t be a problem. Great job!

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