23A – Your Venture’s Unfair Advantage
Resources
1. Internet
2. Sophia - pharmaceutical sales rep
3. Myself
4. $1,000.00
5. Public Library
6. Vinod - Sr. pharmaceutical executive
7. 15 hours/week
8. John - marketing professional
9. Eric - consultant
10. Time management
VRIN Analysis
The Internet is hugely valuable. It is the medium by which my business will operate. However, it
The Internet is hugely valuable. It is the medium by which my business will operate. However, it
is not rare in the United States. At a fairly low-cost, the Internet is quite accessible by most people.
Nothing can replace nor replicate the Internet.
Sophia is one-of-a-kind (as are each of us). Her experience is unique to her. She has marketing and sales experience in the pharmaceutical industry. Unfortunately, there are hundreds of other professionals who possess the same experience (not entirely rare, but also not abundant). Her intellectual property is inimitable and unique to her. She could be substituted with the Internet or somebody else with the same experience.
I like to think I am unique and valuable as well. I have drive and persistence unmatched by my peers. I couldn’t be replaced in my business, at least in the beginning, because I came up with the idea and trajectory of the business. I am inimitable and could be substituted with somebody who possesses similar attributes.
$1,000 of start-up capital is valuable but easily imitable. Money can’t really be substituted. $1,000 is rare depending on where you are looking…
The public library in my town is a valuable resource with books on how to start a business with very little start-up capital, etc. It also helps that these literary resources are FREE! The books could be substituted with online articles, but online articles may not be as thorough as an entire book written by an expert on a subject.
Vinod is unique and valuable with decades of consulting experience. He is technically replaceable, given the knowledge of how many talented professionals live in the country. His expertise may be substituted as well with outside advice from readings, mentors, etc.
15 hours a week represents the time I could devote to working on this venture. Time is unsubstitutable and very valuable. If you don't’ have time, you don’t have a business. My time is rare.
John is a marketing professional with years of experience working for a big technology company. His knowledge and experience is unique to him. Theoretically, he is replaceable. Would it be easy, costly, and timely to replace him? Not a chance.
Eric is a consultant with expertise in multiple business sectors. Today he focuses on startups. He is very valuable and he is also very busy. Eric could be substituted with another start-up consultant, but finding one of his caliber would be difficult.
My personal skill of time management is extraordinarily valuable to the business. Since it is a skill, it cannot be replaced. Also, it wouldn’t make sense to substitute it with another skill, since time management is essential to entrepreneurs, and perhaps the most important skill to possess in the beginning of a venture. I believe it is rare to find somebody who has excellent time management skills.
Top Resource
Evaluating my resources has led me to believe that time management is the most valuable resource/capability for the venture. Remember, nothing will get done if no time is dedicated to it. In my busy world of work and school, pursuing this venture would require superior time management skills. It isn’t easily imitable, yet it is exceptionally rare and highly valuable to entrepreneurs like myself. Any start-up that employs people with exemplary time management skills will have a competitive advantage in the market.
Sophia is one-of-a-kind (as are each of us). Her experience is unique to her. She has marketing and sales experience in the pharmaceutical industry. Unfortunately, there are hundreds of other professionals who possess the same experience (not entirely rare, but also not abundant). Her intellectual property is inimitable and unique to her. She could be substituted with the Internet or somebody else with the same experience.
I like to think I am unique and valuable as well. I have drive and persistence unmatched by my peers. I couldn’t be replaced in my business, at least in the beginning, because I came up with the idea and trajectory of the business. I am inimitable and could be substituted with somebody who possesses similar attributes.
$1,000 of start-up capital is valuable but easily imitable. Money can’t really be substituted. $1,000 is rare depending on where you are looking…
The public library in my town is a valuable resource with books on how to start a business with very little start-up capital, etc. It also helps that these literary resources are FREE! The books could be substituted with online articles, but online articles may not be as thorough as an entire book written by an expert on a subject.
Vinod is unique and valuable with decades of consulting experience. He is technically replaceable, given the knowledge of how many talented professionals live in the country. His expertise may be substituted as well with outside advice from readings, mentors, etc.
15 hours a week represents the time I could devote to working on this venture. Time is unsubstitutable and very valuable. If you don't’ have time, you don’t have a business. My time is rare.
John is a marketing professional with years of experience working for a big technology company. His knowledge and experience is unique to him. Theoretically, he is replaceable. Would it be easy, costly, and timely to replace him? Not a chance.
Eric is a consultant with expertise in multiple business sectors. Today he focuses on startups. He is very valuable and he is also very busy. Eric could be substituted with another start-up consultant, but finding one of his caliber would be difficult.
My personal skill of time management is extraordinarily valuable to the business. Since it is a skill, it cannot be replaced. Also, it wouldn’t make sense to substitute it with another skill, since time management is essential to entrepreneurs, and perhaps the most important skill to possess in the beginning of a venture. I believe it is rare to find somebody who has excellent time management skills.
Top Resource
Evaluating my resources has led me to believe that time management is the most valuable resource/capability for the venture. Remember, nothing will get done if no time is dedicated to it. In my busy world of work and school, pursuing this venture would require superior time management skills. It isn’t easily imitable, yet it is exceptionally rare and highly valuable to entrepreneurs like myself. Any start-up that employs people with exemplary time management skills will have a competitive advantage in the market.
Hi Jenna,
ReplyDeleteGreat list of resources. Four resources are people besides yourself which is very nice. People who know things about your idea should be very valuable to you in the future because they've been down that road and have experience in that certain field. The advice they can give you will be extremely valuable to your venture. I see you listed the internet as a resource, just think how valuable that is now compared to entrepreneurs in the past who probably had to use the library for all their research. With the internet you'll save time which you can put back towards your venture.
Good Post!
Jenna, interesting resources you listed. The resources you listed are very realistic and all sound like something a young entrepreneur would say when they first start off. You listed very simple resources anyone can find around them, like the public library and the internet. Even when listing your personal skills, you listed simple things like 15 hours a week and time management. It's refreshing to hear someone be so real about themselves and the resources available to them.
ReplyDeleteMichelle Lam
Hey Jenna,
ReplyDeleteReally love how you listed the internet as part of your resources. It is such an integral part of our lives that most people don't even think about. Time management and the public library were great additions too. I don't quite agree that time management is your most important resource but it is definitely valuable. Something more financial would be a better fit.