Journalism experience
This is a valuable resource, but it’s not necessarily rare or non-inimitable. There are thousands of students at UF’s J-School, but any major is non-substitutable because it takes years of learning specific things relating to that exact subject.
Communications background
Communication is extremely important, especially in business, so this ranks rather high in value but again goes pretty low on the rare and inimitable scale. I wouldn’t say communication is substitutable.
Marketing minor
I’m sure that many of my peers taking this course have experience in marketing, so it’s not very rare but is still valuable in detecting market trends for any business model.
Medical industry networks
Knowing people who work in the medical field is extremely valuable because their comments and concerns rank high on my priority list of forming a protective, innovative face mask. This is a pretty common and inimitable trait, but it can be substituted by networking with medical professionals.
Networking practice
This is valuable, non-substitutable, rather rare for young adults in my demographic but I would say it is inimitable.
Keenness towards health and safety regulations
This resource is definitely important and valuable, but it’s also common and can be acquired.
Writing skills for promotional purposes
I have a lot of friends tell me how much they hate writing, so I believe this skill is pretty rare, non-inimitable and non-substitutable. Broadly, however, it isn’t the most valuable characteristic.
Small business owner connections
This is not rare, non-inimitable or non-substitutable, but it is definitely valuable.
Work experience in social media management
I would say this resource is on the rarer side, non-inimitable because lots of experience is involved, non-substitutable and valuable.
Interviewing skills from reporting courses
This was one of the most difficult resources I’ve acquired, so it’s valuable, rare and non-inimitable.
After conducting the VRIN analysis, it seems that work experience in social media management is my top resource because out of the myriad of jobs that students have, managing a business owner's social media handles is just one of them. It's valuable because it helps me promote content strategically--which is extra useful in today's society. It's non-inimitable because you need the experience to properly engage, boost and share content.
Hi Jung! I enjoyed reading your list of attributes that makes your venture have an unfair advantage. I love how you included previous work experience and went into detail about how that helps you. I'd have to agree with your analysis that your work experience in social media is your top resource because it will be good to get your company's name and product out there.
ReplyDeleteHi Jung,
ReplyDeleteI think that your ability to identify which one of your unfair advantages are the most valuable to your entrepreneurship goal is spot on. Having experience in the field you wish to enter allows for you to have knowledge of that industry, leading to yourself understanding what consumers in that segment want. I believe it is also very rare.
Jung,
ReplyDeleteThe attributes that you listed are great! Being able to identify your ventures unfair advantages is a big step in being successful with your product. Interviewing skills might be one of the best on here as interviewing skills are something that not everyone has.
Hi Jung, I love all of the advantages your product has. Your capability to identify these and use them to your advantage is a great step towards branding and marketing your product. I like how you recognize that you have writing skills as well which will come in handy greatly.
ReplyDelete