Wednesday, July 13, 2016

My Venture's Unfair Advantage

Business venture: "Groceries To Go"

10 resources + their VRIN analysis:

  1. Research & Development - I have already began to put a lot of thought into my business concept, what it will be, and what it still needs to operate correctly. The idea has already been born and this is valuable because it puts me one step ahead of my competitors for launching this idea. 
  2. Persistence (human capital/capability) - I have a crazy amount of persistence and I always find a way to work my way around road blocks and continue on the path I set out on. This trait is inimitable because you either have it or you don't. You can't buy this trait and I can't imagine training yourself to be that way.
  3. Organized (human capital/capability) - I am very organized and to-do list oriented. I always know what I need done and when. I am very aware of deadlines and what I need to do to meet them. This trait is rare because a lot of people are procrastinators. I believe being organized is even harden to attain than persistence, because it is a deep personality conflict if you are not naturally that way. It's hard to break.
  4. Caring (human capital) - I am caring and believe I would be able to relate to my employees well because of this. This is rare because most people don't care about their employees very much anymore. Employers don't treat their employees well and don't practice internal marketing.
  5. Empathetic (human capital) - I am empathetic and this would come in handy greatly when dealing with customers and any problems that arise. This is rare because not very many people are empathetic and can relate to others/put themselves in their shoes. 
  6. Connections (social capital) - I have connections to people in the grocery and logistics industry. I could talk to people I know that work at Publix or talk to my neighbor which is a fruit delivery broker. This is valuable because I could learn from them and receive great advice and hopefully more connections to expand my network. 
  7. Logistics will - I have established that I will have the ordered groceries to customer's doorsteps within a two-hour timeframe guarantee. This is non-substitutable because time is of the essence in a service business. It is very important to get the right products to the right customers at the right time.
  8. Investments (financial capital) - I haven't actually asked but I strongly believe if I actually became very serious about launching my business that my family would help me out by investing in it/me. This is very valuable in being able to get my business off the ground. 
  9. Help (social capital) - My family and friends would be more than helpful and supportive throughout my business venture. This is non-substitutable because it takes a village to raise a business and I would need the encouragement and relief of family and friends.
  10. Market - I have discovered throughout this process that there is a market for my business idea. People are interested and would use this service, and it is currently unavailable/not being met. This is valuable and non-substitutable because without demand, there would be no reason to supply. 
I would say that my TOP resource is my persistence. I have always been this way and always work hard enough to find a way for something to work, even if the odds are against me. I'm creatively persistent and don't give up on my goals. This is a human capital aspect that cannot be taught or learned, it has to be a fire within yourself. I think my resource of persistence would be the most valuable in the success of my business venture, "Groceries To Go."

4 comments:

  1. Hi Angela,
    I have said it before and I will say it again, I love you venture concept. I think that you have a great list of reasons why your venture has an unfair advantage. Persistence is absolutely an important quality to have in order to be successful. So many people fail once and quit. In order to be a successful entrepreneur you have to be persistence. Connections, investments, and market are all very important as well. I think you have what it takes to truly develop this concept

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  2. Hi Angela,
    This list really shows how you have an unfair advantage! For me, I really like how a lot of the unfair advantages are human capital. This means that it is not unique to this single product but it can be used for any venture that you do. That is incredibly valuable and will probably mean you will be successful if you choose to do something else! Persistence is an amazing virtue to have. This class hammers that point into you and I have grown to truly believe it. This will make sure that you see things through no matter how tough it gets. Good luck!
    http://jrscottratt.blogspot.com/2016/07/my-unfair-advantage.html

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  3. Angela,

    Having human capital as your unfair advantage is about as unfair as they come! Your product may use certain attributes from your human capital, but another product may use completely different elements coming from the same human capital. You've made important connections that will definitely help you in the future. Thanks for sharing!

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  4. Hey Angela!

    After reading your list of unfair advantages, I can really tell you spent a lot of time and thought on this assignment. I noticed that many of your advantages revolve around human capital, which is my favorite type of advantage! While there are so many people out there, not one person have the specific skill set you have to make this product successful. Great job!

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