23A

23A

1.      Professional Attitude: I have an innate ability to converse and earn the respect of professionals because of the way I speak to them

a.      Valuable: This will be of great value because I will obviously need to speak to business professionals in the path to building my business

b.      Rare: This is not necessarily rare, but somewhat scarce for someone my age and with limited to no business experience.

c.      Inimitable: This is imitable, however my personality and talking points are not because they are unique to my personality.

d.      Non-Substitutable: I could have other sales people to have these relationships for me but it is an unnecessary use of funds.

2.      No Other Identical Product: My product is the only one that can follow environmental guidelines, be single use, and satisfy customers while not imposing a financial strain on business owners.

a.      Valuable: This is very valuable. The product I am offering has not been broached in this way before, thus the uniqueness of it is a great value.

b.      Rare: It is itself rare because there is nothing like it being offered currently.

c.      Inimitable: While the only competitor now, any competitor could come in and create a knock off.

d.      Non-Substitutable: My product itself is a substitute. It is created to take the place of a failing product, thus there could be other solutions as a substitute.

3.      Selling Experience: All throughout elementary, middle, and high school I was able to sell products for fundraisers and was always the top seller in every single activity.

a.      Valuable: This is definitely valuable because since I am offering a product I must be able to sell it.

b.      Rare: This is not necessarily that rare. Many people are great at sales and some people even have careers solely in it.

c.      Inimitable: Nearly every school had that one try hard kid who won all the selling competitions so this skill is certainly imitable.

d.      Non-Substitutable: Nothing can substitute a good sales person, not ads or coupons or anything like that.

4.      Social Skills: I have always been able to be comfortable in social situations and outgoing with people.

a.      Valuable: This will be helpful the same way it has been in this class thus far in order to interview customers and speak to industry professionals.

b.      Rare: This in not rare, there are social butterflies all over the world.

c.      Inimitable: This is inimitable as I would be able to hire someone who is also outgoing to do these tasks.

d.      Non-Substitutable: Nothing can substitute a character trait or an outgoing spirit.

5.      Personal Experience: The idea for this product came about because I personally was unsatisfied with paper straws in Gainesville.

a.      Valuable: This is definitely valuable because it means that I am part of the customer base that clients are going to try to please with this new product.

b.      Rare: This is not rare locally, but across the country there are not that many cities where plastic straws are banned.

c.      Inimitable: This could be imitated by another entrepreneur who is also dissatisfied.

d.      Non-Substitutable: This is not substituted because there is nothing that is equal to experience.

6.      Leadership: I help officer positions in every club and association I was in in high school and have a natural leadership attitude.

a.      Valuable: This would be greatly valuable to my business because it needs a leader in order to steer the direction and successes of the firm.

b.      Rare: This is not necessarily rare because there are great leaders everywhere, yet I think that my leadership is rare because I am always dedicated to serving as a leader.

c.      Inimitable: This is easily imitable because other firms could be founded by great leaders or hire great leaders to have the same advantage.

d.      Non-Substitutable: Nothing can make up for leadership skills in a business and thus, there would be nothing to substitute leadership with.

7.      Proximity to the Problem: As a student in Gainesville I am located in a city where this problem occurs and am present at the institutions that would use this product.

a.      Valuable: This is greatly valuable because as a smaller network, I frequent most of the institutions that would be clients to my business.

b.      Rare: This is somewhat rare because other entrepreneurs may not live in an area where this is a problem, or frequent businesses that are forced to use unsatisfactory substitutes.

c.      Inimitable: This could be imitable, but it would have to be done by someone in a very similar situation and area that I am located in.

d.      Non-Substitutable: Living and participating in a community where this is a problem cannot be substituted because there is not a substitute for “boots on the ground” connections and insight.

8.      Social Capital-Business owners: I know several restaurant owners and can use them to test marketing and sales tactics.

a.      Valuable: This is valuable because it is like the practice test you take before an exam, it helps you prepare your skills and know what to expect.

b.      Rare: This is not shockingly rare because all restaurant owners have friends, however I know these owners on a personal level which could be considered rare.

c.      Inimitable: This could be imitated by competitors who also have deep connections in the restaurant industry, however this is not likely.

d.      Non-Substitutable: This advantage is not substitutable because there is no substitute for the insight into a customers thought process.

9.      Organizational Skills: I am a type A individual. Theres nothing in my life that isn’t color coded or planned down to the minute.

a.      Valuable: This is extremely valuable because it would allow me to start my business and handle the paperwork and other bookkeeping aspects without having to hire an assistant to do it for me.

b.      Rare: This skill is not rare, but an entrepreneur who can do this for themselves is.

c.      Inimitable: It is imitable by competitors who are organized, but not imitable in the way that I have a unique organization and filing system so there is no way to organize the exact way I do.

d.      Non-Substitutable: There is no way to substitute organization. It is necessary for all businesses, in this case it is simply who is responsible for it.

10.   Passion: I am the most passionate person I know. I am deeply connected to the things I participate in and stop at nothing to make them successful.

a.      Valuable: This is definitely valuable because it ensures that I will not give up or concede to failure when things get hard.

b.      Rare: This is a rare thing. Most people quit when they think something is too hard, but it takes passion to endure the trials of starting a business.

c.      Inimitable: You cannot imitate passion. It is something you have or you don’t.  It is not fakeable.

d.      Non-Substitutable: You can somewhat substitute passion with being determined because both will keep you from giving up.

After doing VRIN analysis I think that my top resource is passion. It is the only thing that is rare, valuable, and inimitable by competitors. This makes it something that will be key to success in the beginning stages of my business when faced with potential failure. Without a passion, any obstacles I would face could cause me to give up on the venture.