23A – Your Venture’s Unfair Advantage
23A – Your Venture’s Unfair Advantage
For my reference:
Inimitable means - so good or unusual as to be impossible to copy; unique.
Non-substitutable means – when no other resource or capability can be utilized as an equivalent.
1) Cultural Experiences: As an Army spouse, I have been stationed in 4 different countries outside of the United States. These unique cultural experiences are beneficial to a global market.
- Valuable: Yes, as my target market is military and the U.S. military is culturally diverse.
- Rare: Maybe, it is possible that someone else has lived in various countries.
- Inimitable: Maybe, but not the exact cultural experiences that I have had.
- Non-substitutable: Maybe, not the actual experiences - only could substitute by studying cultures
2) Military Experience: My targeted market is retired or close to being retired military personnel. Military trusts other military, i.e. “Band of Brothers, Battle Buddies.”
- Valuable: Yes, military prefers to support fellow military
- Rare: Maybe, Others do join the military or have been military spouses – However the military only makes up less than 1 percent of the U.S. population.
- Inimitable: Maybe, but not the exact military experiences that I have had.
- Non-substitutable: Yes, military experiences can’t be substituted. You can study them, but you have to live them to truly appreciate the experiences.
3) Human Capital: Caring: I have a heart of gold and go out of my way to help others. I am more than making money, I benefit from making others smile.
- Valuable: Yes, customers want to purchase from businesses that care about them and their needs.
- Rare: No, believe it or not – there are still people that care about others in America.
- Inimitable: Maybe, you can “fake” care by studying concepts. I don’t believe you can copy true caring.
- Non-substitutable: Yes, this form of caring comes from a human being.
4) Sleep Clinic Work Experience: The experience that I have acquired while working in a Sleep Clinic has provided me with credibility.
- Valuable: Yes, customers want to purchase from someone that knows about the items.
- Rare: No, many people have jobs at Sleep clinics.
- Inimitable: No, anyone can get a job and learn the skills involved in a Sleep clinic.
- Non-substitutable: No, one could become educated on Sleep Apnea, volunteer etc.
5) Social Capital: Contact with Sleep Physicians, Medical Supply Companies and an Entrepreneur that runs a Supply facility: These contacts are part of my social networking platform. They would be crucial and advantageous to me.
- Valuable: Yes, they are professionals that are active in the industry.
- Rare: Yes, it is hard to find strong connections in particular industries and have relationships with them.
- Inimitable: Yes, No One can have the exact same relationships that I have built with my social network.
- Non-substitutable: I don’t know, I would say no that nothing could substitute relationships – however… money talks and anyone will be your best friend if you show them the mullah.
6) Social Capital: Facebook CPAP Groups: At the beginning of my business journey assignment, I joined several CPAP social groups on Facebook. This has been beneficial in my research and I have built relationships with complete strangers that seem to trust me because we are in a special unique group.
- Valuable: Yes, the CPAP Facebook groups have over 22,000 members.
- Rare: No, it was not hard to send join requests. They let me right in and there are several Facebook CPAP groups.
- Inimitable: No, it’s a smart idea but anyone can join the group and gather all the free knowledge that is volunteered from CPAP users.
- Non-substitutable: Yes, as of now, I don’t know of another platform that with one comment or post you can reach a specific targeted group all at once.
7) Uniqueness of Service / Product Venture: There is not a CPAP cleaning service on the market, nor is there a product that actually cleans the oils and dirt from masks. This would be a competitive advantage.
- Valuable: Yes, New ideas that satisfy customer’s unmet needs is extremely valuable.
- Rare: Yes, there is not any product or service that does what I would be pursuing. The only competition I would have is with a device that sanitizes the masks.
- Inimitable: No, someone else could copy my service. If I had a patent on my product, that would hold them off a little while.
- Non-substitutable: No, there are other ways to clean CPAP masks yourself.
8) Capability: Inspiring Leadership: I have a yearning deep inside me to be the best leader out there. While studying Business Administration, I have firsthand witnessed what NOT to do as a leader in a work environment.
- Valuable: Yes, Outstanding leadership has a direct correlation with retaining employees.
- Rare: Yes, I stand by this – I have yet to have an awesome leader.
- Inimitable: No, Outstanding leadership can and should be copied.
- Non-substitutable: Yes, An outstanding leader is a must for a business to run efficiently and profit.
9) Capability: Customer Service Skills: I have received 6 customer service awards and have been recognized by Command Staff as an asset.
- Valuable: Yes, Customer service skills are important for acquiring and keeping customers.
- Rare: Yes, It is hard to find workers that go above and beyond for others.
- Inimitable: Maybe, I believe customer service skills is part of a personality. You can train employees, however it still depends on how receptive they are with the training.
- Non-substitutable: Maybe, I am aware of Artificial Intelligence that fakes the customer service skills well. I still think that it does not compare to a real human being providing customer service.
10) Human Capital: Creativity in Problem solving and Innovation: I am fantastic at coming up with creative efficient ways to solve problems. I am always innovating ways to reuse items to fulfill a need.
- Valuable: Yes, Being able to use assets for other needs saves money.
- Rare: Maybe, Depends on how many creative minds you have on your staff.
- Inimitable: Yes, you can’t copy creative minds. You are either creative or not.
- Non-substitutable: No, you can hire firms that have creative employees to come up with ideas for you.
After conducting my VRIN analysis, I believe out of all my resources Inspiring Leadership would be my top resource. I have such a deep desire to teach, listen, support and motivate both employees and peers. I am the lead officer of the Morale committee at my current job. I believe it’s important to build a positive organizational culture.
I believe it’s the most important resource to my venture than all of my other resources because a person with inspiring leadership encompasses a broad range of necessary skills to be an Entrepreneur.
For my reference:
Inimitable means - so good or unusual as to be impossible to copy; unique.
Non-substitutable means – when no other resource or capability can be utilized as an equivalent.
1) Cultural Experiences: As an Army spouse, I have been stationed in 4 different countries outside of the United States. These unique cultural experiences are beneficial to a global market.
- Valuable: Yes, as my target market is military and the U.S. military is culturally diverse.
- Rare: Maybe, it is possible that someone else has lived in various countries.
- Inimitable: Maybe, but not the exact cultural experiences that I have had.
- Non-substitutable: Maybe, not the actual experiences - only could substitute by studying cultures
2) Military Experience: My targeted market is retired or close to being retired military personnel. Military trusts other military, i.e. “Band of Brothers, Battle Buddies.”
- Valuable: Yes, military prefers to support fellow military
- Rare: Maybe, Others do join the military or have been military spouses – However the military only makes up less than 1 percent of the U.S. population.
- Inimitable: Maybe, but not the exact military experiences that I have had.
- Non-substitutable: Yes, military experiences can’t be substituted. You can study them, but you have to live them to truly appreciate the experiences.
3) Human Capital: Caring: I have a heart of gold and go out of my way to help others. I am more than making money, I benefit from making others smile.
- Valuable: Yes, customers want to purchase from businesses that care about them and their needs.
- Rare: No, believe it or not – there are still people that care about others in America.
- Inimitable: Maybe, you can “fake” care by studying concepts. I don’t believe you can copy true caring.
- Non-substitutable: Yes, this form of caring comes from a human being.
4) Sleep Clinic Work Experience: The experience that I have acquired while working in a Sleep Clinic has provided me with credibility.
- Valuable: Yes, customers want to purchase from someone that knows about the items.
- Rare: No, many people have jobs at Sleep clinics.
- Inimitable: No, anyone can get a job and learn the skills involved in a Sleep clinic.
- Non-substitutable: No, one could become educated on Sleep Apnea, volunteer etc.
5) Social Capital: Contact with Sleep Physicians, Medical Supply Companies and an Entrepreneur that runs a Supply facility: These contacts are part of my social networking platform. They would be crucial and advantageous to me.
- Valuable: Yes, they are professionals that are active in the industry.
- Rare: Yes, it is hard to find strong connections in particular industries and have relationships with them.
- Inimitable: Yes, No One can have the exact same relationships that I have built with my social network.
- Non-substitutable: I don’t know, I would say no that nothing could substitute relationships – however… money talks and anyone will be your best friend if you show them the mullah.
6) Social Capital: Facebook CPAP Groups: At the beginning of my business journey assignment, I joined several CPAP social groups on Facebook. This has been beneficial in my research and I have built relationships with complete strangers that seem to trust me because we are in a special unique group.
- Valuable: Yes, the CPAP Facebook groups have over 22,000 members.
- Rare: No, it was not hard to send join requests. They let me right in and there are several Facebook CPAP groups.
- Inimitable: No, it’s a smart idea but anyone can join the group and gather all the free knowledge that is volunteered from CPAP users.
- Non-substitutable: Yes, as of now, I don’t know of another platform that with one comment or post you can reach a specific targeted group all at once.
7) Uniqueness of Service / Product Venture: There is not a CPAP cleaning service on the market, nor is there a product that actually cleans the oils and dirt from masks. This would be a competitive advantage.
- Valuable: Yes, New ideas that satisfy customer’s unmet needs is extremely valuable.
- Rare: Yes, there is not any product or service that does what I would be pursuing. The only competition I would have is with a device that sanitizes the masks.
- Inimitable: No, someone else could copy my service. If I had a patent on my product, that would hold them off a little while.
- Non-substitutable: No, there are other ways to clean CPAP masks yourself.
8) Capability: Inspiring Leadership: I have a yearning deep inside me to be the best leader out there. While studying Business Administration, I have firsthand witnessed what NOT to do as a leader in a work environment.
- Valuable: Yes, Outstanding leadership has a direct correlation with retaining employees.
- Rare: Yes, I stand by this – I have yet to have an awesome leader.
- Inimitable: No, Outstanding leadership can and should be copied.
- Non-substitutable: Yes, An outstanding leader is a must for a business to run efficiently and profit.
9) Capability: Customer Service Skills: I have received 6 customer service awards and have been recognized by Command Staff as an asset.
- Valuable: Yes, Customer service skills are important for acquiring and keeping customers.
- Rare: Yes, It is hard to find workers that go above and beyond for others.
- Inimitable: Maybe, I believe customer service skills is part of a personality. You can train employees, however it still depends on how receptive they are with the training.
- Non-substitutable: Maybe, I am aware of Artificial Intelligence that fakes the customer service skills well. I still think that it does not compare to a real human being providing customer service.
10) Human Capital: Creativity in Problem solving and Innovation: I am fantastic at coming up with creative efficient ways to solve problems. I am always innovating ways to reuse items to fulfill a need.
- Valuable: Yes, Being able to use assets for other needs saves money.
- Rare: Maybe, Depends on how many creative minds you have on your staff.
- Inimitable: Yes, you can’t copy creative minds. You are either creative or not.
- Non-substitutable: No, you can hire firms that have creative employees to come up with ideas for you.
After conducting my VRIN analysis, I believe out of all my resources Inspiring Leadership would be my top resource. I have such a deep desire to teach, listen, support and motivate both employees and peers. I am the lead officer of the Morale committee at my current job. I believe it’s important to build a positive organizational culture.
I believe it’s the most important resource to my venture than all of my other resources because a person with inspiring leadership encompasses a broad range of necessary skills to be an Entrepreneur.
Hi elizabeth!
ReplyDeleteAfter reading through your post, it seems like you have a lot of resources that will be very beneficial to you when starting your own business. I agree that your capability of Leadership is an extremely important characteristic to have, so that you can create an effective business. It was interesting to hear that you don’t think you have ever had an outstanding leader.
Hey Liz,
ReplyDeleteGreat post! It is interesting to see some of the human capital you listed as this was also the strongest point of my own resources. As someone who has been following your blog posts throughout the semester, I can definitely see that you are one who inspires leadership and truly works hard. You're way ahead of the game in terms of having assignments completed and there is always a ton of good work when reading through your posts. Great job!