- Generate a list of all of the resources in your venture (produce a list of at least 10 resources that you already possess). This can include your human capital, social capital, financial capital, and capabilities. You may also discuss the organizational culture you intend to create (but, obviously, it's not a resource that you have, now.)
#1 - WCA - World Cubing Association
The WCA is an organization with 150 delegates in over 21 states and 57 countries. These delegates plan and regulate events that are Rubik's Cube related for all ages.
#2 - James LaChance
James LaChance is the WCA Delegate for the state of Florida, who I have proposed my idea/pitch to. He would be the one person that would be able to help me get my support from the WCA and speak on behalf of my company as a representative.
#3 - Florida Credit Union
This would be a great place for me to get a personal business loan, which they are more than happy to supply and work with you throughout your business ventures.
#4 - Facebook Groups
Though easy for everyone to use and take advantage of, my business revolves around a popular hobby. Like most popular hobbies, there is a Facebook page for that hobby, which I am an active member of. There are also separate pages for all 50 states.
#5 - UF Innovation Hub
New at UF is an Innovation incubator like never before. The University of Florida is providing opportunities for small startup companies to reside and work right on campus in their "incubator."
#6 - Parents
One of my larger assets in this venture is definitely going to be the parents of the children that spark an interest in my program. Parents always want what's best for their child - and if I can convince parents that my program is an efficient and productive way at tutoring and provoking skills from their children, the parents will be one of the largest assets within my company.
#7 - The Clients
Few people manage to realize that clients are also a resource. They may not be an initial resource, but happy clients create a happier future for any business. If I can provide families with a service that makes them enjoy what they do, and learn from it - hopefully the word would spread to other families throughout the area. Never overlook the power of your clients.
#8 - Kickstarter/Crowd-funding
Crowd-funding platforms are possibly one of the greatest ways to spread awareness of your business/company. Though not always effective, a crowd-funding campaign could possibly provide me with the start-up money that I will need to get my business started.
#9 - LinkedIn
LinkedIn is one of the best professional social media websites that would provide an excellent resource to get in contact with other professionals within my industry or related ones.
#10 - Oskar van Deventer
As mentioned in my last post, Oskar is a famous puzzle designer who holds a Guinness World Record and creates various YouTube videos about his puzzle masterpieces. Oskar creates several puzzles that are designed solely for children that are very bright, easy to maneuver, and challenging to solve for even the most advanced mind.
Now I will take a look at the "VRIN" for each of my resources.
World Cubing Association
Valuable : The WCA controls events throughout not just the United States, but 57 different countries. If my business is going to be world-wide, the WCA is a definite asset.
Rare : Associations are pretty common among a lot of different areas of work - so this may not be the rarest resource, but it makes up in value for my idea.
Inimitable : Every association is different. There is a different community of people for every idea in the world. In my opinion, you can't copy the hard work and dedication of the people who love that they do for this organization.
Non-Substitutable : The WCA is the only organization that creates events and competitions in regions throughout the world. This resource is one-of-a-kind and cannot be substituted by another.
James LaChance
Valuable : There are very few individuals that have as much passion as he does for my hobby. This is the reason why he is a delegate that represents the entire state of Florida that loves to participate in this. He has direct contact with the WCA.
Rare : While people typically can contact associations like the resource above, very few people can say that they have personally met and proposed their business idea to an actual delegate of the organization. I feel that I have a slight advantage in knowing people inside the organization.
Inimitable : Like I said before, you can't simply copy hard work and dedication. That's what James is all about.
Non-substitutable : While there are 149 other delegates for the organization, James represents Florida, which is the state that I intend to start in. So he is not substitutable to me.
Florida Credit Union
Valuable : This financial asset is definitely valuable to me as they could be a potential supporter of the financial assets I will need.
Rare : There are other financial institutions that provide support like FLCU - but I am currently a member with them.
Inimitable : Financial institutions are more or less the same, different primarily in interest rates.
Non-substitutable : This asset in particular is fairly substitutable, depending on competitors' interest rates.
Facebook Groups
Valuable : Facebook Groups consist of people that share my passion, so in a way they are valuable - but they can also be distracting and get slightly off-topic.
Rare : Not really, as anybody can create a Facebook group. The rarity comes in where there are already groups made with thousands of members that support each other.
Inimitable : Facebook groups are the same, it's the people and community that makes it different. No two communities are exactly identical.
Non-substitutable : Other networking websites do exist, and can be used as a more professional substitute. It just depends on whether you're looking to interact with potential clients, or potential partners.
UF Innovation Hub
Valuable : This is an incredibly valuable resource to young individuals that aspire to be business leaders.
Rare : It is extremely rare to get hands on experience with your start-up even while you're attending school. It's a resource like no other.
Inimitable : As explained in the picture below, there are others - but this one is ours.
Non-substitutable : No way, see above :)
Parents
Valuable : When a business targets the well-being and educational standards of a child, the parents are extremely valuable.
Rare : Do other businesses target families? A few do - so having this asset is moderately rare but not completely unheard of.
Inimitable : Nobody cares about a child quite like a parent, so no - I don't think any other client base will have such a loving and supportive base.
Non-substitutable : This business wouldn't be possible without the loving, supportive parents.
Clients
Valuable : Absolutely! Clients open the door to other clients, who then open the door to other clients! Clients are not only your audience, but can also be your partners.
Rare : Every business has the potential of using this resource, but some take it for granted.
Inimitable : Yes, because like I said - every business has this resource.
Non-substitutable : Since the clients are my primary target audience, no way!
Kickstarter/Crowd-funding
Valuable : This resource is valuable because of all the publicity it can provoke AND the financial resources that it could potentially provide.
Rare : Today, a lot of people are taking advantage of crowd-funding, so it's not the rarest of resources.
Inimitable : It's not exactly copy-able because you need a team of marketers that can efficiently express your team's idea. All marketing approaches are different.
Non-substitutable : There is more than one crowd-funding platform, but there is also no shame in taking advantage of all of them at the same time!
LinkedIn
Valuable : LinkedIn gives you access to hundreds of thousands of professionals around the world that probably share similar interests to yours. It is definitely a valuable resource when creating a start-up company.
Rare : It is a free website that can be used by anyone - so again, this is not a very rare resource.
Inimitable : Though free, it's how you use it that makes it unique. Each person will use LinkedIn for a different purpose, so it is not exactly copy-able.
Non-substitutable : There are other resources and websites that provide the same networking concept, however LinkedIn is one of the most popular and well-respected networking websites in the world.
Oskar van Deventer
Valuable : This guy is absolutely incredible. He has produced record-breaking puzzles, and has a passion for not only what he does, but who he targets it to. He puts every drop of effort into perfecting his puzzles for his target audience.
Rare : Not many people can say that they are in direct contact with a supplier that provides a very important element in their business.
Inimitable : While people can get in contact with suppliers, very few will be as eager to help, or care as much as Oskar.
Non-substitutable : While there are other puzzle makers out there, very few will actually reply to you and bother to look at your personal ideas/business plans. I wouldn't replace Oskar with anybody.
After conducting the VRIN analysis, my top resource is...
The World Cubing Association!
Oskar was a close second, but when you have a large organization of people that is so widespread, helpful, and friendly - it definitely makes the possibility of a business a lot easier. I feel that they are definitely going to be my largest asset when I move forward with my business plans.
Ryan, you analysis and thorough review for your venture's unfair advantage is incredible. You explained every scenario and resource with great detail. I think this will help you down the road because you have such a tight grasp on what you want to do with your product/service. Great work. View my unfair advantage here- http://mudine.blogspot.com/2016/03/my-unfair-advantage.html
ReplyDeleteHey Ryan
ReplyDeleteYou did a really good job on the assignment. I like how for each point you gave a brief description and the later on gave a lot more detail in each one. You have a good list that is at your advantage. check out my unfair advantage at http://daviddo-uf.blogspot.com/2016/03/my-unfair-advantage.html