Your Venture's Unfair Advantage

1.     There are not many competitors for my product due to the fact that a real-time display board paired with a smart phone application for parking is unique.

·      Valuable: This is valuable due to the fact that I will have the ability to stand out.

·      Rare: This is rare as not many products have little competitors.

·      Inimitable: This can be imitated.

·      Non-substitutable: It is substitutable as I or someone else could come up with an idea that is one of a kind and has the same outcomes.

2.     Throughout high school, I had to develop the skill of public speaking for various classes, clubs, and receiving awards. I really enjoy communicating with others.

·      Valuable: This is a valuable skill as it is an important asset within the business world and I will need to speak with a lot of different people to get my product launched.

·      Rare: This is not a rare skill as many people are good at communicating with others.

·      Inimitable: The skill of public speaking in itself could be imitated, but I have a connection to the product and therefore a stronger desire for it to succeed so the way I speak of the product may be different than someone else.

·      Non-substitutable: It is not substitutable. Communication is too strong of a tool to be substituted.

3.     I am also lucky enough to be related to entrepreneurs as my grandfather is an entrepreneur and has taught me a lot about the business world and could act as an advisor.

·      Valuable: This is definitely valuable as I would receive a large source of support and knowledge from someone who I am very close to.

·      Rare: Knowing an entrepreneur is not rare, but I do believe that having a close relationship with one or being the family member to one is rare.

·      Inimitable: A relationship cannot be imitated as no two relationships are the same.

·      Non-substitutable: This could be substituted as I could befriend another experienced entrepreneur.

4.     I have close relationships with a couple of people who are professionals in accounting and finance and they could offer advice and support when it came to the financial aspect of my product.

·      Valuable: This is valuable as finance and accounting is not my strong suit and it would be helpful to have others who could help me get started.

·      Rare: It is not rare to have relationships with those who are knowledgeable in finances, but to have a close relationship with those people may be rare.

·      Inimitable: Their knowledge and advice could be imitated but the relationship could not be.

·      Non-substitutable: I could find others who have a background in finance or accounting, who may also have some background or interest in the product I am offering.

5.     I tend to be very adaptable person and can easily put myself into different environments and different situations with a variety of different people and still succeed. This helps a lot as it would be easy for me to adapt when speaking to others with different backgrounds about my product.

·      Valuable: This skill is valuable as it is an important asset when surrounding yourself with different people and when you have to react to different situations.

·      Rare: It is not rare as I am sure many people are adaptable.

·      Inimitable: I think one can try to learn to be more adaptable, but it would be difficult to imitate.

·      Non-substitutable: It is substitutable as I do not need to be adaptable and I could focus on other skills of mine.

6.     I have a lot of contact with those who witness the problem of parking on a daily basis. Many UF students face the issue of finding a parking spot every day.

·      Valuable: My contact with a lot of the market is valuable as it could drive parking garages/parking lots to want to instill the product even more as they would know it might increase their popularity or profit.

·      Rare: It is not rare to be in close contact with a lot of people who experience the same issue and would like to see it fixed.

·      Inimitable: This could be imitated as it is just a matter of talking to different people and meeting new people.

·      Non-substitutable: This could not be substituted as it allows me to have a close relationship with consumers and allows me to gain insight from their perspective.

7.     My cousin is very big in the field of technology and works with many different aspects of technology, like creating apps. This is very beneficial to my product as my product is all technology based and I am not very knowledgeable on it.

·      Valuable: My relationship with my cousin and his knowledge on technology and creating applications is very valuable as he could assist me in creating the best possible technology and advise me in how I could better my product.

·      Rare: It is somewhat rare as not many people are super knowledgeable on technology, but there are definitely some people.

·      Inimitable: It can be imitated as people could put in the effort to learn more about technology, but my relationship with my cousin could not be imitated.

·      Non-substitutable: I could hire someone or find someone else who also had strengths in the technological field.

8.     Parking and traffic will always be an issue, especially as population increases and the amount of people driving increases. Therefore, anything dealing with making driving or traffic better, would receive a lot of attention, like the product I am offering for parking garages/parking lots.

·      Valuable: The attention would be valuable as it would allow more people to hear about the product.

·      Rare: It is not rare that there would be a lot of publicity on a new aspect of technology.

·      Inimitable: Other businesses who focus on creating new technology to better the lives of others could also get the same attention.

·      Non-substitutable: I could do my own advertising or hire someone to do advertising for me.

9.     I have been described as a very dependable person, which is important for my product and its consumers because they would be able to trust me and depend on me to give them the best possible product and customer service.

·      Valuable: This is valuable as I need my consumers to trust and depend on me and the product I am offering so I can create a positive difference in their lives.

·      Rare: It is not rare as many people are dependable.

·      Inimitable: It cannot be imitated as those who are not dependable cannot simply just become dependable.

·      Non-substitutable: It is not substitutable because I need to be able to follow through for my consumers.

10.  I have the mindset of a lot of my consumers when it comes to technology because I have been exposed to technology for most of my life and therefore know what would be an accessible app that fit the needs of my target audience.

·      Valuable: This is valuable as it is important for me to know and understand my consumers.

·      Rare: This is not rare as a lot of people who grew up in this generation have a better understanding of what technology and apps would be most efficient just based on their own experiences and preferences.

·      Inimitable: It can be somewhat imitated. If people want to learn more about what others want when it comes to technology, they can go out of their way to learn, but my experiences with technology cannot be imitated.

·      Non-substitutable: My personal experiences that give me a better idea of what would fit my consumers’ needs cannot be substituted.

Completing the VRIN analysis and choosing a top resource from the list is actually very difficult because I do not know if any one resource can cover it all. However, I think that my last resource is my top resources because my personal experiences give me a better connection with my consumers and I can truly know what my consumer wants. I feel that this is something unique that not all individuals can say and would be a big contributor for my product and getting my product to succeed. The connection also allows consumers to see me on the same level with them and would allow me to achieve more contact with them and branch out my social contact.