1. Experience operating my own successful online business: I created and managed my own online business where I would buy/sell/trade sports memorabilia and sneakers, allowing me to develop key entrepreneurial skills.
a. Valuable: This is valuable as I know what it takes to operate a successful online business and since I identified the internet as my optimal medium, experience will only help.
b. Rare: This is somewhat rare; however, anyone can obtain this experience through attempting to operate their own online business.
c. Inimitable: The capability is sort of able to be imitated, however the uniqueness of the business concept may not provide everyone with the same experience/skill development.
d. Non-substitutable: The only other way this experience could be obtained is through hiring someone with previous entrepreneurial experience, which would cost a lot more money.
2. Social Capital: Network Connections: I am fortunate enough to have people in my network with experience in computer science, programming, and engineering.
a. Valuable: This is very valuable as having a strong network containing these differing skillsets all contribute to taking my business concept to the next level and making it a reality.
b. Rare: This is kind of rare at this point in the development process, considering my age.
c. Inimitable: It can be imitated, however the uniqueness of the network and how close you are with these people does play a significant factor in how successful you will be in utilizing their skills.
d. Non-substitutable: I would say no just because there is no other way to build a strong network other than to know people or reach out to them and build that relationship.
3. Lack of Competition: There are only a few competitors offering a product similar to mine, but absolutely zero of them offer the same technological capabilities that my concept possesses.
a. Valuable: This is extremely valuable, especially early on, as it will allow me to penetrate the market and build credibility for my brand very early.
b. Rare: This is rare because usually there is already competitors out there in the market offering similar products.
c. Inimitable: This can be imitated since I do not have any patents to protect the technology that my product would possess
d. Non-substitutable: I am sure there are other concepts that can be created as well that have few competitors, making it easier to push your product and get it in the hands of consumers.
4. Prior experience studying business in Madrid, Spain: I was able to learn more about global markets, giving me an idea of how consumers behave in different economies
a. Valuable: I would think this would be valuable in eventually expanding my product and getting it into the hands of consumers all around the world.
b. Rare: I would say this is very unique, as not many people have had the opportunity to study business in different parts of the world.
c. Inimitable: I guess this can be imitated, however it becomes more difficult if you are not currently a student.
d. Non-substitutable: Spending time in different markets and operating businesses within these different markets can also provide experience learning about how different consumers behave and react.
5. Fluency in both English/Spanish: This allows me to reach a greater amount of people and communicate my business concept to them.
a. Valuable: I think this is valuable because it allows my idea to reach a greater amount of people and allows me to better connect with consumers.
b. Rare: This is not too rare, as many people now are beginning to speak multiple languages and Spanish is growing very quickly.
c. Inimitable: This can be imitated through learning Spanish from an online course or through school.
d. Non-substitutable: I would say this would be difficult to obtain through any other experience, as learning a language requires a lot of practice and time.
6. Strong Financial/Statistical Data Analysis Skills: Through my previous coursework and experiences, I have strengthened my analytical skills and learned to work with programs such as Microsoft Excel, QuickBooks, and Bloomberg.
a. Valuable: This is very valuable in making sure that the company’s finances are being handled correctly and that money is being managed in the most efficient way possible.
b. Rare: I would say that this is somewhat rare, however there are much more people beginning to learn how to work with these programs to strengthen their analytical skills.
c. Inimitable: This can be imitated through learning how to use these programs and being able to apply their functions to the business field.
d. Non-substitutable: The only substitute I can think of is working with a lot of financial statements or with statistical data, as this will strengthen your critical thinking skills and allow you to better identify patterns/trends within data.
7. Publicity/Media Exposure to Issue: Right now, there has been increased media attention/exposure directed towards sexual assault crimes, as well as abductions.
a. Valuable: This can be valuable in exposing my product to the market, making them aware of how my idea can solve this issue.
b. Rare: It is somewhat rare because the media can choose to focus in on whatever is buzzing in the world right now.
c. Inimitable: The publicity/exposure can help boost any company that is trying to solve the issue, however whoever has the superior concept will obviously benefit the most.
d. Non-substitutable: This can also be achieved through marketing/advertising the product, however the media is doing this for free so it is saving a lot of time and money.
8. Financial Capital: I have experience in investing and have a lot of knowledge about the market that will make it easier to raise capital.
a. Valuable: This can be valuable in raising money for the company, however the amount that I would be able to make would likely still not be enough to completely fund my concept.
b. Rare: This is not too rare as many people invest and have a solid knowledge-base about the financial markets.
c. Inimitable: This can be imitated through reading the news daily and paying attention to the financial markets consistently.
d. Non-substitutable: Knowing how to fundraise or crowdsource can be similar experience as well.
9. Strong Work Ethic/Motivation: I have always been an extremely hard worker and once I set my mind to something, I am all in.
a. Valuable: This is valuable as starting your own business and taking that concept and making it a reality is going to take a lot of work and effort.
b. Rare: This isn’t that rare as I am sure that there are many hard-workers with a strong work ethic.
c. Inimitable: It can be imitated, but it is honestly a characteristic so it is more than likely already a part of someone’s personality.
d. Non-substitutable: This isn’t really non-substitutable because you are either a hard worker or not.
10. Experience within this course: This course has allowed me to learn more about my potential target market and the steps necessary to take my concept and turn it into a reality.
a. Valuable: This is valuable as it provides me with some structure and knowledge about how to go about advancing my concept and who exactly I should focus on in marketing my product.
b. Rare: This isn’t too rare as every student within this course has been able to acquire this experience.
c. Inimitable: This can only be imitated through taking the ENT3003 course.
d. Non-substitutable: This experience cannot be substituted.
Reflection: After doing the VRIN Analysis, I would say that my strongest resource is my social capital/network connections. In my opinion, it is my strongest because having close relationships with people that have knowledge/experience in computer science/programming/engineering will allow me to best develop my business concept and utilize the best technology possible. My previous experience operating my own online business plays a role as well in the skills that I bring to the team. In having knowledge about what it takes to become successful operating an online business, including management, marketing, financial management, and building consumer relationships, I think that adds well with having people with more technical experience in the industry that I am pursuing. Everyone’s network is unique and I think having strong connections with people that contain pertinent experience/skills will obviously provide more value.
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