Social Capital
Valuable: One of the most valuable things you can have when being an entrepreneur is your network and the people around you who could help you.
Rare: Every person has a varying social capital, so I believe that everyone's social capital is unique to them, their life, and their venture.
Inimitable: Again, a unique attribute for anyone.
Non-substitutable: If you had a different social network, it could change where you're at in terms of opportunities and advantages.
Human Capital
Valuable: Investing in yourself and your resources is a really important aspect to not only entrepreneurship but your life itself.
Rare: Working hard to grow whether that be academically, financially, self care, etc. is a hard balance to prosper in multiple areas. Not a lot of people can reach that point.
Inimitable: Could it be followed? Yes. Will it work? Maybe.
Non-substitutable: You can't substitute knowledge.
Experience in "Field"
Valuable: Being in the same spot as the person who I'm trying to cater to, I have an authentic idea of what my market genuinely wants and is lacking.
Rare: A lot of people work on projects that they haven't been involved with first hand.
Inimitable: If you're willing to put the work in, it could be.
Non-substitutable: You can't substitute experience.
Actual interest in my idea
Valuable: Being passionate, I think, boosts anything. I have a genuine love for music and that faith I have to make music more tangible for people is everything.
Rare: People start ventures with money on their mind only.
Inimitable: Fairly inimitable, though you can't imitate authentic passion.
Non-substitutable: If you try to like something when you don't, it'll show eventually.
Social Media
Valuable: I know how to tend to social media platforms. I once had 30,000 followers on tumblr which I grew on my own. It was a blog that catered to music fans.
Rare: It takes time and effort to grow a following on any platform.
Inimitable: If you have what it takes without buying followers.
Non-substitutable: Having an audience or following can't be replaced.
Innovated Thinking
Valuable: In the world today, you have to be thinking three steps ahead. I'm able to think of what I want as a fan and apply that to the future of what could be.
Rare: Thinking in the moment is first nature and convenient. You have to push the boundaries to think of what people are lacking a year, 5 years from now.
Inimitable: It could be.
Non-substitutable: I don't believe innovation can be replaced, because it's what you need to change and grow.
Business Education
Valuable: Having an education is very valuable in the world today. It sets you above others and shows that you have expertise in a subject.
Rare: Depending on where you are, it could be rare. Having a degree is a special thing.
Inimitable: An education is imitable, but what you do with it isn't.
Non-substitutable: Can't substitute for a degree.
Management Experience
Valuable: Going into this venture and having people work beneath me, I already have experience and know how to run a ship.
Rare: Experience isn't something that can be bought or taken. It has to be learned.
Inimitable: If you take the time to learn it can be.
Non-substitutable: Cannot replace experience.
Social Media Advertising
Valuable: Advertising through media would give me a leg up in getting potential customers.
Rare: Not rare, but could help a lot.
Inimitable: If you hook enough people to use your app.
Non-substitutable: It could be substituted for other forms of advertising but probably wouldn't work as well as using online platforms.
Human Resources
Valuable: If idea were to be brought to life, I would want excessive HR done not only throughout my company but throughout my app to ensure that it is a fair, equal environment not only for my employees but for people using the app comfortably and freely.
Rare: Shouldn't be rare, but a lot of social media platforms let a lot of offensive things slide.
Inimitable: I'd hope others would imitate this measure.
Non-substitutable: No, this can't be substituted.
Human Capital
Valuable: I have the motivation and determination in me to pursue this head on. It can be easy to lack motivation but when you're passionate about something it comes a lot easier.
Rare: Pure passion and motivation can be rare. Not wanting to halfass something and having the perseverance to keep going despite road blocks or failures takes a strong person.
Inimitable: You can try.
Non-substitutable: Without motivation, how will you continue?
I think my motivation/determination is the most important aspect because without that fire in you to do something, what will be done? More important than money, resources, connections - starting within yourself and acknowledging what you can do is powerful.
Human Capital
Valuable: I have the motivation and determination in me to pursue this head on. It can be easy to lack motivation but when you're passionate about something it comes a lot easier.
Rare: Pure passion and motivation can be rare. Not wanting to halfass something and having the perseverance to keep going despite road blocks or failures takes a strong person.
Inimitable: You can try.
Non-substitutable: Without motivation, how will you continue?
I think my motivation/determination is the most important aspect because without that fire in you to do something, what will be done? More important than money, resources, connections - starting within yourself and acknowledging what you can do is powerful.
Hey Danielle!
ReplyDeleteI thought that you did a great job of breaking down each resource using the VRIN system in order to determine how valuable it was to your venture. I think your conclusion that your motivation/determination is the most valuable resource for your venture is inspiring and really relates to what determines a successful venture. The drive behind doing everything gives you that competitive advantage that any venture needs to succeed. Nice job identifying that.
Hi Danielle,
ReplyDeleteThis was one of the better posts I saw for this assignment. You were very clear with your points with a great explanation for each resource. In today's generation its becoming hard for people to find the right motivation and I think its great that you have it as your most important one because it is what makes a business grow.