What Makes You So Special?
Venture Resources
For each resource, I will conduct a VRIN Analysis, with VRIN standing for
•Value
•Rarity
•Imitability
•Non-Substitutable
1.The actual product
V. I find that this product is very valuable because it will fill a very substantial need.
R. I would say that the idea is fairly rare, although I found that others have had this idea, it has not actually been produced, so if it came to fruition it would be the first of its kind.
I. This product is fairly imitable, although it is costly and requires a certain skill, it is certainly not impossible to recreate.
N. There is other resources that could provide the same benefit, such as different types of products that give directions, etc.
2. My connection with the desired consumer group
V. This connection is very valuable because I know exactly how the final consumers would react to my venture and what they would expect from it.
R. This connection is not rare because the ultimate consumer is a pretty generic group, but even when it comes down to the primarily targeted market (students) most of us can relate to each other.
I. The connection is imitable for the same reason it is not rare, most people can relate to at least one demographic, so any other student would have this same resource.
N. There’s not really any other resource that could form the same kind of connection with the consumer as a very personal and understanding person that is similar to them.
3. Social Media Following
V. This is valuable because it is a very inexpensive way to spread the word to vast amounts of people.
R. It is not rare because anyone can make a social media account and amass a large number of followers through promotions and interaction.
I. It is very easy to copy graphics and/or social media strategies because to be successful the posts need to be public.
N. The marketing done by social media can also be done via e-mail blasts and billboards, but it wouldn’t have the same relatability and humor as social media often does.
4. App Programmer
V. Can actually bring the app to life.
R. The skills necessary to create an app can be taught but are very hard to pick up.
I. To imitate the exact coding style of a programmer is very difficult because as one learns to programme they develop a way of doing things that are often exclusive to themselves.
N. There is no resource that could replace this one, no matter how this venture is approached, an app programmer is needed.
5. Connection with the MDCPS Digital Convergence Application Architects
V. They are the main producers of similar products for an elite buyer, this connection could mean the difference between the product being successful or a complete bust.
R. Few people have such strong connections within their desired industry. Their advice and leadership along with all of their resources could mean success for this venture.
I. It is very difficult to find another partner like this one unless they are from another school district, but the connection with one district is a gateway to connections with others around the state.
N. Only a relationship with another district's Digital Application group would be as beneficial as this one.
6. Business Administration Major
V. Being a business major, I am always taking classes to do with the different parts of running a business including management, marketing, problem-solving with computer programs, and public speaking. It makes me a well-rounded business owner/leader.
R. There are a lot of business majors who try to make their own companies, but in reality, most family-owned businesses are run by people with little to no higher education, so my knowledge of the industry before even entering the industry puts me at an advantage.
I. There are plenty of people with business degrees, but if you don’t have one it can be difficult to reach the same level of understanding and experience that comes with the degree.
N. There are lots of online courses and certification programs that can be taken to improve non-college grads knowledge and understanding of business processes.
7. Network
V. Having a wide network means having more than your own resources at your disposal.
R. Most people have a network without even knowing it, using it as a business resource often doesn’t come up in most people’s minds.
I. Networks are comprised of various other smaller networks, but no two networks are alike.
N. There’s no other resource that could serve the same purpose as a well-connected network, each person brings their own resources and advantages to the table.
8. Sustainable Need
V. The need that this product fulfills will likely never fade away, there will always be new students, new clients, new travelers, etc.
R. Most needs diminish over time, so finding a need that will always be there is very rare.
I. It’s impossible to copy a need, so unless another company creates a different product to fill this need, there’s no imitability.
N. This sustainability is substitutable if it wasn’t so sustainable the venture would have to expand to fill other needs instead of focusing resources on one.
9. Growing Market
V. This market is also ever-growing. Although we are primarily targeting students, the product could be used by almost anyone.
R. It is extremely rare for a product to be wanted and able to be used so universally.
I. It is very difficult for products to be so universally necessary, for the most part, they are targeted at the group that will benefit the most and the benefit is almost exclusive for that group, but this app will benefit everyone.
N. Without customers there would really be no venture, nothing could take the customers place.
10. My family and I
V. As the masterminds behind this venture, their input is very meaningful to me and their various perspectives make this the best it can possibly be.
R. It is not uncommon that a business is run by a small family and that decisions are shared amongst them all as they are the main stakeholders.
I. It is not always easy to convince several people from different backgrounds and experiences to work together and input ideas.
N. An executive board of experts could do the same things my family is doing for this venture.
I was stuck between the sustainability of the need and the growing market as the biggest advantage, but I ultimately decided on the growing market. Without people to sell the product to the product would obviously fail, and with most products, people grow out of them or the fall out of style, etc. An app such as this one would reach a wide audience, and as long as people keep procreating there will always be new users for the app. Also, even if one target group doesn’t love the product, it could be presented to pretty much any other.
For each resource, I will conduct a VRIN Analysis, with VRIN standing for
•Value
•Rarity
•Imitability
•Non-Substitutable
1.The actual product
V. I find that this product is very valuable because it will fill a very substantial need.
R. I would say that the idea is fairly rare, although I found that others have had this idea, it has not actually been produced, so if it came to fruition it would be the first of its kind.
I. This product is fairly imitable, although it is costly and requires a certain skill, it is certainly not impossible to recreate.
N. There is other resources that could provide the same benefit, such as different types of products that give directions, etc.
2. My connection with the desired consumer group
V. This connection is very valuable because I know exactly how the final consumers would react to my venture and what they would expect from it.
R. This connection is not rare because the ultimate consumer is a pretty generic group, but even when it comes down to the primarily targeted market (students) most of us can relate to each other.
I. The connection is imitable for the same reason it is not rare, most people can relate to at least one demographic, so any other student would have this same resource.
N. There’s not really any other resource that could form the same kind of connection with the consumer as a very personal and understanding person that is similar to them.
3. Social Media Following
V. This is valuable because it is a very inexpensive way to spread the word to vast amounts of people.
R. It is not rare because anyone can make a social media account and amass a large number of followers through promotions and interaction.
I. It is very easy to copy graphics and/or social media strategies because to be successful the posts need to be public.
N. The marketing done by social media can also be done via e-mail blasts and billboards, but it wouldn’t have the same relatability and humor as social media often does.
4. App Programmer
V. Can actually bring the app to life.
R. The skills necessary to create an app can be taught but are very hard to pick up.
I. To imitate the exact coding style of a programmer is very difficult because as one learns to programme they develop a way of doing things that are often exclusive to themselves.
N. There is no resource that could replace this one, no matter how this venture is approached, an app programmer is needed.
5. Connection with the MDCPS Digital Convergence Application Architects
V. They are the main producers of similar products for an elite buyer, this connection could mean the difference between the product being successful or a complete bust.
R. Few people have such strong connections within their desired industry. Their advice and leadership along with all of their resources could mean success for this venture.
I. It is very difficult to find another partner like this one unless they are from another school district, but the connection with one district is a gateway to connections with others around the state.
N. Only a relationship with another district's Digital Application group would be as beneficial as this one.
6. Business Administration Major
V. Being a business major, I am always taking classes to do with the different parts of running a business including management, marketing, problem-solving with computer programs, and public speaking. It makes me a well-rounded business owner/leader.
R. There are a lot of business majors who try to make their own companies, but in reality, most family-owned businesses are run by people with little to no higher education, so my knowledge of the industry before even entering the industry puts me at an advantage.
I. There are plenty of people with business degrees, but if you don’t have one it can be difficult to reach the same level of understanding and experience that comes with the degree.
N. There are lots of online courses and certification programs that can be taken to improve non-college grads knowledge and understanding of business processes.
7. Network
V. Having a wide network means having more than your own resources at your disposal.
R. Most people have a network without even knowing it, using it as a business resource often doesn’t come up in most people’s minds.
I. Networks are comprised of various other smaller networks, but no two networks are alike.
N. There’s no other resource that could serve the same purpose as a well-connected network, each person brings their own resources and advantages to the table.
8. Sustainable Need
V. The need that this product fulfills will likely never fade away, there will always be new students, new clients, new travelers, etc.
R. Most needs diminish over time, so finding a need that will always be there is very rare.
I. It’s impossible to copy a need, so unless another company creates a different product to fill this need, there’s no imitability.
N. This sustainability is substitutable if it wasn’t so sustainable the venture would have to expand to fill other needs instead of focusing resources on one.
9. Growing Market
V. This market is also ever-growing. Although we are primarily targeting students, the product could be used by almost anyone.
R. It is extremely rare for a product to be wanted and able to be used so universally.
I. It is very difficult for products to be so universally necessary, for the most part, they are targeted at the group that will benefit the most and the benefit is almost exclusive for that group, but this app will benefit everyone.
N. Without customers there would really be no venture, nothing could take the customers place.
10. My family and I
V. As the masterminds behind this venture, their input is very meaningful to me and their various perspectives make this the best it can possibly be.
R. It is not uncommon that a business is run by a small family and that decisions are shared amongst them all as they are the main stakeholders.
I. It is not always easy to convince several people from different backgrounds and experiences to work together and input ideas.
N. An executive board of experts could do the same things my family is doing for this venture.
I was stuck between the sustainability of the need and the growing market as the biggest advantage, but I ultimately decided on the growing market. Without people to sell the product to the product would obviously fail, and with most products, people grow out of them or the fall out of style, etc. An app such as this one would reach a wide audience, and as long as people keep procreating there will always be new users for the app. Also, even if one target group doesn’t love the product, it could be presented to pretty much any other.
Jessica,
ReplyDeleteYour VRIN was perfect, all of the venture resources you wrote about were spot on and made sense directly with your Indoor GPS. I struggled a little with this assignment, so I can definitely tell this flowed great with your opportunity. I can relate to being a business major, along with wanting to open up a family owned business.