Assignment 23A- Your Venture’s Unfair Advantage

1.     Social Capital: UF Greek Life: I am a student of UF and I am a member of Greek Life on campus. I have the ability to contact anyone in UF Greek Life.

·      Valuable: Women are my target audience and college aged women are a part of my target age. Being in a sorority, I am surrounded by hundreds of women.

·      Rare: This is not rare as there are thousands of women who attend UF and are in sororities.

·      Inimitable: This is not hard to copy because you could go to any school and become a part of Greek Life.

·      Non-substitutable: Being able to market within my sorority and the Panhellenic community is not substitutable. There is a small chance I will be within such proximity to so many women.

2.     Social Capital: Engineers and Chemists: I am friends with many engineers and chemists here at UF. My product will need to be tested and having these friends is a benefit because they are willing to help me in any way.

·      Valuable: I have these friends here at UF, which would make testing easy since I would not have to travel far. These friends are valuable because they would not let me go forth with a misfunctioning product.

·      Rare: This is rare. One reason is I will not be in such proximity to these friends and labs again. Another reason is I will be able to get their honest opinions and feedback since they are my friends and want to see me succeed.

·      Inimitable: The knowledge of these engineers and chemists can be imitated but it would be challenging.  

·      Non-substitutable: The knowledge of engineers and chemists is needed for this product to succeed so this is not substitutable.

3.     Nail Salon Experience: I have been getting my nails done for a very long time.

·      Valuable: I know how often I go and how much I spend. I have also gone to so many different salons, so I know the services and prices.

·      Rare: This is not rare; many women get their nails done and have been going for quite some time.

·      Inimitable: This is inimitable because anyone can begin to get their nails done.

·      Non-substitutable: This cannot be substitutable. For my product, having knowledge about nail salon services and prices is necessary.

4.     Financial capital: I have been putting half of my paycheck into my savings account every payday since I held my first job, therefore, I have money in my savings that I can put toward this endeavor.

·      Valuable: This is valuable because you need money in order to launch a business idea.

·      Rare: This is not rare as many people have savings accounts.

·      Inimitable: Anyone can begin to save money to put toward something.

·      Non-substitutable: This can be substituted by fundraising and loans.

5.     Support of other women: Other women out there want more alternatives and solutions for nail polish that chips.

·      Valuable: This is valuable because I would have the support of many other women.

·      Rare: This is rare because I think it is one major thing most women have in common: wanting to put an end to short lived nail polish.

·      Inimitable: This could be inimitable. You would have to find another thing for many women to agree on.

·      Non-substitutable: This is not substitutable because I need the support of women (not men).

6.     Publicity/Gossip: If I were able to make this product and have it successfully live up to its potential, it would be very popular. I think this news would spread fast among women, social media, and the news.

·      Valuable: This is valuable because if people spread the word about the product, more and more people will become interested and look into it.

·      Rare: It is not rare for women to tell each other about new products they have found or for products to be in media.

·      Inimitable: Publicity can be inimitable. If a product is successful it will be talked about in the media.

·      Non-substitutable: The media is important when trying to launch a new product. It is important to spread the word as much as you can. Publicity and gossip cannot be substituted.

7.     Customer service: I have worked in the food and retail industry for 5 years.

·      Valuable: It is valuable to have good customer service skills in any kind of business, especially when trying to become an entrepreneur.

·      Rare: I do not think that customer service skills are rare, although they do take time to acquire. Anyone can work towards having good customer service skills.

·      Inimitable: This is not inimitable as anyone can have good customer service skills.

·      Non-substitutable: This is not substitutable. Having good customer service skills is very important. You either have customer service skills or you do not, there is no in between.

8.     Leadership: Having worked with the same company for four years I have developed good leadership skills. I have worked with many people at a time and have trained many new employees.

·      Valuable: When you become an entrepreneur, you need to be a leader, therefore, this is a valuable trait.

·      Rare: This trait is not rare; many people have leadership characteristics.

·      Inimitable: This is not an inimitable trait. This is a common trait, but I think it is also very important.

·      Non-substitutable: Possessing the trait of leadership is not substitutable. Being a leader is important when trying to start up a new business.

9.     Teamwork: Having had a job since I was 15 and with the help of many group projects, I work very well with others.

·      Valuable: It is important to be able to work with others when you are trying to start a business.

·      Rare: It is not rare. Everyone will work in a team with others at some point in their lives.

·      Inimitable: It is not inimitable because most people work with others daily.

·      Non-substitutable: Working well with others is not substitutable. When starting a new business, it is important to be able to work well with other people.

10.  Intellectual capital: ENT 3003: In taking ENT 3003, I have learned a lot about becoming an entrepreneur and the skills/ steps that go along with it.

·      Valuable: The knowledge I have gained from this class is very valuable, especially if I decide to go further with my business plan.

·      Rare: What I have learned in this class is kind of rare because no one else has the same lectures or thoughts as the professor.

·      Inimitable: This class is inimitable because it is taught by a professor here at UF only.

·      Non-substitutable: This class is not substitutable. The information in this class cannot come from any other class.

After doing the VRIN analysis, I think that my first resource is my top resource. With college aged women being a part of my target audience, it is pretty valuable that I am a member of the University of Florida’s Greek Life. Being in a sorority, I have access to so many women’s opinions. Although this resource is not unique since many other women are members of sororities, I think it is very valuable, cannot be intimated, and is not substitutable. I will never be in such close proximity to so many women who would be willing to test out my product and give me feedback.