23A – Your Venture’s Unfair Advantage

1.      My idea is an extension of an existing tried and true product. Renting is an age-old practice, while uber is new and hip. Uber’s user interactions placed in tool and space rental makes up the crux of my venture.

·        Valuable: Good artists copy, great artists steal. Building on the shoulders of giants is tried and true.  

·        Rare: Few can properly steal the feel of something and not make it an exact copy.

·        Inimitable: I mean, it’s what I’m doing so yeah, it’s probably very inimitable.

·        Non-substitutable: The idea is built on this, so it can’t be substituted.

2.      Social Capital: I am one of the many who need this service for not only school but also personal hobbies.

·        Valuable: This is very valuable, not only being close to but also one of the users of a service is the best way to find its flaws.

·        Rare: Few entrepreneurs are so close to the business as someone who goes into it not to just to make money but to improve an aspect of their life.

·        Inimitable: Few ever do even though I think it’s what separates the good companies from the great.

·        Non-substitutable: This is a part of me, it can’t be substituted.

3.      A similar solution doesn’t exist: makerspaces are on the rise but for people outside of these metropolitan areas don’t have access to such amenities, which is where my idea comes in.

·        Valuable: Uniqueness is very valuable to a business, filling a niche is a safe bet when the niche is large enough.

·        Rare: Companies that find a niche and stake their ground early are the most volatile ways to start but if ones succeeds then greatness lies ahead.

·        Inimitable: Someone could copy me in the future.

·        Non-substitutable: I could probably try and come up with a different niche to fill that would have the same chances for greatness.

4.      Experience working in a tech company.

·        Valuable: Experience can make or break entrepreneurs.

·        Rare: Not very rare but certainly not common.

·        Inimitable: People who do work in tech companies have this as well.

·        Non-substitutable: Experience cannot be replaced.

5.      Ear to the ground mentality

·        Valuable: In the ever-shifting world of tech knowing what’s in and what’s out of favor is invaluable.

·        Rare: Not that rare, some people even found a way to monetize this ability.

·        Inimitable: People should imitate this more, whether they do or don’t is lost to me.

·        Non-substitutable: Like I said someone could be paid with the sole purpose of doing this.

6.      I’m not racist like Papa John, or knee-jerking like Elon Musk

·        Valuable: The PR from these incidents seriously hurt companies.

·        Rare: Apparently it isn’t as common as one would hope.

·        Inimitable: Everyone should be like this.

·        Non-substitutable: What would you even substitute this with? This must be non-substitutable.

7.      Social Capital: I’m a people person willing to spread the word amongst fellow students.

·        Valuable: Getting your name out there is practically half the battle.

·        Rare: Anyone willing to start a business should be ready to get extroverted and sell themselves.

·        Inimitable: People, once again, should imitate this but it’s not always the case.

·        Non-substitutable: Getting a marketing person a real and often smart choice after you get your feet wet, but in the first stages nothing beats doing it yourself.

8.      My idea has demand before I’ve even done anything to organize it.

·        Valuable: People seem to like the idea and say they could use it all the time.

·        Rare: No-one is doing what I’m doing

·        Inimitable: People could do what I’m doing but they aren’t, so I’ll do it first.

·        Non-substitutable: My idea is first and foremost mine, so it can’t be substituted.

9.      Social movement could aid the growth of my idea

·        Valuable: Having a known demand across the nation could be short lived but this has been in the making for years

·        Rare: Plenty of business already cater to this crowd

·        Inimitable: Same conclusion as my rarity.

·        Non-substitutable: Nothing can substitute the growth potential of being supported by a social movement.

10.   My network of people in the industry.

·        Valuable: This is very valuable when starting.

·        Rare: Someone my age doesn’t usually have access to the industry like I do.

·        Inimitable: No one can copy my network.

·        Non-substitutable: I have the most efficient way to contact people in the industry, someone not in the industry has to jump through the hoops I’ve already cleared.

I found this difficult because I didn’t realize my misunderstanding of what counts as a resource. After doing VRIN for this assignment I can say I have a better understanding of my industry and myself.

I think that this is unique, mainly because no one has done such and obvious thing to me yet. All of my capital should be enough to make the difference but I know that the people who make up that capital will put me over the edge and ensure success.