23A your venture's unfair advantage

·       Generate a list of all of the resources in your venture (produce a list of at least 10 resources that you already possess). This can include your human capital, social capital, financial capital, and capabilities. You may also discuss the organizational culture you intend to create (but, obviously, it's not a resource that you have, now.) 

·       Conduct a "VRIN" analysis for each resource. That is, describe, for each resource, how it is valuable, rare, inimitable (how hard it is to copy by others), and non-substitutable (are there other resources that can provide the same benefits?). 

·       Remember, not ALL resources will measure up well. That's OK. You just need one. 

·       After conducting the VRIN analysis, determine what your top resource is. Explain why it's more important to your venture than all of the other resources.

1      Fellow college students

VRIN: Many college students share the same struggles and aspirations. They are more willing to take risks compared to older people. The passion they have is non-substitutable and imitable. This also makes it valuable.

2      Going to a University

VRIN: Going to a university is already a niche which means that it is relatively rare and non-substitutable. It is also non-imitable as university students are most of the times a certain age. This makes it valuable

3      My parents

VRIN: My dad is a professor in civil engineering which means that he has knowledge of how to manage and partner with different companies. Both of my parents are also part of the 50s age group which means that they can offer me insights of what the people in that age group might think of my product. Since they are my parents they are inimitable and un-substitutable. This makes them a valuable resource.

4      My Parents friends

VRIN: My parent’s friends come from various backgrounds and careers. This provides insights from multiple perspectives. Also some of them are very well off and influential which makes them un-substitutable and valuable.

5      My fraternity brothers

VRIN: They also come from diverse backgrounds which definitely provides me various perspectives. They are un-substitutable since they are my fraternity brothers and are definitely inimitable which makes them valuable.

6      Technology-driven society

VRIN: My business idea depends on technology and the fact that our society is currently dominated by technology, it makes it a great resource for my venture. The society currently is not inimitable and un-substitutable. This is a huge strength to my business idea.

7      Asian-American background

VRIN: Being Korean-American and being bilingual is a huge asset for me and my business idea. This makes me inimitable since I am familiar with both the Korean culture and the American culture. Also, there are not many Korean-Americans that actually have lived in both countries for a decent amount of time. This makes my strength valuable.

8      Owns a cell phone

VRIN: The fact that my business idea comes from my needs as well, I have a better understanding of what the product might need and what to appeal. This is valuable

9      Studying Business

VRIN: Being a business major really taught me how to understand how business works and how to incorporate the knowledge I learned to entrepreneurship. My knowledge is something that is inimitable and un-substitutable which makes it valuable.

10      Youth

VRIN: I am still relatively young which means I am more willing to take risks and make radical decisions. Elders with more responsibilities tend to settle in a safe way but young people tend to take more chances. This passion is valuable 

My top resource is having connections in Korea as well as in America. This way, I can market my product by using different strategies for different cultures.