23A- Your venture's unfair advantage

1.     Experience in the entrepreneurial field

V: some would say I created my own business starting back in the 5^th grade when I was just 10 years old. I learned the concept of hard work and making money myself at a young age. As well as learning about expenses and budgeting.

R: I think it is pretty rare for a child to start a business in the 5^th grade, but also not so rare that the whole idea sparked from creativity.

I: I think it is probably easy to gain access about entrepreneurs. It is widely accessible (such as college courses like ENT3003).

N: I do not think having experience in being an entrepreneur is substitutable

2.     The simplicity of the whole idea

V: in a lot of cases, less is more. I think that is what brings value to my idea. The idea is so simple and it does not require much. That is why I believe consumer will like it. It is simple and easy to use and understand.

R: I do not think this is that rare. There are tons of products and services out there that are simple and have made so much money and are very valued among consumers.

I: .This is a concept that is not always so easy to imitate.

N: the concept of having something be simple is something anybody can come up with, but it is not easy.

3.     Network

V: This point is probably the most valuable out of all the advantages. Who and what you know is crucial for a successful startup of a business. Not to mention this could add so much value to your company.

R: This can be pretty rare. Some people do not have useful social and human capital that could benefit a business. Having the right connections could sometimes make or break a business.

I: I do not think the connections I have are inimitable. I met some of these people in the most craziest places (bar in a small island off Greece) and I think it was just a matter of being at the right place at the right time.

N: This is absolutely something that cannot be substituted. Who you know and the relationship you build over time is something one cannot replace.

4.     Punctuality and managing time wisely

V: this is extremely valuable. If you do not know how to manage time and are always late for example, you are not only losing time and money, but also there is a lack of respect towards the other people you are dealing with. This could result in people not taking you or your business seriously.

R: For the most part, I do not think there is any rarity in this skill. If people are serious about themselves, their partners and their business then they have this skill without any problems.

N: if someone is punctual  and reliable, there isn’t anything you can replace that with.

5.     Not too many competitors

V: This is extremely valuable. If you do not have much competition, this gives more opportunity for more revenue and customer acquisition.

R: No, there are similar products out there but none of them are utilized the way they are in my business model.

I: No because it is very specific to my business.

N: I do not see any other resources that offer the same perks and benefits as this

6.     Experiencing the need itself MULTIPLE TIMES

V: I think this does bring value because the more you go through something as irritating as getting your phone stolen twice when going out, it only drives more passion to find a solution.

R: No because a lot of people go through this need that my product tries to solve

I: These experiences are most likely something you should not really want to go through again or have someone do to you ever.

N: no this is not substitutable

7.     Taking courses in college that help with learning about business and entrepreneurship

V: this is extremely valuable because of skills it teaches and tools we need for once we do go on and start out own business

R: not very rare because a lot of students are business majors

I: This depends on the person in my opinion. But I do not think that the knowledge I have acquired is inimitable.

N: The only other thing closest to this resource is either an internship opportunity ot job

8.     Having enough $ saved up the business

V: this is crucial because without money you don’t have any way of starting the business

R: this is not very rare, a lot of people save money. But I do think it is rare for someone to start saving money seriously and on their when they are young without having parents assist them or tell them how to do it

I: no, this aspect of my life is not inimitable. I have spent over 10 years saving and nothing could replace that.

N: No

9.     Simple yet versatile

V: this is valuable because with more experience and analyzation we can build more and add to the product to make it even better

R: no, I think innovation is not really rare when trying to help a product evolve

I: some concepts and ideas are easy to recreate and some are not

N: This will only make the product better and more valuable. But with this of course comes trial and error

10.  Social Media platform

V: YES. This could potentially in some cases make or break a business as well. If you know how to efficiently run the social media platform your business  can go anywhere.

R: this is something a lot of business rely on

I: not difficult to recreate or imitate

N: There are in fact other ways to bring in revenues and customers for a business. But this is probably the most efficient and effective.

After thoroughly conducting the VRIN analysis, the top resource in this list is probably my human and social capital that I have acquired. I talked about them in a recent post. The only unfortunate factor is that they are all based in Canada while I am here in the U.S. But maybe that could work in my favor. There are a lot of places in Toronto that could work well with my concept and I have just the people to help me and lead me along in order to help my business strive and succeed.