My resources
1. My ability to work hands-on and well with tools.
- Professionals can produce work better than I can, making it not rare, as well as imitable and substitutable. This resource provides value to me in my products prototype stages.
2. Constant yearning for improvement to make what I do the best it can be.
- This resource is intrinsic, which makes it unique to my own self, so is therefore valuable, rare, inimitable, but substitutable.
3. I have connections in product manufacturing, including coolers, which is similar to the product I’d be trying to produce.
- This resource is very valuable, as well as rare, but is both imitable and substitutable if a similar resource is found.
4. I have experience with many of the materials necessary to create a prototype.
- This resource is personal, which makes it unique to my own self, so is therefore valuable, rare, inimitable, but substitutable.
5. Connections with people producing for similar markets, or who have places where their product is already being sold to the same target market.
- Very valuable, as it provides a place for me to start in trying to get people to buy my product. However, there are many of these, making it not rare, imitable, and substitutable.
6. Family friends in outdoor retail, in case I wanted to market to outdoorsmen as well as animal owners.
- There are many larger stores that would be more successful with my product than the boutiques these people own. This resource isn’t good in any category of the VRIN.
7. A few close wealthy friends that would be likely to help me raise capital to start production and distribution.
- This could be a gamechanger in making my product a reality, as many of these people have connections of their own. This would score high in every category.
8. Personal experience with the need for a product like mine, making it easy to think like my consumer.
- This resource is personal, which makes it unique to my own self, so is therefore valuable, rare, inimitable, and not substitutable.
9. I am very diligent in my work and I don’t get distracted easily.
- This resource is personal, which makes it unique to my own self, so is therefore valuable, rare, inimitable, and not substitutable.
10. A lot of support from friends and family who would be very interested in buying and using my product.
- This resource is not necessarily rare or valuable but is imitable and substitutable.
After conducting the VRIN analysis, I believe that my wealthy, well-connected family friends and mentors would be my best resource in trying to bring my product to my desired market. A lot of them living near my home makes it easy to get in contact with them. They also have many connections in many industries, which makes them a great substitute for many of my other resources, while also providing other advantages.
Max,
ReplyDeleteIt sounds like you have lots of good advantages that will allow you to be a great entrepreneur. It is always super important to have a great network and people who would be willing to support your business ventures. Having people who know other people is very powerful. I think you possess a lot of personal qualities that should be considered good human capital and advantages. great job!
Max,
ReplyDeleteAll your resources seem unique in their own way, however having well-connected family friends and mentors that you can count on with their advice is extremely powerful. Success depends on the connections you have and who you know. Having those connections already in your industry gives yourself an advantage and will be recognized by your customers.
dear maxwell,
ReplyDeleteit seems as though all of your abilities are coherently presented by your complete focus on your consumer group. your analysis of your consumer base is thorough and thorough your plan to penetrate the market i know you will give it a good shot.
and through your plan
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