My Venture’s
Unfair Advantage
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List of my venture’s resources:
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1. Efficiency
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2. Creativity
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3. Uniqueness
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4. Personable skills
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5. Business plan
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6. Technical skills
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7. Airport knowledge
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8. Traveler knowledge
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9. Culture of care
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10. Motivated, happy staff
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“VRIN” analysis for each resource:
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1. Efficiency:
§
Valuable: Efficiency is valuable because in the
era we live in today, time is money. Wasting time is one of the worst things to
worst in the world. We only have so much time and money to do the things we
love.
§
Rare: This is rare in the airports right now because
they don’t have efficient bin belts. My idea will make the entire experience
faster.
§
Inimitable: Efficiency is not the easiest thing
for people to replicate if they don’t know how to create the process in the
first place.
§
Non-substitutable: Efficiency can be produced in
other ways, but they might not be the best ways to produce it.
o
2. Creativity:
§
Valuable: I believe creativity is the most
valuable trait to have in this time because no one can take your imagination
away from you and it is one of a kind.
§
Rare: It seems like creativity has been scarce
recently due to the declining art classes in America.
§
Inimitable: Creativity is the hardest thing for
people to replicate because it is completely up to your imagination.
§
Non-substitutable: Nothing can replace a good
idea.
o
3. Uniqueness:
§
Valuable: Being able to stand out and make your
product stand out is very important in the business world so that you can sell
it over the competitors.
§
Rare: This is rare people so many ideas no days
are very similar.
§
Inimitable: You can’t replicate something that
is unique because then it wouldn’t be unique anymore.
§
Non-substitutable: You could create a different
unique product that does the same thing.
o
4. Personable skills:
§
Valuable: In the business world you need to be
able to talk to people and network. Luckily, through my experience in
organization I have been able to practice this skill and make necessary
connections.
§
Rare: Personable skills are becoming rarer in
this growing social media era.
§
Inimitable: You can’t simply replicate these skills;
you need to learn through practice.
§
Non-substitutable: There is only one way to
learn these skills, and that is through life experience.
o
5. Business plan:
§
Valuable: My business plan will be valuable
because it will have a detail-oriented layout.
§
Rare: It is rare because it will have a unique
way of using automation to make the product.
§
Inimitable: It won’t be replicable because they
won’t have the knowledge of my specific plan.
§
Non-substitutable: I suppose you could get
almost the same result through a similar business plan.
o
6. Technical skills:
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Valuable: These are very valuable in creating
the actual product.
§
Rare: Technical skills are hard to come by, you
need at least a college education and some experience.
§
Inimitable: These skills are replicable through
school and that is good because we need an automated process.
§
Non-substitutable: With an automated process
there is only one way to technically make the product.
o
7. Airport knowledge:
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Valuable: This is valuable because it is the
market we are targeting so we need info on it.
§
Rare: It is not too rare because almost everyone
has been through an airport.
§
Inimitable: This knowledge is replicable because
you can tell someone and they would have the same knowledge as you.
§
Non-substitutable: There are multiple ways to
come by this knowledge. You could have worked in an airport or simply been a
passenger.
o
8. Traveler knowledge:
§
Valuable: This knowledge is valuable because
travelers have typically seen a variety of efficient systems and can offer good
advice for what will work.
§
Rare: It is rare because not a lot of people
have traveled as much recently because I have been studying abroad.
§
Inimitable: There is only one way to get this
knowledge and that is by traveling.
§
Non-substitutable: You really need to travel to understand
the processes.
o
9. Culture of care
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Valuable: This is valuable because good work
cultures create good environments to create ground breaking work.
§
Rare: These are rare, because most people hate
work. When people enjoy work they do better.
§
Inimitable: There is no way anyone could exactly
replicate this because no one has the same group of people and that is what
dictates everything.
§
Non-substitutable: There are similar ways to get
a culture like this. It’s all about the atmosphere you bring.
o
10. Motivated, happy staff:
§
Valuable: It’s very important for the staff to
feel like they are accomplishing something in order to keep their spirits up.
§
Rare: This is rare because most people are only
motivated by money.
§
Inimitable: People could replicate this and they
should to create a better environment for their workers.
§
Non-substitutable: There are many different ways
to accomplish this.
·
What is my venture’s top resource”
o
My top resource is efficiency because that is
the whole basis of my product and why I am doing it. It’s the most important
because it is the heart and soul of my project.
Mary, I think you made a very good list of resources for your product. It is crazy how you find out how many connections you actually have! I agree that your top resource would be efficiency since that is the basis of your product. I also think uniqueness would be up there since there is no other product like it. It makes it both appealing and there are no competitors selling a similar product so it could thrive.
ReplyDeleteHey Mary,
ReplyDeleteWow what a long post, I really like the different way you laid this out. Almost made me think I did mine wrong. Anyway, your choice in advantages were vary varied and I could probably do accouple of these to better understand my own ideas. An example would be your section on your business plan, it’s an important and detailed part of you assignment that I didn’t even think to evaluate when I was working on my own project.