23A – Your Venture’s Unfair Advantage Submit Assignment
List of resources:
- Financial plan
- Business Experience
- My communication skills
- My experience talking to people
- Advisor Experience
- Investor Backing
- Positive company culture
- Client-oriented
- Ability to work with each other
- Positive supplier/manufacturer relationships
VRIN:
Valuable - valuable because of the ability to give customers a product that they do not have, filling a need
Rare - this product does not exist int he mainstream
Inimitable - it is not hard to recreate, but if we are the first to be successful, we will also have more experience knowing how to improve
Non-substitutable - this product is unique to its target market
Our top resource would be the ability to communicate and have good relationships. Trust is built around relationships and the ability to give someone responsibilities knowing that they will fulfill them. Communication to customers is very important for this venture since it allows people to be able to talk to each other and have open communication as well as educate customers on why there is a need for this product.
I agree with that being the top resource. In business, it's all about who you know, so building and maintaining connections can be what gives you an advantage over the competition. I think all of the resources you listed will be helpful in a venture.
ReplyDeleteHey Akshay,
ReplyDeleteI agree that your ability to communicate and have good relationships is very important resource. Business is all about who you know. The more people you know the more opportunities you have. You can ask a friend for help or that friend may have a potential job opportunity for you.