23A- Your Venture's Unfair Advantage
1.
Experience in a sales environment
Valuable: I have been in sales for about a
year and a half and have dealt with customers who want help and those who just
want to explore the product on their. I am able to have the viewpoint of a
customer and an employee, therefore I know how my product can benefit both
sides of the business.
Rare: A lot of people may have been in
retail, but what makes me rare is that I sell OrangeTheory gym memberships.
Selling this product is not easy because it takes a lot of persuasion for
someone to sign up for something that they are held accountable for and for
something that costs them a good amount of money.
Inimitable: It is not simple to imitate my experience
in a sales environment because no one person is like another therefore someone
can benefit from the environment differently than me.
Non-substitutable: Other customer service
skills can provide similar benefits, but a gym environment is different than
selling clothes in that it is a product that aims at benefitting a person’s
lifestyle. It is a big step for someone to start a fitness journey.
2.
My professional network
Valuable: I know multiple people who could
back up my product in that they are in sales or own small businesses where
pushy employees are apparent.
Rare: My network is rare in that it is made
up of different people than someone else’s.
Inimitable: Networks can not be copied
because not one network can be the same as another and obtain all the same
people.
Non-substitutable: No other resource can
provide this benefit.
3.
Attribute of being flexible
Valuable: I am a very adaptable person and
can easily cater and please my customers.
Rare: Not all people are willing to be
flexible with customers.
Inimitable: This can be copied in that
there are more people out there who can be flexible.
Non-substitutable: No other resource can
provide flexibility because this is a personal attribute.
4.
Knowledge gained in UF business classes
Valuable: This is valuable in that I have
knowledge about developing businesses and generating leads.
Rare: This is relatively rare because there
are other student who take the same classes as me.
Inimitable: This can be copied by other
gators.
Non-substitutable: This can’t be
substituted.
5.
Network of Business Gators
Valuable: This is valuable in that maybe my
fellow gators will want to take part in my business idea.
Rare: Somewhat rare because there are other
gators who have access to this network.
Inimitable: The network can not be copied.
Non-substitutable: No resources can
substitute this.
6.
Measure of communication
Valuable: This is valuable when it comes to
being in touch with customers.
Rare: Not rare
Imitable: Other people can communicate
through phone and email too.
Non-substitutable: Cant be substituted.
7.
Communication skills
Valuable: Good for explaining the product
and delivering my elevator pitch.
Rare: Good communication is not rare.
Imitable: My communication style cannot be
copied.
Non-substitutable: Can’t be substituted
with another resource.
8.
Organizational Skills
Valuable: Important for implementing a new
business idea and starting up a business.
Rare: This can be found in others.
Imitable: Everyone’s organizational tactics
are different.
Non-substitutable: You cannot substitute.
9.
Ability to use social media
Valuable: Important for marketing the
product.
Rare: not rare.
Imitable: An account can be imitated slightly
but not copied because pictures are copyrighted.
Non-substitutable: Can be substituted by
marketing in person or marketing through a newspaper or commercial.
10.
Proximity to the people I will be selling to
Valuable: Important for implementation of
the system and visiting the buyer.
Rare: Rare in that higher scale businesses
would not have a person that is a few minutes down the road.
Imitable: Cannot be copied.
Non-substitutable: Can’t be substituted.
My top resource is my experience within
sales. This more important to my venture than the other resources because it
can not be imitated and there is no other resource that can take the place of
it. Also, I find this resource to be extra valuable to the venture because the
venture is focused on an unmet need that is related to “sales going wrong.” I
understand what it is to be a customer and also having an understanding of
being the seller allows me truly see the problem of pushy employees.
Hi Brianna, well done with your evaluation of the different forms of capital that you possess! It's very apparent to me that you possess a lot of skills and assets in the department of social capital, from your connections in organizations to those in your target market and industry. These will definitely carry you far with your idea, as oftentimes I feel that it is less about what you know and more about who you know (as the saying goes)! That is definitely one of the things that I personally need to work on. Keep up the great work and keep pushing forward!
ReplyDeleteHey Brianna. The fact that you already have experience in the sales industry is a huge plus side that really sets yourself apart from the competition. Also, you often mention your connections, which I wrote in my post as well, as it is a world where "who you know" is much more important than "what you know." Lastly, communication skills are a huge plus side that really isn't measured in academic success, but is as important as knowledge.
ReplyDeleteHi Brianna. Experience and knowledge are incredibly important resources. It is great that you have both. It is resources like those that make you truly unique. Great work on the VRIN analysis. You were very thorough in explaining each and every resource. I also agree that your experience with sales is one of your top resources, especially considering your product. Great work, Brianna!
ReplyDeleteHi Brianna!
ReplyDeleteWell done on the assignment, I thought it was great that you identified strengths you had from various fields that were useful in unique ways, rather than just focusing on strengths you have in one area with smaller variations. I agree that your top resource is probably your sales experience, but the value you also get from your communication skills, social media ability, and overall flexibility will probably be extremely useful as well.