Assignment 23A Your Venture's Unfair Advantage

Assignment 23A Your Venture's Unfair Advantage

1.  Social Capital (Relationship with Nurse Practitioner) As a healthcare professional she can provide important information about health and liability information.

• Valuable:  This is valuable in that her experience in healthcare will be a tremendous resource as I start my clinic
• Rare:  I am not certain it is rare.  Having researched potential competitors, healthcare professionals would be considered advantageous to have on staff and possible even required.
• Inimitable:  This resource would not be inimitable as there are many healthcare professionals.
• Non-substitutable: This resource could be substituted with other types of healthcare professionals.

2.  Social Capital (Relationship with Real Estate Professional)  Starting a tattoo removal clinic will require an office location or store front.  It is important to know someone with experience in commercial real estate in my area.

• Valuable:  This is a valuable resource as I will need to know the most advantageous and economical space to lease for my business.  She also has extensive knowledge on the Orlando market.
• Rare:  This resource may not be rare.  There may be other people who have knowledge of the real estate market in my area.
• Inimitable:  Not inimitable.  Again, there are many real estate agents in my area.
• Non-substitutable:  There are substitutes for this resource.  Not only other real estate agents but also leasing agents are substitutes.

3.  Personal or Human Capital (Previous Business Owner)   As a previous business owner for many years, I have some understanding of the magnitude of starting and running a business.

• Valuable:  I believe this is quite valuable since opening and sustaining a business is not a simple endeavor but requires a myriad of skills and often you are learning as you go.
• Rare:  This is probably not rare.  I am sure that many people have owned and operated businesses before.
• Inimitable:  Being a previous business owner, while it is valuable, is not inimitable as I could hire people who have previous experience.
• Non-substitutable:  This could also be substituted by others who have prior business experience.

4.  Social Capital (Relationship with Entrepreneurs)  My husband is an entrepreneur.  He has started ventures and currently runs two businesses.  He has so much knowledge he can share with me to help me with my venture.

• Valuable:  Having him as a resource is valuable.  His experience will be an asset to me as I grow my business.
• Rare:  This is not rare.  Others may have relationships with entrepreneurs but my relationship is a close and personal relationship.
• Inimitable:  This relationship cannot be imitated but I know there are others who have relationships with entrepreneurs.
• Non-substitutable:  This resource could also be substituted by someone with knowledge about my specific business venture.

5.  Financial Capital: (relationship with Financial Advisor)  I have a close relationship with a financial advisor who can provide me with assistance should I need capital to start my business.

• Valuable:  This is a valuable resource.  I am sure I am going to need capital to start my venture and it will be essential to have good financial advice and planning.
• Rare:  This may not be rare.  There are many people who have a relationship with a financial advisor.  
• Inimitable:  This is not inimitable.  Have financial advice and planning can be imitated.
• Non-substitutable:  This relationship could be substituted with another financial advisor.

6.  Human Capital (Securities Industry Experience) I previously worked in the securities industry and learned a lot about how businesses operate, fail and succeed.

• Valuable:  This is valuable as I have a lot of knowledge about industry and regulations that will aid me in my venture.
• Rare:  This may not be rare.  There may be others with this experience.
• Inimitable:  Not inimitable.  Other people may have had previous experience.
• Non-substitutable:  Substitutes exist in that many people have experience even if they were not working directly in the securities industry.

7.  Social Capital (Marketing relationship) I have a relationship with someone who is skilled in marketing which will be essential to develop a presence as I start my business.

• Valuable:  This is extremely valuable.  I will need marketing and I will have access to marketing expertise at a low cost.
• Rare:  It is rare only in that I will have to pay very little for the services. 
• Inimitable:  This resource can be imitated.  There are other marketing services.
• Non-substitutable:  It can be substituted but if I chose another marketing professional it would be expensive so with that in mind, I would say not easily substituted.

8.  Social Capital (Website Developer relationship)  I have a cousin who is a website developer and would help me with my online presence.

• Valuable:  This is a valuable resource.  Having any business will require a website and online presence if I am to have a successful business. 
• Rare:  This is not rare but, again, it is rare in that it will not be an expense I have to incur as I start my business.
• Inimitable:  This relationship cannot be imitated so much as we are related, but I could hire a web developer but it would not be no/low cost.
• Non-substitutable:  There are substitutes as there are many web developers.

9.  Social Capital (supplier relationship)   During all of my research, I established a relationship with suppliers for my venture.  

• Valuable:  This is valuable capital as this is crucial to my having a business.
• Rare: This is not rare.  Those who would be competitors would have supplier relationships as well.
• Inimitable:  There are multiple suppliers but this can be somewhat imitated only if the supplier sells the type of laser I wish to use.
• Non-substitutable: This is substitutable in that there are a number of suppliers with multiple lasers which can also serve as substitutes.

10.  Human Capital (Unrelenting attitude) I possess an unrelenting attitude which enables me to persevere under challenging circumstances. 

• Valuable:  This is valuable because starting an entrepreneurial venture requires a relentless attitude. There will be many challenges and this will serve me well in this venture.
• Rare:  Probably not rare. There surely are many people with this type of attitude.
• Inimitable: Unrelenting attitudes can be imitated and mine is certainly no exception.
• Non-substitutable:  There are substitutes.  Possibly another characteristic can be a substitute for an unrelenting attitude. 

After completing the VRIN analysis for the resources identified in my venture, I believe my top resource is the social capital relationship I have with my cousin who is a web developer.  While I think marketing is also a top resource, my cousin has digital marketing experience as well and that could really help get my company name recognition especially being new to a market segment.  He is also really talented in search engine optimization (SEO).  I think this resource is more valuable than other resources.  I do not believe any of my resources are extremely rare, inimitable or non-substitutable but of all the resources, my relationship with a web developer and SEO expert could be of the most value in my venture.