- Generate a list of all of the resources in your venture (produce a list of at least 10 resources that you already possess). This can include your human capital, social capital, financial capital, and capabilities. You may also discuss the organizational culture you intend to create (but, obviously, it's not a resource that you have, now.)
- Education in the field of sustainability. VRIN: this is valuable because if I am going to advertise my business as sustainable, then I need to be educated about what it means to be sustainable and how to run a successful eco friendly venture.
- Human capital. VRIN: this is valuable because I have a business contact in the solar industry and I can use this to my advantage when figuring out the logistics of my product and how to properly implement it into the market. I also know people who would be dependable and willing to help me with this business venture.
- Physical resources. VRIN: I have the resources I need to successfully build a prototype for my product at an inexpensive start up cost.
- Financial resources. VRIN: I will be able to build this product at a low cost so that I can start out with low costs and build many prototypes.
- Basic knowledge about solar energy. VRIN: I have been to places that function solely on solar power and learned a lot about the financial matters and how you can save ,only using solar power. This can help me in the future as I expand my product line.
- Business contacts. VRIN: this is important because I have a contact who I can go to for advice and ideas on how to best implement my product.
- Versatility in the market. VRIN: my product has the capabilities of being very versatile because there are many different ways that I can use solar power to make products, and also makes there be many different ways to make money too.
- Personable personality. VRIN: I believe my personality is valuable because I am personable and open minded to new ideas which is a very important thing to be as an entrepreneur. I am also hardworking and easy to communicate with.
- Social media. VRIN: this is a resource because I will b able to use social media to ,y advantage when Implementing my product. Not only is it s free for, of advertisement, but also I can get my product out quickly especially by using college Facebook pages and so on.
- Importance of being sustainable. During this time where climate change is very critical, people are looking for ways to be more sustainable and my product would attract consumers who want to be sustainable.
- After conducting the VRIN analysis, determine what your top resource is. Explain why it's more important to your venture than all of the other resources.
I believe that my top resources are my financial resources and my business contacts. Both of these are vital parts to starting any venture because you need money to start your business and you also need ways to implement your design. Having contacts can help me strategize and build a successful business model.
Jennie, I enjoyed reading your list of advantages. I think that your business contacts and financial capacity will take you far. It is not about what you know, but who you know. I found that this was also one of my advantages and if you would like to check out my post you can do so here:http://maxwilk.blogspot.com/2016/03/my-unfair-advantage.html
ReplyDeleteHi Jennie,
ReplyDeletei really enjoyed your post. I think you have very good ideas and having the opportunity to read all of them and see how enthusiastic you are about your business is very nice. you have very good advantages and i hope you can be successful with your idea.