23A - Your Venture's Unfair Advantage

23A - Your Venture's Unfair Advantage

1. Financial Capital: Money that has been generated from previous entrepreneurship experiences will be able to be spent on my current product
• Valuable: This is very valuable because I will need money to invest into the creation of the product.
• Rare: It is not too rare to have money saved up, however, it is nice that I have enough money built up that I will not have to take out a loan.
• Inimitable: Yes because anybody can have financial capital if they desire.
• Non-substitutable: Eventually the sales of my product will help to replenish the money spent initially.
2. Uniqueness of the Venture/Lack of Competitors: There currently is no product such as the one that I am creating so there is a big lack of competitors.
• Valuable: This is extremely valuable as there is no competition to take away customers.
• Rare: Often times it is rare to not have any competitors, but if you are the first to create a product there will be minimal to no competitors at the beginning.
• Inimitable: Yes it is inimitable unless I can secure a patient.
• Non-substitutable: At the moment no.
3. Social Capital: The relationship that I have with software creators will be able to help me create the product efficiently and effectively.
• Valuable: Yes this relationship and their experience in the field is valuable.
• Rare: Their skill is not all too rare, but the close relationship that I have with them is quite rare.
• Inimitable: This most likely cannot be imitated.
• Non-substitutable: This cannot be substituted.
4. Human Capital: My ability to lead and manage other people.
• Valuable: I think this is valuable because being able to get the most out of somebody can help a company immensely.
• Rare: This is not rare as there are plenty of people who have this skill.
• Inimitable: This could be imitated. The desire to do it for this company is something that may be hard to imitate.
• Non-substitutable: Nothing substitutes the power of a driven leader.
5. Human Capital: Those closest to me have a lot of experience as problem solvers and businessmen so being able to call upon them for advice will be good for me.
• Valuable: By having valuable people in your close circle this is very valuable.
• Rare: Yes and no it depends on your personal network that has been developed.
• Inimitable: This relationships are not able to be imitated.
• Non-substitutable: This could be substituted by another people who have experience in the business world.
6. Support of Current Organizations: Relationships that I have developed with people at Verizon and T-Mobile
• Valuable: This is valuable because I can get the support of of people who can help me to reach my companies end goal quicker.
• Rare: Yes this is quite rare.
• Inimitable: Potentially but the likelihood of this is quite minimal.
• Non-substitutable: I do not see how this could be substituted.
7. Publicity: The attention give to distracted driving nowadays will help to work in my favor.
• Valuable: Media attention is very valuable because it can help your product to meet the masses quickly.
• Rare: In todays day and age media attention is not nearly as rare as it used to be.
• Inimitable: Yes because the media reports of many different things each day.
• Non-substitutable: There is no substitute for media attention.
8. Social Capital: A strong social media following with followers who are invested in you and the products that you are selling is extremely good to have.
• Valuable: Yes having an audience that will most likely support you through purchasing a product that you indorse is valuable.
• Rare: No this is not too rare as many companies have a large social media following.
• Inimitable: This is not all to hard to imitate as there is basically an unwritten formula to help grow your social media following that many have seemed to figure out.
• Non-substitutable: This is non-substitutable.
9. Social Capital: Relationships that have been developed through previously conducted interviews.
• Valuable: Yes because it has helped me to expand my network.
• Rare: This is not rare but the people that I have met can prove to be rare.
• Inimitable: This could be imitated by who has access to expanding their network.
• Non-substitutable: These people are not substitutable.
10. Human Capital: The business educational background that I am developing.
• Valuable: Yes the knowledge learned at school is very valuable.
• Rare: Yes and no. A lot of people can get a college degree but there are very few who utilize it to the total extent.
• Inimitable: A lot of people can get a degree such as the one that I am working towards.
• Non-substitutable: Yes most schools have business programs.

Upon the competition of the VRIN analysis of my resources I have been to see all the positive things that I have going for my company. While it is hard to choose just one resource out of the ten, I would have to say that I think the best one has to be the uniqueness of my venture. The lack of competitors in the market is something that I think will strongly help my company to get started quicker and achieve success sooner. This is ultimately what I believe to be my company's unfair advantage.