- Social media background: It is valuable to have this background, as it means I understand things that relate to the struggles and desires of my target market. It is rare to have extensive knowledge in social media, while intermediate is expected. It isn't totally inimitable, but certainly is difficult to reach. I don't believe other resources can provide this benefit.
- Age: Living on a college campus means I have the valuable ability to locate target markets. It is not rare, as many people go to college. It is not inimitable nor non-substitutable.
- Public Speaking class: It is valuable to have this, not completely rare, potentially imitable, and substitutable.
- Connection to lawyers: It it valuable to have lawyers willing to help out on projects, rare to find those with vested interest, inimitable and non-substitutable. Legal advice is needed for app development.
- Financial capital (personal investment): It is valuable to have starting capital, not necessarily rare, not inimitable, but non-substitutable.
- Business background: It is valuable as I am learning management techniques, entrepreneurship, etc. It isn't rare, nor inimitable, but I would say non-substitutable.
- Graphic designer: It is valuable to have a graphic designer, not rare or inimitable, but non-substitutable.
- Adobe Premiere Certification: It is valuable to have this for making videos for investors and social media. It is a bit rare, not inimitable, and substitutable.
- Determined: It is valuable, rare, imitable and non-substitutable to have this quality.
- Connection to app investors: It is highly valuable to have investment connections, as investment can be key to the success of the company. It isn't necessarily rare, but hard to attain. Many people can imitate this and other resources may provide similar benefits.
After conducting the VRIN, I have determined my top resource to be my social media background. This is more important than my other resources because it makes me able to understand my target market. It also helps me with the marketing aspect of my business and with getting the word out about my app across the globe.
I agree with how your top resource is your social media background as that is a very valuable experience when considering your venture. The connection to lawyers is also a very good one as for a business I’m trying to start on my own it’s hard to figure out legal stuff especially when you don’t want to pay for a lawyer.
ReplyDeleteI also agree with your top resource. You can have the most impactful and amazing idea in the market but if you don't properly advertise or aren't able to connect with the public, your product will not be given the chance to be successful .
ReplyDeleteI think acknowledging your knowledge of social media is a great factor to your advantages. Social media is a key part in today's business world and knowing the ins and outs will really boost your market. I thought your connection to app investors was a key yet interesting point to make. It never occurred to me that this could be an advantage, however, it clearly is. I would say though, your ability to public speak is just as applicable because of things such as an elevator pitch and explaining your business in an educated way. Great work!
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