Resources & VRIN:
1. Networking relationship with domain experts in the industry
- Valuable because it ensures that each project is done with quality
- Rare because it often takes ventures years to find networks like such
- Inimitable because each relationship is unique
- Non-substitutable because the opinions of experts in the industry are critical to making each project the best it can possibly be
2. Networking relationship with experts in the market
- Valuable because it helps us to understand the wants of our clients better
- Rare because it is a third-party concern that we are also concerned with
- Inimitable because each relationship is unique
- Non-substitutable because the market impacts how we will conduct our business according to market and financial risk
3. Networking relationship with important suppliers
- Valuable because we can access the highest quality supplies
- Rare- Not sure
- Inimitable many business will stay with which supplier is the cheapest over which serves the best quality
- Non-substitutable would be similar to why my venture is valuable in this case
4. Student of the University of Florida (the client)
- Valuable because I already have connections with the client in some way prior to the project (mutual interest)
- Rare because it is a very strong mutual interest
- Inimitable because not every construction company can say that their owner graduated from UF
- Non-substitutable- Not sure
5. Bachelors Degree in Business Administration
- Valuable because I already have an idea of how a business should be run to make it was effective and efficient as possible
- Rare because not every business owner studied business
- Inimitable- Not sure
- Non-substitutable- Not sure
6. Little to no maintenance of projects for the customer after completion
- Valuable because it can entice clients to complete such projects due to how easy they are to maintain and how much revenue they bring in
- Rare because most products/services require some type of maintenance or upkeep
- Inimitable for the same reason it is rare
- Non-substitutable because no other product can offer the same type of efficient use of space a parking garage does
7. Expert management at every level of the project
- Valuable due to the fact that it can ensure every step of the project is going well when management shifts from one level to another
- Rare because not every venture has strong management at every level; most have one management team that oversees the entire project
- Inimitable- Not sure
- Non-substitutable- Not sure
8. Background in marketing to help increase awareness of venture
- Valuable because it can help the business grow and seek out a certain target client group
- Rare because not all business owners understand marketing or what type of marketing is most useful to the business
- Inimitable because most other ventures would need to pay someone to do their marketing
- Non-substitutable for the same reason it is inimitable
9. Management ensures the client is involved and notified of every step in the project
- Valuable because clients like to be involved and know what is happening during their projects
- Rare- Not sure
- Inimitable- Not sure
- Non-substitutable because not every business cares to keep their clients so involved and make them a part of the whole process
10. Capable of taking on many different types of projects in construction
- Valuable because the venture is diverse
- Rare because some business might only specialize in one type of construction, whereas we are flexible and creative
- Inimitable because it requires creativity from the point of the business
- Non-substitutable- Not sure
After conducting my VRIN analysis, I have concluded that my most valuable resource is my Bachelor's in Business Administration (#5). It is more important to my venture than my other top resource because it gives the business AS A WHOLE a huge advantage/ Other of my resources only gave segments of my venture an advantage. My degree, however, shows overall knowledge in running a business.
Hi Nicole, I think you did a really great job conducting your VRIN analysis. I also think that your Bachelor's in Business Administration is a very strong resource that you have. However, I think that with your venture networking with important suppliers is also very important because finding quality materials at a decent price would give the university more of a reason to consider adding more parking. Here is a link to my post: http://entbyjts.blogspot.com/2016/03/my-unfair-advantage.html
ReplyDeleteHi Nicole! I like the simplicity in how you deciphered your VRIN analysis. I do agree in that it takes ventures years in order to find interconnections in specific markets such as yours. I cannot wait to be on the same boat as you and obtain my Bachelors Degree in Business Administration. My father currently works as Electrician on construction sites and from my understanding, there is always something that has to be built. Great job on this assignment. Here is a link to my post. http://clarissaidos.blogspot.com/2016/03/my-unfair-advantage.html
ReplyDeleteHi Nicole,
ReplyDeleteI enjoyed reading your blog post. I think having your bachelor's degree is extremely important but I think your networking advantages are more important. Sometimes, it is more about who you know instead of how qualified you are. Overall, I think all of your advantages are really good. Unfortunately, I did not do this assignment but here is a link to my blog post
http://eastonmcginty.blogspot.com