Assignment 23A

Your venture’s unfair advantage

My business is one that goes to high schools and middle schools and collaborates with teachers and students in order to formulate study plans and learning strategies for specific classes.

1. My first resource could be considered apart of my social capital. I know a tutor in my area that has an extensive list of clients that are in my target market. 

Valuable: I consider this source valuable, as I could potentially reach out to this individual in order to find students and parents that are willing to pay a premium for a good education. 

Rare: This resource is very rare because that aren’t that many tutors in my area that have a large client list, as I live in a very small town.

Inimitable: I do not think this resource is very inimitable. There are other ways I could potentially find clients.

Non-substitutable: I think this resource is substitutable, as I could find other ways to find people that are willing to pay for my service

2. Another resource that I have is that I have recently been through high school, so I understand high school students and their problems.

Valuable: I do consider this resource valuable because having empathy for your target market is imperative in order to solve their problems

Rare: I do consider this source somewhat rare because I don’t believe there are many people in this business that have recently graduated high school.

Inimitable: This resource is very inimitable, as you can’t re-experience high school.

Non-substitutable: There are other ways to have empathy with my target market and their problems other than containing this resource, so this resource is substitutable.

3. A third resource I have is that I know students at many of the high schools and middle schools in my area.

Valuable: I don’t believe this resource is extremely valuable, as it is not difficult to acquire.

Rare: I don’t believe this resource is very rare, as most people in my town know individuals at many schools in the area.

Inimitable: I do believe this resource is quite inimitable because it is hard to befriend high schoolers and middle schoolers if you aren’t their age.

Non-substitutable: I do believe this resource is non-substitutable because there aren’t any other ways for me to understand my target market other than knowing them.

4. A fourth resource I have is that I understand topics from middle school and high school very well, especially math.

Valuable: I would consider this resource valuable, as most people have forgotten most of the stuff they learned in high school and middle school because it was so long ago. 

Rare: I would consider this resource rare because not many people fully understand and remember school material from high school classes, but I recently graduated high school so it is much easier for me.

Inimitable: This resource is imitable because anyone could go back and learn stuff from high school that they forgot.

Non-substitutable: This resource is non-substitutable because I must know the material that I am creating study plans for. There is no way around it.

5. My fifth resource is that I have the ability to focus on one thing in my life and not stop working at it until I am satisfied.

Valuable: This resource is necessary for any business venture. As I have learned from this class, perseverance is imperative for entrepreneurship 

Rare: I do believe this resource is very rare in our society. To me, it seems that most people are easily stopped in the face of hardships.

Inimitable: I do believe that this resource is inimitable. There is no way to fake perseverance. It comes from your motivation for doing something, and I don’t believe that you can imitate it.

Non-substitutable: This resource is non-substitutable. There is no other way to be so dedicated in your pursuits.

6. My sixth resource is that I love to help other people solve their problems

Valuable: I believe this is my most valuable resource. It is not something that you can buy or find. Caring for other people is the most important capability that I have.

Rare: I do believe that this resource is very rare. I feel that many people that start a business do so for the financial benefits, without realizing what is more important.

Inimitable: This resource is my most inimitable. There is no way to imitate this resource, either you have it or you don’t.

Non-substitutable: There is no substitute for this resource. If you don’t love to solve other people’s problems, you will not have a passion or drive to do so.

7. My seventh resource is that I have a large family, so finding contacts to schools and understanding parents and students will be very easy for me to access.

Valuable: I don’t believe this resource is very valuable, because there are other ways to understand parents and their kids’ educational struggles.

Rare: I don’t believe this resource is very rare because many people have large families with cousins that are in high school and middle school.

Inimitable: I do believe that this resource is inimitable. There is no way to force yourself to have more have family members.

Non-substitutable: This resource is non-substitutable. Others can go out and meet parents and students, but there will not be a bond of trust and care. I know many family member that could be considered apart of my target market, so they will be willing to talk honestly about their kids’ learning difficulties.

8. My eight resource is that I would have financial support from my family and friends, and would be willing to allocate much of my savings to it if I decided to pursue this venture.

Valuable: I do consider this resource valuable, because by definition, money will provide value to my business.

Rare: I do not consider this rare, as most entrepreneurs are willing to reach out to family and spend their own money on their entrepreneurial ventures.

Inimitable: This resource is inimitable. There is no other way to finance a business other than through money.

Non-substitutable: This resource is non-substitutable because there is no way to finance a business other than with money.

9. My ninth resource is that I have a fundamental understanding of how people learn and the best ways to study for different types of classes.

Valuable: I do consider this resource very valuable, as it will allow me to solve my customer’s problems.

Rare: I do consider this resource rare. From my experience, most people don’t understand how to study effectively. 

Inimitable: This resource is not inimitable. Anyone can educate themselves about this subject If they wanted to.

Non-substitutable: This resource is non-substitutable. There is no other way to operate my business without this resource. It is what will allow me to solve students’ studying struggles.

10. My tenth resource is that by the time I could pursue this venture, I will have a degree in business. (And at the moment, I have taken many business-related courses)

Valuable: I do consider this resource valuable, as I will be running a business myself. Understanding the complexities of how businesses run will allow me to refine my own business. 

Rare: I do not consider this resource rare. Many people that pursue entrepreneurship have degrees in business.

Inimitable: I do not consider this resource inimitable. There are other ways to learn about business other than having a degree in business.

Non-substitutable: This resource is substitutable. There are other ways that I could learn about businesses other than having a degree.

Best Overall?

I truly believe that my best resource is my drive to help other people solve their problems. I believe that this resource satisfies all of the requirements of VRIN, with its most important aspect being that it is inimitable. There are no ways to acquire this resource. You either want to help others, or you are only trying to help yourself. I believe that this resource will allow me to succeed if I were to pursue this entrepreneurial venture.