23) Your Venture’s Unfair Advantage

Valuable, Rare, Inimitable, and Non-Substitutable (VRIN Analysis)

1.     Networking ability: I can network with people to get financial investments

·      V: Expanding your network can help you reach a new audience of people to invest in your ideas and businesses

·      R: Sort of, everyone does not have the ability to network, but if people try then they can.

·      I: It is difficult to imitate someone else’s network, but they could gain a network of their own.

·      N: Substituting a network of professionals and individuals would be very hard

2.     Computer programming experience: Develop an app so people know what gas stations have my sanitizer

• V: Yes, having the ability to code is valuable in today’s technology-driven society
• R: Knowing how to code is not as rare as it used to be, but many people still do not know how to code.
• I: No, many people can learn how to code if they take the time too
• N: You could substitute the app for a website, but most people use mobile apps. So it would not be worth it

3.     Professional Internship/Work Experience

• V: Having this experience is valuable as you get to understand how businesses function and basic principles.
• R: I would say it is rare because not every college student has professional internship experience
• I: Experience is something you cannot imitate as it is years of hard work
• N: Fortune 500 company internships are very competitive and the experience you gain is great.

4.     Well-Educated: UF is the #8 Top Public School in the Country

• V: Education is very valuable in the workforce. And having knowledge can take you a long way
• R: Yes, many schools do not have a reputation as a top school in the country
• I: A good quality education is hard to replicate. It takes time to build a quality institution that facilitates a good education
• N: This quality education can only be taught at other quality schools which are few and far between

5.     Marketing Experience: I have marketing experience from organizations and leadership roles

• V: Knowing how to market your product increases awareness and sales
• R: Many people can market nowadays using social media
• I: Yes, every company markets their product, but knowing how to reach the right audience is the hard part
• N: There is no substitute for marketing as it is such an integral part of the business

6.     Photoshop and video certifications: I know how to make graphics and videos

• V: This skill is very valuable because a good video or flyer can help promote interest in your business
• R: While everyone has access to the software. Not too many college students know how to make professional graphics, flyers, and videos.
• I: Imitating a good flyer is hard to do
• N: I cannot imagine what you would substitute professional videos and graphics with

7.     Passion for supporting community

• V: This is valuable because having a brand that supports the community with programs and events build trust with consumers
• R: No, many companies have community outreach events and programs
• I: It is easy to imitate programs to support the community
• N: No, community support is important and you cannot substitute it with anything else

8.     Starting Financial Capital: $10k

• V: Have financial capital helps businesses make decisions and go buy things that the company needs
• R: Yes, lots of companies have to take out loans to get their business started. I already have the financial capital to get started
• I: You cannot imitate how much financial capital another company has
• N: No, having cash flow in a business is not something you can replace

9.     Creative Risk-Taking Mindset: most companies want something stable and are afraid of taking risks

• V: This is extremely valuable. Companies like Apple, Amazon, and many others have success because they have creative risk-taking leaders in their organization
• R: Yes, many companies want stability and are afraid of taking risks
• I: An attitude like this is hard to imitate because many are afraid of taking business risks
• N: You cannot substitute this attitude with another drive. Being creative is important to sustain a long-term business

10.  Leadership experience

• V: Leadership experience is valuable because it helps you gain the respect of your coworkers and will allow you to lead an organization that has good values
• R: No, many companies have good leaders, but finding good leaders for your business is hard
• I: It is hard to imitate people who can communicate, be passionate about the business, and lead others effectively
• N: Substituting good leaders is not wise and very hard to do.

Top Resource: My top resource is #9, being a creative risk-taker in a business will add tremendous value to your business. You should not be afraid of trying something new in a business. For example, Steve Jobs helped Apple become what it is by taking risks with his ideas. If he didn’t then Apple would not have made the iPad or more importantly the iPhone. His ideas alone helped create an entire industry and Apple have made billions from it. Overall, being a creative person who isn’t afraid of taking risks can help sustain your business for the long-term.