Generate a list of all of the resources in your venture (produce
a list of at least 10 resources that you already possess). This can include
your human capital, social capital, financial capital, and capabilities. You
may also discuss the organizational culture you intend to create (but,
obviously, it's not a resource that you have, now.)
- Human capital (myself)
- Social Capital (my business partner in application development)
- Social Capital (my business partner in database development)
- Social Capital (my business partner in marketing and sales)
- Financial Capital ($100k to invest)
- Financial Capital (software and front end hardware acquired)
- Capabilities (15 years of experience in data management)
- Capabilities (10 years of experience in project management)
- Capabilities (merging the application with a “Why Drive” health and personal development book).
- Social Capital / Organizational Culture (my business partners and I have already worked together for multiple years and have a strong social and professional bond).
Conduct a "VRIN" analysis for each resource. That is,
describe, for each resource, how it is valuable, rare, inimitable (how hard it
is to copy by others), and non-substitutable (are there other resources that
can provide the same benefits?).
- How am I valuable; I go back to my original post; “Who am Ken…” I have collected an exceptional professional record over the last 15 plus years in business controls and analytics; however, I am most known for my incredible tenacity at completing projects in the green by organizing them in a very specific and deliberate way that we will mirror in this application.
- Social Capital (my business partner in application development); with a Masters in Computer Science and more than 10 years in application and data management, this partner is my right hand in venture and is in the top 5% of people I have ever met in this category. He will be my Chief Operating Officer. He knows and has 5 years of experience in smashing my head against the table until my thoughts fall out onto paper.
- Social Capital (my business partner in database development); with a Masters in Business (specializing in Information Systems) and more than 15 years of experience this is the most indispensable member of our team in that he will be the designer and creator of the back end structure that will drive the iDrive platform for end users. He is like my Batman; he lives in the shadows and kicks the butt of any problem I throw at him… and there is only one of him (Top 1%). He will be my Chief Information Officer
- Social Capital (my business partner in marketing and sales); I’ve never met a man more focused on framing issues. Moreover, though he knows how to focus me in the best ways and is my Chief of Marketing and Communications. And may I steal the words of Bruce McGill in Cinderella Man and say “they ought to put [his] mouth in a circus!”
- Financial Capital ($100k to invest) – it is rare to me; considering that if I lose it then it is a personal investment gone.
- Financial Capital (software and front end hardware acquired) – this is more replaceable as it is software that will grow over time (open source) and hardware that will be required to be replaced over time. That said it is a resource and I already have it :)
- Capabilities (15 years of experience in data management); this is valuable and (I would say) irreplaceable to me; however, it is not exceptionally rare. That said it IS rare that this length of experience leads to these types of ideas.
- Capabilities (10 years of experience in project management); this is valuable and (I would say) irreplaceable to me; however, it is not exceptionally rare. That said it IS rare that this length of experience leads to these types of ideas.
- Capabilities (merging the application with a “Why Drive” health and personal development book). This is one that I think is also extremely valuable as it robs from the business model of Disney and merges the application as a ‘self help tool’ that will pair with a growing book market of ‘self motivation’ and ‘success’ books that are on the market today. If we could combine with motivational speakers it would be a good 1 -2 -3 punch to market and sell off of each product.
- Social Capital / Organizational Culture (my business partners and I have already worked together for multiple years and have a strong social and professional bond). This is priceless to me. While I am closer to Zuckerberg (from a business vs. personal perspective) I do believe that having a strong working culture and people willing to brave into fire with you willingly is of utmost importance. Sometimes great success can only come from trust.
After conducting the VRIN analysis, determine what your top
resource is. Explain why it's more important to your venture than all of the
other resources.
I
think it is a strong tie between my business partner (Chief Operating Officer)
and my (our) capabilities in project management and data management. It sounds oddly egotistical but we have an experience
that is unparalleled in the development of not only this concept but the
software framework behind it. While it
would be difficult to replace the $100k or my CIO; these two things are
absolutely irreplaceable to me. If
either were lost (my memory or my business partner) then the odds of success
drop exponentially.
Hey Kenneth,
ReplyDeleteFirst of all I think you did this assignment really well and I like the fact that you first listed all of your resources and then explained them. By listing them you can quickly tell that you have a comparative advantage towards your competitors. Your strong connection to your partner and your prior background in your industry will definitely lead to a successful business concept. Here is a link to my blog: http://kevinleddysblog.blogspot.com/2016/03/my-unfair-advantage.html
Wow, great job! It is very refreshing to see your experience to the advantage that it serves your industry. Prior to this post I was under the impression that this was just an idea....however, my mind is definitely changed now. I really do believe in your product and credibility. Best of luck on all of your endeavors. Below is the link to my page.
ReplyDeletehttps://plus.google.com/111312364255886133302/posts
Hey there Kenneth! Great job in your post!
ReplyDeleteThe amount of experience you have in the business world is going to be your biggest asset in your path as an entrepreneur. There are a few things that no college class could ever teach you, and they happen to be the most important ones from my viewpoint. You also have the huge advantage of having a business partners who you can truly trust and rely on, which probably helps share the workload. I really liked reading your post, and, if you are ever bored take a look at mine! http://gcwindow.blogspot.com/2016/03/my-unfair-advantage.html
Take care.