23A – Your Venture’s Unfair Advantage

For the VRIN analysis of these resources, I gave them a rating of 1-10 at the end of each description to help me identify the top resource.

Resources

1. Intelligence (High GPA)
1. Value: It is quite valuable for a business to have an intelligent employee with the grades to back it up. (8)
2. Rarity: It is not very rare out of the many students in the world to have a high GPA. (3)
3. Inimitable: Considering it is a resource that can be learning and improved upon, it is quite inimitable, giving it a low rating. (4)
4. Non-Substitute: There are many resources that can produce intelligence: tutors, study sites, TA's. (3)

Total: 18

1. Sociable
1. Value: Not very valuable (2)
2. Rarity: Not very rare (2)
3. Inimitable: Can easily be imitated (1)
4. Non-Substitute: Not many resources can teach people how to be social, however. (4)

Total: 9

1. Important Contacts (Possible future employer and Production manager)
1. Value: Very valuable when starting a future business. (9)
2. Rarity: Rare, not all experts are the same, can provide unique insight (8)
3. Inimitable: Cannot be imitated unless you have the same contacts (8)
4. Non-Substitute: Cannot be substituted with another resource (10)

Total: 35

1. Want to change tipping culture in America
1. Value: Not extremely value, only an idea (5)
2. Rarity: Quite rare, not many people I have seen, at least, want to change this (6)
3. Inimitable: Can be imitated, just need the passion for it and knowledge to start the business (3)
4. Non-Substitute: Not very applicable, but growing up in the country can lead someone to have this mindset (4)

Total: 18

1. Access to Scholarship Funds to use for Startup
1. Value: Pretty valuable to have finances set aside for future endeavors (7)
2. Rarity: Not very rare (4)
3. Inimitable: Quite inimitable, relates back to intelligence resource (4)
4. Non-Substitute: Intelligence and sociable resources can be used to gain this resource (3)

Total: 18

1. Empathetic
1. Value: Valuable when working with people or trying to change organizational culture (8)
2. Rarity: Not very rare (4)
3. Inimitable: Can be imitated (4)
4. Non-Substitute: Some resources can be used to reproduce, but can be easily learned (4)

Total: 20

1. Summer Marketing Internship
1. Value: Very valuable for my specific business knowledge (9)
2. Rarity: Pretty rare, but many college students do internships (5)
3. Inimitable: Not very easily inimitable, unless someone is doing a very similar internship in the same field of expertise (7)
4. Non-Substitute: Can be gained with resources involving social capital, but difficult to obtain (7)

Total: 28

1. Attending one of the best Business Colleges (in country)
1. Value: Very valuable, it used to one's advantage (7)
2. Rarity: Not very rare (50,000+ students) (5)
3. Inimitable: Can be inimitable by many other students if accepted (5)
4. Non-Substitute: Can be obtained with some other resources such as intelligence, social capital, etc. (4)

Total: 21

1. Parent owns on personal business
1. Value: This can be very valuable in gaining knowledge about a field of expertise and not necessarily having to work for that knowledge (9)
2. Rarity: Not extremely rare (5)
3. Inimitable: Cannot necessarily be copied unless someone has a parent who owns their own business (5)
4. Non-Substitute: Since this is an effect of an outside person on you, then it is out of your control and cant be changed using your own resources (1)

Total: 20

1. Training in Accounting Work
1. Value: Very valuable in regards to field of accounting (8)
2. Rarity: Not very rare, there are many accountants (4)
3. Inimitable: Can be inimitable and copied easily (4)
4. Non-Substitute: Using human and social capital, this training can be received by anyone with a strong desire (3)

Total: 19

Top Resource

Looking at my VRIN Analysis, I have observed that my most valuable resources regard social capital and the contacts that I have acquired throughout my life and through this course. I believe that this is important in any aspect of life when it comes to wanting to start your own business, because not everything can be done on your own and it is extremely important to have insight and even help along the way.