Assignment 23A – Your Venture’s Unfair Advantage
Your Venture’s Unfair Advantage
1. My customer service experience: I have worked most of my jobs directly working with people and dealing with them when they are mad.
- Valuable: it is really important especially when something goes wrong and you need to diffuse situations
-Rare: its is not rare it is pretty common, some people just are better at it than others
-Inimitable: it take someone having the right social skill to be able to imitate
-Non-substitutable: there are people who go to school for that, so someone can be hired
2. The use of the cellphone: The fact that the service is tailored for use on the phone and being all about being quick
-Valuable: it is something important because people are always using their phones, its capital
-Rare: not that rare at all, its ubiquitous
-Inimitable: it is simple to duplicate and now everyone is making apps
-Non-substitutable: there is something out there like it but it has become a little antiquated
3. The need for health care: unfortunately one of the only things that will never be lacking is sick people, so there is a client base
-Valuable: it is always important to know that their will people needing our services
-Rare: it is rare to have clients because of the healthcare industry but it is normal to know that you will have a client base
-Inimitable: it is hard to imitate health care
-Non-substitutable: is it important to substitute health care because sometimes people really need it
4. Connections with our client base: knowing different clinics and the people that work in there
-Valuable: it is very important for a company to know the people that they work with and making those important connections
-Rare: it is not rare, just has to be achieved
-Inimitable: it is important to be imitated because many companies need to have good relations with clients
-Non-substitutable: this can not be substituted this is something that has to be at the core of a company
5. Word of mouth: The best thing that can happen is word of mouth, also something potentially dangerous but still publicity
-Valuable: having more people know about your business is important and want to talk about good about is important
-Rare: not that rare but rare when it goes wrong
-Inimitable: this is something that many want to achieve
-Non-substitutable: people can get away without others talking about their company to everyone and still having clients
6. Social Capital: Medical background: Having a good foundation in health care is important when you are going to be involved in people's care
-Valuable: it is always good to have previous knowledge on the sphere you are working in
-Rare: it is rare for everyone to have this background but good to have a few
-Inimitable: when someone tries to fake this information it shows to people that know it
-Non-substitutable: you could hire someone that has worked in the medical field but you need it
7. Social capital: engineers: Every company based in technology need people that know how to code and use computers
-Valuable: they are some of the most important people
-Rare: it is a rising route in college education and there are more people doing it
-Inimitable: it is hard to imitate good cooders
-Non-substitutable: there is no substitution for this
8. Social capital: Young people: being young myself, I know some of the target demographic that I would be reaching and how they think
-Valuable: it is good to have an in with the people that you want to connect with
-Rare: not rare but not something know a lot if they are out of touch
-Inimitable: this can be accessed by hiring people that are from that area you are trying to know more about
-Non-substitutable: find the people who know about that crowd and you are good
9. Branding: in these days it is all about social media and knowing how to present yourself to the public
-Valuable: the aesthetic is everything
-Rare: not rare, but you need to do it right
-Inimitable: can be imitated but others will call you out on it
-Non-substitutable: you need this because it is all about how you look to others
10. Personal relationships with the people I work with: It is important to still be the boss but being able to get along with those you work with.
-Valuable: very important to achieve
-Rare: no but sometimes
-Inimitable: yes it can be learned
-Non-substitutable: this is something that can not be substituted
After the VRIN analysis, I think that the most important one is knowing about the health care system and making the connections with the people that are directly in it. That is something that is needed when you are going to be working with people, to have the background knowledge and the skill to make connections that will last.
1. My customer service experience: I have worked most of my jobs directly working with people and dealing with them when they are mad.
- Valuable: it is really important especially when something goes wrong and you need to diffuse situations
-Rare: its is not rare it is pretty common, some people just are better at it than others
-Inimitable: it take someone having the right social skill to be able to imitate
-Non-substitutable: there are people who go to school for that, so someone can be hired
2. The use of the cellphone: The fact that the service is tailored for use on the phone and being all about being quick
-Valuable: it is something important because people are always using their phones, its capital
-Rare: not that rare at all, its ubiquitous
-Inimitable: it is simple to duplicate and now everyone is making apps
-Non-substitutable: there is something out there like it but it has become a little antiquated
3. The need for health care: unfortunately one of the only things that will never be lacking is sick people, so there is a client base
-Valuable: it is always important to know that their will people needing our services
-Rare: it is rare to have clients because of the healthcare industry but it is normal to know that you will have a client base
-Inimitable: it is hard to imitate health care
-Non-substitutable: is it important to substitute health care because sometimes people really need it
4. Connections with our client base: knowing different clinics and the people that work in there
-Valuable: it is very important for a company to know the people that they work with and making those important connections
-Rare: it is not rare, just has to be achieved
-Inimitable: it is important to be imitated because many companies need to have good relations with clients
-Non-substitutable: this can not be substituted this is something that has to be at the core of a company
5. Word of mouth: The best thing that can happen is word of mouth, also something potentially dangerous but still publicity
-Valuable: having more people know about your business is important and want to talk about good about is important
-Rare: not that rare but rare when it goes wrong
-Inimitable: this is something that many want to achieve
-Non-substitutable: people can get away without others talking about their company to everyone and still having clients
6. Social Capital: Medical background: Having a good foundation in health care is important when you are going to be involved in people's care
-Valuable: it is always good to have previous knowledge on the sphere you are working in
-Rare: it is rare for everyone to have this background but good to have a few
-Inimitable: when someone tries to fake this information it shows to people that know it
-Non-substitutable: you could hire someone that has worked in the medical field but you need it
7. Social capital: engineers: Every company based in technology need people that know how to code and use computers
-Valuable: they are some of the most important people
-Rare: it is a rising route in college education and there are more people doing it
-Inimitable: it is hard to imitate good cooders
-Non-substitutable: there is no substitution for this
8. Social capital: Young people: being young myself, I know some of the target demographic that I would be reaching and how they think
-Valuable: it is good to have an in with the people that you want to connect with
-Rare: not rare but not something know a lot if they are out of touch
-Inimitable: this can be accessed by hiring people that are from that area you are trying to know more about
-Non-substitutable: find the people who know about that crowd and you are good
9. Branding: in these days it is all about social media and knowing how to present yourself to the public
-Valuable: the aesthetic is everything
-Rare: not rare, but you need to do it right
-Inimitable: can be imitated but others will call you out on it
-Non-substitutable: you need this because it is all about how you look to others
10. Personal relationships with the people I work with: It is important to still be the boss but being able to get along with those you work with.
-Valuable: very important to achieve
-Rare: no but sometimes
-Inimitable: yes it can be learned
-Non-substitutable: this is something that can not be substituted
After the VRIN analysis, I think that the most important one is knowing about the health care system and making the connections with the people that are directly in it. That is something that is needed when you are going to be working with people, to have the background knowledge and the skill to make connections that will last.
Hi Stephany, I think having connections with a client base can benefit any company. Since these companies have the client base, it means they understand the importance of keeping their customers happy. In other words, they know how to build customer loyalty. Which I believe is something that is essential when building a business. Without this, I don’t think business could survive hardships.
ReplyDeleteHey Stephany,
ReplyDeleteYou clearly went into every VRIN and described them. I think you have a clear list of advantages. I think it's interesting that you added something about 'Word of Mouth'. Mostly because it isn't something I would have thought of but I can see how it could be an advantage. Good work!
Hi Stephany,
ReplyDeleteI think that your VRIN for branding was one I did not think of but one that is very important. With social media playing such a big role in the success of a company in the recent years, knowing your brand and being able to prortay that across a variety of platforms like Facebook and Instagram, is a huge part in the growth of a business, especially a start-up company.
Hi Stephany,
ReplyDeleteI think that it is a great thing that you have a medical background. It gives you a great advantage over others because you have a better understanding of how the healthcare system works. Also, I feel like another advantage that you would have would be social media. Social media is a crucial aspect of how people operate on a daily basis now. This will be very important for your business because then you can promote your app much easier.