10 Resources that I already posses
- Network
- V:
- A strong network will always benefit an entrepreneur in his/her venture, my strong network will allow me to reach out to others who posses skills that I don't have and can help me with my venture
- R:
- Rare because not every individual has a strong network. Networks take a long time and a lot of effort to develop
- I
- Every individual will have a different network
- N
- A strong network is non-replacable
- Human Capital
- V
- For my feedback idea, I would need human capital to compensate for the skills that I lack, including test knowledge and programming skills
- R
- Every individual has a certain set of skills, and no one is an expert at everything
- I
- Same as above: people have different skills that contribute to a team
- N
- Replaceable if I could learn all the skills myself, but it would require a lot of time and effort
- Leadership
- V
- The success of any company or group falls upon the strength of the leadership. I strongly believe that I hold the experience and knowledge to be a good leader for this type of venture
- R
- It takes a certain personality and level of experience to become a leader
- I
- Same as above
- N
- I could hire a manager for my company, but he/she would have to share the same vision as I do, and I would have to train him/her which would take time and effort
- Work Experience
- V
- Work experience is important to develop a good work ethic. Entrepreneurs often have to work around the clock. Work experience is also important because it develops empathy for the entrepreneur's employees
- R
- Work experience is not as rare as the other skills
- I
- Not important
- N
- Mostly everyone that I work with will have previous work experience
- Access to Consumers
- V
- I have direct access to my main consumer base of college students since I'm still an undergrad student at the University of Florida
- R
- Only a certain percentage of the US population are in college right now
- I
- I will naturally relate better to the needs of College students
- N
- Most of all workers will be college aged students
- Corporate Culture
- V
- A corporate culture is, in my opinion, the most important aspect of any company. Corporate culture unites all workers under leadership working towards one goal and vision
- R
- Its extremely rare for a company to have a good corporate culture where every employee feels their impact and contribution
- I
- A good corporate culture is irreplaceable and changes over time with leadership
- N
- Good corporate culture cannot be bought, it has to be taught and practiced
- Large market
- V
- Since my product is targeted towards college students, my market is large and growing. More families are sending their kids to college than ever before, meaning that more students will be looking to use my services
- R
- I'm fortunate that my market is large, as other companies target cannot capture that big of a market
- I
- Same as Above
- N
- Market is not something that any individual or company can influence
- Communication Skills
- V
- Important in order to network out to schools, professionals, and workers
- R
- Communication skills are rare these days, and it takes a certain personality and experience to have developed communication skills
- I
- same as above
- N
- Communication skills are the most important for the leadership roles
- Ability to recognize opportunity
- V
- Important in order to take advantage of situations and take the company further than originally planned.
- R
- Rare skill not found in many individuals, but found in almost all entrepreneurs
- I
- Same as above
- N
- Required for all leadership roles, not as important for low level workers but would be an added bonus
- Able to acquire financial backing
- V
- Project cannot get launched unless there is initial financial capital available
- R
- Not as rare
- I
- Can be found from many sources
- N
- Not rare but needed
Out of all of the resources that I have listed above, I believe that #6 is the most important. All of the others are either replaceable or can be taught, but corporate culture comes from me as a leader, and takes a lot of time to develop. I have to be able to start the company off on the right foot, and unite all my workers under one vision from the start.
Raymond,
ReplyDeleteThis post took some time for me as I did not realize it would be so difficult to think of 10 vital resources to my service. I chose to focus on more abstract resources, unlike your choices. You gave very unbiased explanations to your VRIN evaluations. I enjoyed reading your list, it made me think how some of them related to my business venture as well.
I found it really hard to find a resource that were rare. I agree with you that a corporate culture would be a lot harder to replicate or replace. A person can try but they will never be exactly the same. I found that this assignment took a lot of thought. It was not as easy as it sounded like.
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