5+ years of graphic design experience
- Value- My 5+ years of graphic design experience will allow me to make social media, advertisements, and a website for very cheap to help with exposure
- Rarity- It's not rare to know the basics of graphic design, but it is more rare to find the experience that I have and to be able to get that experience for free
- Inimitability- This can be imitated if someone were to put in the work
- Non-substitutability- There are no other resources that can provide the same benefits at this price point
- Value- Starting up an app is relatively cheap and requires mostly time
- Rarity- Not rare. Startups often have the funds required to get up and running
- Inimitability- Someone can easily get funds to start up their own app
- Non-substitutability- There isn't really a substitute for money
Outgoing personality
- Value- This will help me when building connections with stores to get their prices for the app
- Rarity- Obviously anyone can have an outgoing personality, but I have a drive like no other
- Inimitability- I guess someone could copy my personality?
- Non-substitutability- There is no substitute for a bomb personality
Knowledge of the retail space
- Value- I have worked in retail and the food service industry for years so I have knowledge about how all the pricing and ordering works behind the scenes
- Rarity- Lots of people work in retail, so not too rare
- Inimitability- This experience can easily be found
- Non-substitutability- I wouldn't want to substitute this experience because I feel it is really valuable
Open schedule
- Value- The biggest thing with building an app is that it takes a lot of time. Luckily I have spare time when I'm not in class to dedicate to building an app
- Rarity- This is actually more rare than you might think. A lot of people just don't have time.
- Inimitability- People could make time, but probably won't
- Non-substitutability- How would you substitute time?
Contacts with local supermarkets
- Value- These contacts allow me to get the prices of items for the app as early as possible so I always stay updated
- Rarity- Pretty rare, not many people would have these contacts
- Inimitability- People can pursue these contacts, but I doubt they will
- Non-substitutability- You can't substitute relationships
Contacts with local farmers
- VRIN- Same as above for everything
Friends who are in the tech field
- Value- My friends in the tech space have extensive knowledge of app design and UI so they would be really beneficial when developing the app
- RIN- Same as above
Determination
- Value- I don't give up easily and will work hard everyday
- Rarity- People have determination, but not many have it like me
- Inimitability- There's no copying my drive and ambition
- Non-substitutability- Why would I substitute this?
Knowledge of app UI design
- Value- I kinda ran out of resources so this is just kinda a rehash, but yeah I can design apps so that's helpful when designing an app
- Rarity- Anyone can learn it
- Inimitability- See above ^
- Non-substitutability- Again, why would I substitute this?
My top resource is probably my already established contacts within local supermarkets. This contact will allow me to get accurate prices as soon as they change so my customers always stay up to date.
Hey Peyton,
ReplyDeleteI like the way you formatted this assignment, your VRIO specifics are good quality as well. I agree with you that time and starting capitals are two very important factors in pursuing any start-up idea. With time, you have the ability to put in real work and effort without having to worry about other commitments. Obviously, money is needed to allow for the creation of the app, and the initial advertising to get the app out there so people know about it.
Hey Peyton,
ReplyDeleteYou sure have a lot of great qualities that will be an asset to you when perusing this business venture.You are definitely right, your established contacts with local supermarkets are going to be invaluable resources that can make your venture a success. Even more, all of you advantages that you listed are important to making a business like your succeed. That valuable information and resource is what can make your app stand out over any other.
Hello Peyton,
ReplyDeleteI think you did a really great job analyzing what your strong resources are that can allow you to capitalize on all the benefits of your app. I think your experience and contacts within the technology world will help you tremendously in this business venture. I think it is is so great that you are so connected with farmers and local supermarkets. Being able to network will take your very far in any business.
Hi Peyton,
ReplyDeleteWow, you seem to have a lot going for you. I am impressed with how well you distinguished and analyzed your strengths. I agree with your established contacts being your top resource. I think it is super great that you have such awesome resources and I am glad to see you using them to your advantage.