Assignment 23A - Your Venture's Unfair Advantage

Resources

1.  Since I fall into the customer base I have extensive knowledge of the customer base
2.  Knowledge of how to use social media as a form of marketing
3.  I have networks that can help me promote the product 
4.  I have connections in stores around Gainesville that I could potentially sell the product in
5. I can easily acquire $10,000 to start this business 
6. I have knowledge of how a business works 
7.  I know great entrepreneurs around Gainesville that can help me learn about marketing to college students
8.  I would be able to design the product and pick what colors and styles would work best
9.  My business would not need a lot of employees because I would make the bracelets and sell them online and to stores in college towns. I would not have a store to sell just my product
10.  My open schedule 

VRIN Analysis 

1.  This resource is valuable and non- substitutable. It is not rare or inimitable because there are other college students that have the knowledge that I have.
2.  This resource is valuable but not rare, inimitable or non substitutable. Social media is a great form of free marketing but others can easily do it and you can use other forms of marketing instead of it. 
3.  This is valuable, inimitable, and non-substitutable but not rare. I have a very unique network that can help me with this business idea. It would be hard for someone to copy it and you cannot substitute real connections. The only reason I say it isn't rare is because each person has their own network. Mine just is unique to me and has knowledge of business and the customer base. 
4.  This resource is valuable but not rare, inimitable or non substitutable. This resource is extremely valuable but others can easily form these connections as well. This resource is not just for me and can easily be substituted with online sales. 
5.  This resource is valuable and non-substitutable but not rare or inimitable. Money is very valuable and can't be substituted but others have money and money can be acquired by others as well. 
6.  This resource is valuable but not rare, inimitable or non substitutable. This is of course valuable, but anyone can learn about business. The only advantage I have is that my family owns and runs their own business so I have grown up learning how business works and can ask family for advise.
7.  This resource is valuable and non substitutable but not rare of inimitable. The reason I know a lot of entrepreneurs is because they have come and spoken at many of my club meetings. Therefore it is not rare or inimitable.  
8.  I believe this resource is neither valuable, rare, inimitable, or non substitutable. Anyone can do this part of the business. The only advantage I have goes back to knowing the customer base and being apart of it myself. 
9.  This resource is valuable but not rare, inimitable or non substitutable. By not needing a lot of employees I will be able to do a lot of the work myself and not need to spend money to hire someone to help me. But most entrepreneurs have to do this so it is not rare or inimitable and can be substituted with volunteer interns.
10.  This resource is valuable and non substitutable but not rare or inimitable. Right now I have very few requirements that demand a lot of my time. This allows me to dedicated more time and effort to the creation of the business. But, having time is not rare or inimitable. Someone could easily quit school or their job and have lots of time to start a business. 

Top Resource
I believe my top resource is my network. My connections throughout Gainesville as well as the business community as a whole will give me a leg up and is unique to me alone. No one else has my exact network and would not be able to form the same relationship with the people I do have in my network. This is what will set me apart from others and allow me to have a step up against competitors.