Sunday, July 17, 2016

My Unfair Advantage

My Resources:

1) Programming Skills

  • V- This gives me the skills to create a website that is innovative and appealing to customers.
  • R- This is not very rare because anyone can learn how to code.
  • I- This can rely on creativity so in some ways it can't be imitated.
  • N- The only substitution would be to pay someone to code for you. 

2) Multiple computers capable of creating websites

  • V- Good computers are expensive so having several in my possession is very valuable.
  • R- This is not very rare because anyone can go to the store and buy a computer.
  • I- Anyone can buy the same computer that I have.
  • N- Tablets and phones aren't as powerful as computers so they aren't substitutable yet.

3) Great knowledge of the Orlando area

  • V- This is incredibly valuable for a website based on the City of Orlando.
  • R- This is only available to someone who has lived in Orlando for an extended amount of time.
  • I- This is not easily copied if you haven't lived in Orlando.
  • N- This is not substitutable for a venture based on tourism in Orlando.

4) 12 years of experience in tourism

  • V- This is extremely valuable for a business based on tourism.
  • R- This is extremely rare for someone to have working experience in travel agencies, several hotels, and the biggest theme park in the world.
  • I- This is not easily copied at all.
  • N- This is not substitutable for a ventured based on tourism in Orlando. 

5) Access to an existing private database of attractions in Orlando.

  • V- This is extremely valuable because I can rely on professional information that is already written. This will save a lot of time in my venture.
  • R- This is pretty rare because not many people can find a connection like this one so easily.
  • I- This could possibly be copied but it would be extremely time-consuming.
  • N- This is not substitutable because info on attractions will make up quite a bit of the website.

6) Connections to several sales departments in attractions across Orlando.

  • V- This is very valuable for the ticket bundles and sales that will be offered on my website. It will allow me to partner directly with the companies for tickets.
  • R- This is rare because not many people can find multiple partnerships so easily.
  • I- This is not very easily copied because it is hard to quickly develop relationships with other companies.
  • N- This is only substitutable by paying full price for tickets, which could possibly hurt my business plan. 

7) No debt and good savings

  • V- This is very valuable because it could lead to faster returns on my venture.
  • R- This is somewhat rare for students in college.
  • I- This is could be easily copied for students who are working through their education or with people who are receiving substantial scholarships.
  • N- This is not substitutable.

8) Knowledge of Photoshop

  • V- This is valuable because banners and pages in websites can actually be created using the Adobe suite. 
  • R- This is not very rare because anyone can learn how to use photoshop.
  • I- This is easily copied because it is easy for people to learn how to use photoshop.
  • N- This is not easily substitutable because there aren't very many alternatives to photoshop that are as powerful.

9) Ability to use Social Media

  • V- This is highly valuable in today's world because social media can be a powerful way to advertise and market.
  • R- This is not very rare. Most people above the age of twelve know how to use social media of some sort.
  • I- This is easily copied because anyone can use social media.
  • N- This is not very substitutable because social media is one of the strongest industries today.

10) Great Credit Score

  • V- This is valuable because starting a venture can be expensive and a good credit score can allow you more access to loans and lines of credit.
  • R- This can be somewhat rare for students in college.
  • I- This can be easily copied because anyone can get a credit card and use it responsibly.
  • N- This is not easily substitutable because many resources can revolve around credit for a new business.
I believe that my top resource is my twelve years of experience in tourism in Orlando. This is simply because my venture revolves around the tourism industry and my experience has allowed me to see all sides of tourism, both as a guest and as an employee. 

4 comments:

  1. Hey Chris, your experiences and financial capital seem to be your best resources. I also found the resource of "access to an existing private database of attractions in Orlando" to be the most interesting. The combination of tourism experience and technical expertise would offer the best return for your venture. I also agree with the social media VRIN analysis. It's obviously really valuable for your venture, but it could probably be outsourced.

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  2. Hi Chris,
    Based on this analysis I think that you have picked a perfect venture for you. Your 12 years of experience in the industry is something that definitely sets you apart and when that is coupled with your knowledge, connections, and access that you have in Orlando you have a winner. I also think that the technological experience that you have helps make the venture profitable in the beginning because you would not have to rely on others to start your business. Great job!

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  3. Chris, I think that all of your resources are very significant. You really have some hard skills that you are able to incorporate into your idea and this is super important. Having these will put you a step ahead of people who just have a cute idea. The tourism experience specifically is impressive, because twelve years is a long time to gain expertise in an area. These resources truly seem helpful and if they are as successful as they seem they will be, you should have a fairly easy time getting your idea going. Good luck!

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  4. Chris,
    Like you my resources consisted of mostly, skills, knowledge or connections. I had few tangible resources like money or hardware. As a young engineer I think the toughest thing for our ventures is getting the funds not the knowledge to start the company. Your social network looks great and your skills will undoubtedly help you succeed. As expenses become more apparent you may have to look to investors. I agree that there is no replacement for 12 years of experience.

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