23A – Your Venture’s Unfair Advantage

Resources in my venture

1.  Product is durable
1. VRIN Analysis
   • Valuable 
   • this is valuable for my product because it is one of the key driving features
   • Rarity
   • I would say durability amongst single-use plastic alternatives is rare to come across
   • Inimitable 
   • Durability could be mimicked, however, I feel that since it is currently lacking in today's plastic alternatives, it has not been very imitable
   • non-substitutable
   • I think it is non-sustainable as there are not many other resources that can provide the durability feature
2.  Product is Eco-friendly
1. VRIN Analysis
   • Valuable
   • eco-friendliness is definitely valuable as more and more people lean towards only purchasing eco-friendly products
   • Rarity
   • eco-friendly plastic replacements are widely available, however, single-use plastic alternatives that meet the standards of plastic are rare
   • Inimitable 
   • It is fairly easy to imitate an eco-friendly product
   • non-substitutable
   • there are other eco-friendly resources that can replace single-use plastic, however, they do not necessarily mimic the qualities of plastic
3.  The product involves barely any noticeable change in users daily life
1. VRIN Analysis
   • Valuable
   • this will be of great value to the consumers as most people will be hesitant to try a new product if it changes their usual routine
   • Rarity
   • this aspect is rare as there are not many plastic alternatives in which the user does not need to take some form of corrective action 
   • Inimitable 
   • this could be hard to be inimitable as many products involve the user having to remember to bring their chosen product rather than to just have it ready
   • non-substitutable
   • there are not many other resources in my opinion that wouldn't change a users daily routine
4.  Work ethic
1. VRIN Analysis
   • Valuable
   • my work ethic is a valuable asset as the business will fail without it
   • Rarity
   • People may not be able to accept the challenge and devote themselves to work hard
   • Inimitable 
   • this is inimitable as people will always be hard workers throughout different industries
   • non-substitutable
   • there are not really any resources that could replace a good work ethic
5.  organization
1. VRIN Analysis
   • Valuable
   • organization is valuable to the success of the business because it will ensure everything is being done when it needs to be, how it needs to be, where it needs to be, etc.
   • Rarity
   • organization is neither rare nor overused, some organizations are not as organized as others and that is okay, but some can be more organized than my own
   • Inimitable 
   • as I had mentioned with rarity, other organizations are capable of being organized, it just depends on the extent of the level of organization
   • non-substitutable
   • there are artificial intelligence products that can help people become more organized, however, not everyone uses those and they can make mistakes
6.  social capital
1. VRIN Analysis
   • Valuable
   • social capital is valuable because it allows the business to expand through network connections and word of mouth, which can only stem from strong social capital
   • Rarity
   • not everybody has the same level of confidence socially, which could lessen the social capital and network connections for some, however, I think it is fair to say most people have social capital to some extent.
   • Inimitable 
   • my own personal social capital can not be duplicated as I have different levels of personal connections and professional connections and the odds of somebody knowing the same exact people I do is slim to none
   • non-substitutable
   • social capital focuses on relationships, and I can't think of anything else that does.
7.  personal impact
1. VRIN Analysis
   • Valuable
   • the personal impact I face with plastic bans and dissatisfaction of current bans is valuable to the venture because it gives me the motivation to continue with this concept
   • Rarity
   • I am sure others feel the same way about plastic bans (agreeing they should occur, while being dissatisfied with the alternatives)
   • Inimitable 
   • not everybody will feel the need to make the difference in plastic alternatives 
   • non-substitutable
   • my personal impact with this experience is the only "Resource" because every person is impacted differently 
8.  determination
1. VRIN Analysis
   • Valuable
   • determination is valuable because I don’t take no for an answer and push for my end goal
   • Rarity
   • I don’t think many people would be as determined for this concept
   • Inimitable 
   • Determination, in general, is inimitable as people will feel determined about something they are passionate about
   • non-substitutable
   • an individuals own determination is a unique asset
9.  Marketing experience
1. VRIN Analysis
   • Valuable
   • I have an upper hand with this venture concept as I have had professional experience through internships and this product will need to be exploited to get the word out
   • Rarity
   • I don’t think this is rare as other people can have marketing experience too
   • Inimitable 
   • other people can have more or less marketing experience than I do
   • non-substitutable
   • my own personal experience could be substituted if I were to bring in external forces with more experience than I have 
10.  growing market
1. VRIN Analysis
   • Valuable
   • the increasing plastic bans worldwide have opened doors for consumers to have replacements which is valuable to the company as the sole purpose is to create plastic alternatives
   • Rarity
   • the issue has started to become worldwide which has made the market for plastic replacements less rare
   • Inimitable 
   • it is hard to imitate a market that is already so large
   • non-substitutable
   • other plastic replacements could draw people away from this market

Top Resource:

My top resource is my determination. It is the most important because it is what is driving the entire venture forward, and what will push past any barriers. The other resources won't necessarily give me the drive to push past the barriers.