10 Resources:
1. First to market: This is a rare and valuable advantage because no competitors to threaten us means we can take the time to properly expand our business how we see fit.
2. Social Capital: A Jersey-Rental company is valuable to the target market (10-30 year old males) because of how we will cater to our consumers unlike any of our competition.
3. Convenience: No apparel distributors exist today that are capable of offering the ease-of-access that we are offering. Our plan is to have every jersey in stock at all times.
4. Financial Capital: This is one area where we may lack currently, but I believe this idea will be highly sought after once word spreads. As of now, existing companies are ahead of us here.
5. Low-Cost rental plan: No competitor has tried to imitate this idea, and the Professional Leagues don't have the ability or foresight to attempt this.
6. Knowledge of the market: I have spoken with members of the industry at many varying levels of expertise, and gained some information that will help lead this idea to the next phase. This is a huge advantage.
7. Knowledge of the consumer: I am a member of the target market, I am a prototypical customer who I based the idea off of. This gives us an advantage as we know EXACTLY who we are going after.
8. Advice from peers: The advice I have received from my peers, other people within the target market, is very valuable to form our brand. It is essentially a focus group that I can bounce ideas off of whenever I need to.
9. Education: My education here at UF will help to start the company and form a general business plan. This is a limitless resource that can help at any step of the process.
10: University connections: The UF community is one that seems to always help out fellow Gators. Networking has been very easy here and should prove to be a valuable asset in any avenue of business.
The best resource I have is the advice from others around me. I think that a lot of times, businesses fail to see problems from perspectives other than their own. Being able to bounce ideas off of peers, and gain advice from knowledgeable people allows us to think outside the box, and approach problems with a fresh attitude. This is more important than any other resource because you need more than one person to build something. It takes a team effort and a lot of constructive criticism.
Greg,
ReplyDeleteI think your resources were very unique and not what I expected to see for resources but in a good way. I especially liked your reflection on why advice from your peers was the most valuable resource you had because if you can't provide the customer with what they want, then no one is going to buy your product. I would advise that next time you do a VRIN analysis that you try to go a little more in depth though.
Hey Greg
ReplyDeleteYou’ve got some really valuable advantages! I’m glad that being a student here in UF opened up some great opportunities for you, like the good education you got and the relationships you’ve made with many other skilled people. Being first to market also means you’re a real entrepreneur with a great idea! Next time, try to explain more about how your resources are VRIN. Keep up the good work!
Hi Greg,
ReplyDeletegreat job with this assignment, you really came up with some great and creative advantageous resources. The education that we are receiving here at the university of Florida's business school will be extremely helpful throughout our tenures as business owners. However we were supposed to use the VRIN format for describing these resources so just be careful with the directions in the future.