Assignment 23A Your Venture's Unfair Advantage

1. Uniqueness of Venture: there is currently no other product like mine, meaning there is a lack of competitors. 
• Valuable: this is valuable, because it is important to stand out in your venture and upon your competition. 
• Rare: it is rare, especially if you are the first product. though, this can also be risky if you don't do a good job of making consumers aware of your product.
• Inimitable: as of now, my product is unique being the first. though, others can be influenced and imitate the product in the future.
• Non-substitutable: if I wanted, I could come up with another unique product to substitute.
2. Finance Background/Experience: I was in the Academy of Finance throughout my 4 years of high school and I interned for Launch Federal Credit Union for 3 years, so I am familiar with this venture.
• Valuable: this is valuable because it shows my credibility for creating this product, as I apply my experience and knowledge.
• Rare: this isn't rare, as there are many opportunities to gain experience in the finance field.
• Inimitable: others can also gain finance work experience through other internships, as well as join finance programs.
• Non-substitutable: I could expand my experience by working with other companies in the finance industry.
3. Social Capital: Card Users: This is my primary target, in which a lot of college students fall into this realm. Being that I am a student at UF, I have the opportunity to contact and market my product to this target around campus.
• Valuable: this is valuable to reach out to a bunch of prospects and develop relationships to generate a successful business.
• Rare: anyone at UF can network and communicate with other students if they wanted.
• Inimitable: this is imitable if you are willing to make connections and communicate with others.
• Non-substituable: this cannot be substituted, as card users are my primary target. though, I could also venture outside of uf.
4. Marketing experience: Throughout my years of interning, I also had to do some marketing for the credit union. I can apply these skills when marketing my product.
• Valuable: gaining marketing experience is valuable, as it will be useful to apply when marketing my product.
• Rare: marketing experience itself isn't rare, though mine being for a credit union is particularly beneficial towards my business.
• Inimitable: this is imitable, as anyone can gain marketing experience.
• Non-substituable: I could substitute the marketing experience with another experience with another company.
5. Social Capital: Bank tellers and Finance educators: I have a lot of connections with people who work in the finance industry, that are very knowledgeable about the venture, and would be willing to help. They could also help market the product in their own banks.
• Valuable: their expertise is valuable to help me get a bigger understanding on my prospective customers, as well as the field and product itself.
• Rare: this is not rare, as there is the financial industry is large.
• Inimitable: this could be imitated by anyone who has a connection with someone in the field.
• Non-substituable: their expertise would be non-substitutable because their knowledge is significant for my venture. though, I could expand on who I am talking to as long as it falls within the field.
6. Publicity: Credit card fraud and skimming is all over the news and media. If there is a new product introduced that could help solve the issue, it would not be difficult to get the word out about it, especially through the media. 
• Valuable: getting the word out there about your product is valuable, especially if you are using media as a platform. 
• Rare: it is rare to see a new product gain a lot of publicity immediately.
• Inimitable: the amount of coverage on this venture can be imitated by anyone who comes into this field.
• Non-substituable: a substitute could be traditional advertising, and self-advertising rather than publicity, but it may be less effective.
7. Human Capital: Hardworking: This determination and strong work ethic can be applied towards making my business successful, because it will indeed require a lot of hard work.
• Valuable: this quality is valuable because the amount of work you put into your business can affect the outcome. 
• Rare: anyone can be hardworking, it just depends how hard you are willing to work for something.
• Inimitable: anyone can be hardworking, but in a way this trait can be inimitable because everyone has their own level of work ethic.
• Non-substituable: other quality and skills can be mixed towards the process, but nothing can substitute a strong work ethic. if you are not putting the effort and work towards your business, you can't expect it to become successful easily.
8. Human Capital: Leadership: I have taken up many leadership positions, which have allowed me to gain leadership skills. I can apply these skills when running a business on my own.
• Valuable: it is valuable to obtain leadership skills, as it is an important aspect of being an entrepreneur and can help generate a successful business.
• Rare: anyone can have leadership skills
• Inimitable: anyone can have a leadership skill, but each leadership quality can also be individualistic and be applied differently.
• Non-substituable: other qualities and skills can be applied on top of the skill, but nothing can substitute leadership. 
9. Financial Capital: Fundraising: I have a lot of fundraising experience, as I had raised a lot of money for clubs and charity events in high school through fundraisers. In which, I can apply this experience when fundraising to raise money to start the business.
• Valuable: this is valuable because I will definitely need funds for startup.
• Rare: this is not that rare, because many people have fundraising experience and are capable of fundraising in general.
• Inimitable: this can be imitated, but it can also be individualistic as others may have different approaches to fundraising.
• Non-substituable: if I wanted, I could hire someone to fundraise for me but it would be costly.
10. Communication Skills: my experiences have allowed me to gain communication skills that can be applied towards generating my business and making it successful.
• Valuable: this is valuable, because it is helpful to have communication skills to network with others, and get your point across effectively.
• Rare: it isn't rare to have communication skills
• Inimitable: anyone could have communication skills and apply it towards their own business
• Non-substituable: nothing can substitute the importance of communication when developing a business.

Top Resource:

• After doing my VRIN analysis, I would say my Finance Background/ Experience is my top resource for my venture. It makes my business even more personal, seeing that I have personal experience. It shows that I am credible, coming in with knowledge on the finance field, and it gives me a better understanding of my prospecting customers. With this background, it demonstrates my passion for my business, which is something that would distinguish my business from others in the venture.