Resources:
• I have financial capital in family that would invest
• Human capital is something I possess because anyone could drive
• I have a large network of people who would be interested
• I have intellectual capital that I will use to build the business
• I have a suitable office to efficiently business plan
• I can do moderate graphic design for marketing
Analysis:
• Any business is built financially, so initial investments would be important to get it going. Also, it is non-substitutable because it is unlikely to get investors on board without having tested the market.
• Having a service like the one I am proposing will depend on drivers. People with comfortable cars that meet a specific person’s needs can join the application and be dispatched to give rides.
• A large network is extremely valuable. For example, my grandparents are at the age where they can still live on their own but can’t drive themselves safely. Additionally, riding in small cars or tall cars are dangerous to enter and exit for them. Many people are in this situation and I feel that my service would be beneficial.
• Being in college, I am developing my organizational skills and expanding my knowledge. I think my knowledge is a huge value for the business. I also have access to many resources to plan and organize my business.
It appears that you have several resources in your favor! It is great that you would be able to rely on family for investments, you don't have to seek out investors. I had a really hard time coming up with 10, myself. One thing that I am not recognizing right off the bat is the VRIN for each resource that you have. What do you feel is your best resource? I feel that I can say this since we both have transportation service ideas, you said that you have human capital because anyone could drive. Would you hire just anyone? I think that my employees, my drivers, are my greatest resource. They are going to be interacting with the customers, they are going to make or break your business. Just something to think about.
ReplyDeleteHi Carter,
ReplyDeleteYou have some great resources that you could use to start your business! I'd like to know what you think your greatest resource is. For my product, I concluded from my VRIN analysis that my best resource is my education in the business field from UF. In my opinion, that could be your best resource as well, considering it is a bit more difficult to copy than some of your other resources. Keep up the good work!
Carter,
ReplyDeleteThese are all great resources, especially the large market. It's very important to have your target market in mind, and I can see that you've done a great job at that, it will make marketing easier. Human and financial capital are also two convenient things to have. I know that many people are looking to be hired as drivers for the several different apps like Uber and Lyft, so it wouldn't be very hard to find people willing to drive either.