23A – Your Venture’s Unfair Advantage

23A – Your Venture’s Unfair Advantage 

·       Generate a list of all of the resources in your venture: This can include your human capital, social capital, financial capital, and capabilities.

Human Capital

1.    Knowledge expertise regarding iPhones- This resource proves influential because it is the basis of my business venture. My app will revolve around the users iPhone, whether it is connecting GPS to their keys, or simply accessing the app.

2.    App development and innovation- I have recently become more informed about app development and ways to make my app really stand out compared to competitors. I found that this is one of the top reasons for my ventures “unfair advantage”.

3.    Targeted networking experience- Through this class, I have reached out to seasoned professionals in the business world, and have found that human capital will prove to make my idea more feasible. Targeted networking has helped me refurbish my idea and make it as realistic and functioning as possible.

Social capital

1.    Organized plans for app launch- Organization and solid plans are very important in entrepreneurship, and I believe that I have the proper plans for launching my app whenever that time may come. While my idea is far from beginning, I will have plans in place to get these ideas into motion.

2.    Reciprocity between workers and investors- Having a two-sided relationship between investors and workers is truly important. When starting up a company, you have to make sure you are working within not only your capabilities and expectations, but also of your investors.

3.    Market analysis- Before I even had my idea, I have had true experiences where others have lost their keys and had an unproductive day because of it. I feel that my market analysis has played a big part in my idea, because I want to remove this bug from people’s lives.

Financial Capital

1.    GPS tracking influence- This part of my venture plays crucial to the ‘staying power’ of my business idea. Through my app, when a user loses their keys, they will be able to track their keys within a few clicks of a button. Accessibility to a location of their keys will completely eliminate the bug, and users will be able to fix the bug before it even happens because my app will notify the user when they start to move a certain distance from their keys.

2.    Investors (in future)- Having investors to boost your idea into reality is a huge advantage. I plan on having investors who not only provide financial resources but can also give ideas on how to continue innovation and productivity.

Other resources

1.    Social Media- Having knowledge and experience with social media is also a big part of my venture. I think I display an expertise in this field, and ultimately it will play crucial in the success of my business idea.

2.    Company Culture- In creating a company culture, I want to instill hard work and creativity into the main aspects of the way things run. This will be a more light-hearted aspect of the company but will still be based off of hard-work.

·       After conducting the VRIN analysis, determine what your top resource is. Explain why it's more important to your venture than all of the other resources.

I think my top resource in my business venture would be the targeted networking experience. In researching my market and finding people who experts in their fields, I have a better chance of actually making my venture’s ‘staying power’ grow. My idea is far from finished, but this resource is one way I can actually make things move forward.