Your Venture's Unfair Advantage

Generate a list of all of the resources in your venture (produce a list of at least 10 resources that you already possess). This can include your human capital, social capital, financial capital, and capabilities. You may also discuss the organizational culture you intend to create (but, obviously, it's not a resource that you have, now.)
List of Resources:
1.       Personal Initial Investment of $100,000
2.       Personal knowledge of the insurance claim process
3.       State of Florida Insurance Licensing
4.       Expertise in Personnel Management
5.       Experience in creating Organizational Culture
6.       Existing relationship with Insurance Public Adjuster
7.       Existing relationship with Insurance Agents at multiple firms
8.       Existing relationship with General Contractor
9.       Knowledge in Marketing on Social Media Platforms
0.   Home Office available for Start Up

Conduct a "VRIN" analysis for each resource. That is, describe, for each resource, how it is valuable, rare, inimitable (how hard it is to copy by others), and non-substitutable (are there other resources that can provide the same benefits?). Analysis:
1.       Personal Initial Investment of $100,000
a.       VRIN analysis:  Valuable
2.       Personal knowledge of the insurance claim process
a.       VRIN analysis:  Valuable
3.       State of Florida Insurance Licensing
a.       VRIN analysis:  Inimitable
4.       Expertise in Personnel Management
a.       VRIN analysis:  Valuable
5.       Experience in creating Organizational Culture
a.       VRIN analysis:  Valuable
6.       Existing relationship with Insurance Public Adjuster
a.       VRIN analysis:  Non-Substitutable
7.       Existing relationship with Insurance Agents at multiple firms
a.       VRIN analysis:  Non-Substitutable
8.       Existing relationship with General Contractor
a.       VRIN analysis:  Non-Substitutable
9.       Knowledge in Marketing on Social Media Platforms
a.       VRIN analysis:  Valuable
1 Home Office available for Start Up
a.       VRIN analysis:  Valuable

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.

The top resource from my list is the personal initial investment of $100,000.  This is the most important because a business needs capital in order to start up.  Having cash available at the beginning of a venture is imperative.

Comments

  1. Mia IrwantoApril 12, 2020 at 6:32 PM

    Hi Shannon,
    Since you already have great experience with this under met need, I think that you will be able to help out so many people with your resources. All of your resources are valuable and they will be able to help you succeed in the direction that you wish. I think it is especially great that you have strong social capital in the people that you know since they are the ones that could better your business. Great post!

    ReplyDelete

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