Your Venture's Unfair Advantage
1. Strong networking capability – Valuable but not as rare, inimitable and non-substitutable. This resource is very valuable in finding donors, volunteers and people to help assist but other people could easily utilize a network that may provide similar benefits.
2. Creative products (Money Tree)- Valuable, rare, somewhat inimitable and somewhat substitutable. My idea to create fun and interesting products such as a “money tree” a flower design that people purchase for the purpose to give to those in need is a very original idea that is hard to copy and serves as a valuable tool. However, some products could be created that would give these products competition.
3. Events expertise- valuable somewhat rare, not inimitable and non-substitutable. My previous experience working events will help me provide a framework that others may not have. In the grand scheme of things several others may have worked events.
4. Band, concert, and venue connection- Valuable, rare, inimitable and non-substitutable. Utilizing these connections would help me provide concerts that would benefit those that suffered from the impact of hurricane Michael.
5. Geographic location- Valuable, not rare, not inimitable and non-substitutable.
6. Management Experience -Valuable, not rare, not inimitable and substitutable
7. Marketing Experience- Valuable, not rare, not inimitable and substitutable
8. Established donors- Valuable, rare, not inimitable and somewhat substitutable
9. News and Social Media- Valuable, not rare, not inimitable and non-substitutable. The news and social media have provided a lot of media coverage about the hurricane that serves as an advantage for marketing but anyone could use this.
10. Personal common ground- Valuable, not rare, not inimitable and non-substitutable
After conducting the VRIN analysis I was surprised to discover that my connection with bands and venues may be my top resource. I think in this situation utilizing the bands I know and the venues I am familiar with could be very beneficial in gaining resources. I think with this specific connection and by combining it with my other resources, specifically my previous experience I would be able to create concerts that would generate revenue the victims of Hurricane Michael.
Hi Victoria,
ReplyDeleteKnowing bands and have relationships with the owners of venues is definitely beneficial to your advantages. Utilizing these connections is a great way to raise money for your pursuit while keeping costs at a bare minimum. In addition, your experience with running event can further this development, enabling you to not only efficiently manage special occasions and but practice those skills necessary in creating a successful company.
Victoria, I completely agree that your connections to venues and artists is the most important thing contributing to your venture. By having meaningful connections to artists and venues, these people will be more likely to offer their time to helping your cause, in this case natural disaster victims.
ReplyDeleteI noticed that the news stories after natural disasters fade rather quickly. Keeping the news media engaged is a key factor and a great way to serve your purpose. It's a great idea to organize events that the media will cover (or ask them to cover) to keep awareness of the need fresh in people's mind. Social media can also be effective to reach people and keep awareness fresh -- in fact, this is how I learned that victims of Hurricane Michael were still in dire need long after the news media stopped mentioning it.
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