What makes me so special? Being left handed, duh
Passion is the core of my company.
VRIN: This resource is valuable because many other companies care more about profits and trends while mine is simply to keep people comfortable in their day to day tasks. It’s rare a company because only a small amount of left handed companies are around but their products are sold for outrageous prices. This resource may be or may not be inimitable due to possible passions other people may have. This resource is non-substitutable because this is something within myself and my beliefs.
Improving lives of the minority (the lefties).
VRIN: This resource is valuable and rare because most companies cater to the majority and do not consider the minority. It is inimitable because not many industries cater to the minority. This resource can be substituted by my other resources.
The drive to keep prices competitive in a small market.
VRIN:This is valuable because the price is what is going to bring my segment to continue buying products. It is not rare and inimitable and can be substituted because other companies like Walmart keep their prices competitive.
Partnering with schools to provide left handed products.
VRIN: This resource is valuable, rare, inimitable, and non substitutable because this company is focusing on children who are still learning how to use their bodies and no left handed company i’ve seen is providing schools with left handed products.
Creating books that inform parents and kids about being left handed.
VRIN: This is valuable because these books will keep people updated and can explain the uniqueness of left handed individuals. It is rare and inimitable because it’ll be a book made and produced by the company. This resource can be substituted by other books and websites
Providing products on Amazon.
VRIN:This is valuable because Amazon is one of the biggest product sellers online so i’d sell many products through Amazon. It is not rare, can be imitated, and can be substituted because there are also other products for lefties being sold on Amazon.
This company will sell a variety of products.
VRIN: This is valuable because we are selling all kinds of products to meet as many needs as we can. This is rare and inimitable because while left handed companies sell school products and kitchen products, they do not sell guitars and sports items as well ass school and kitchen products like my company. This can be substituted because customers can buy these products separately (different stores for different products).
Networking with other left handed companies
VRIN: This is valuable because I know have a network that’ll give me insight on how to improve my business. This is rare, inimitable, and non-substitutable because there aren’t many left handed companies so the networking is small to none.
The education I have in finance and management.
VRIN: This is valuable on how to get my business started and how to manage employees effectively and efficiently. This is rare because not many people have an education with both finance and management. This can be imitated because anyone can get an education in both finance and management. This can substituted buy knowing the right people or hiring someone with an education in finance and someone in management.
Having a specific segment to target for my company
VRIN: This is valuable because targeting a small segment makes it easier than trying to serve a large segment. This is rare and inimitable and non-substitutable because not many companies target small and have a specific segment.
My top resource is targeting a specific segment. It’s simple, I’m gearing my products to all who are left handed which makes it easier for me to know their needs and wants and what I need to focus on. This is the best resource of them all because it’ll incorporate all my resources to provide great quality products to left handers.
Hello Nicole,
ReplyDeleteFirst, I love the meme at the end. I chuckled. It's a good one. Sadly, I can't relate to it. You have a lot of good resources that can help you on your list. I agree with your top resource being a specific segment. Being one of your consumers helps you get in the mind of the consumer as well.
Hey Nicole,
ReplyDeleteYou were very thorough in your VRIN, and the passion you have for your company is very evident in a post like this one. I'm glad your first resource was passion, because you've shown a lot of it in relation to your business concept so far, and that being the first thing on your mind shows a lot. The specificity of your market is a great advantage, and I think that your idea can flourish if you keep the mindset of helping people. I liked your analysis because it demonstrated to me how all the elements of your business come together to create a greatly helpful and necessary idea.
Hi Nicole,
ReplyDeleteYou gave a very detailed analysis and it helped me understand why each and every resource is so important to you. Targeting a specific segment is a good idea because you can focus and grow your segment rather than trying to grow a bunch of different segments at the same time. That takes a lot of work and also makes you have to hire employees. Good post!