Assignment 23A: Your Venture's Unfair Advantage

1)     Determination

V – this is valuable because without determination, there wouldn’t be motivation.

R – this can be rare because people easily become discouraged.

I – this can be imitated by anyone if they have their mind towards their goal.

N – Motivation can only be substituted if everything goes according to plan and there are no obstacles.

2)     Economic Knowledge

V – this is valuable because this helps with the understanding of supply, demand, and factors that affect them.

R – this can be rare because not everyone majors in economics.

I – this can be imitated, but someone might miss certain aspects because you need to know the field well.

N – nothing can substitute the knowledge of economics.

3)     Networking

V – this is valuable because it would help me get into the industry and sell my product.

R – this can be rare because not everything knows an insurance agent personally or knows a person who owns a driving school.

I – this can be imitated because you can always try to network.

N – this cannot be substituted.

4)     Detailed

V – this is valuable because I will make sure everything is perfect and not leave out little details.

R – this can be rare because some people tend to miss out on certain details

I – this cannot be imitated because it is engraved in personality

N – this can’t be substituted.

5)     Marketing

V – this is valuable to bring demand and recognition to the product.

R – this is not too rare because this can be hired.

I – this isn’t hard to copy

N – this cannot be substituted because marketing is essential.

6)     Contact with consumers or public relations

V – this is valuable because it helps you learn and develop your product based on feedback by consumers.

R – this can be rare because certain companies do not directly talk to their consumers about their product

I – this isn’t hard to copy

N – can be substituted by research instead of actively speaking to the consumers.

7)     Experience

V – this is valuable because I am a driver too, so I know how it is in the industry.

R – this isn’t rare because most people are drivers.

I – this isn’t hard to copy.

N – can’t really be substituted because you are either a driver or not.

8)     Product will become necessary in the future

V – this is valuable because it will be become necessary for my product as there will be more drivers on the road in the future. Room for growth for product.

R – this isn’t rare because some industries are growing too, not only insurance

I – not hard to copy

N – can be substituted.

9)      Support of insurance companies

V – this would be valuable, so they might help promote the product and they want to decrease claims.

R – this is rare because not all companies will support a product like this one.

I – hard to copy because not every company will create a product like this that will gain support from insurance companies.

N – cannot be substituted.

10)   Goal is to make a change

V – this is valuable because consumers will realize that this product isn’t mean to rip someone off, or try to scam them, but it’s to make a difference on driving habits, safety, and insurance rates.

R – this is rare because consumers usually think businesses are only profit hungry.

I – this can be copied because companies can always set their mission to help the public.

N – can be substituted by other products.

After doing all this, it makes me realize that it was difficult to come up with ten things. In addition, it was even harder to come up with things that you can VRIN analyze. I think my resources are matching up well. I think the top resource is having the product be something that will be necessary for the future.