23A Your Venture’s Unfair Advantage

What Makes You So Special?

Resources & VRIN Analysis:

• Low cost - The price of the product will be affordable for the target audience.
• Valuable - Yes, this will be suitable for my target audience and will set me apart from my competition.
• Rare - Somewhat, this depends on the alternative my customer seeks. If they pay for a stylist or service, it is rare. However, if they plan their outfits, it is not rare. 
• Imitable - Yes, my competitors can change their price at any time.
• Non-substitutable - no
• Good money habits - Being smart with my money is very important to me, so when it comes to my business I hope to be smart with the company's financial decisions.
• Valuable - Yes, being financial smart can allow my company to start on the right foot.
• Rare - No, anybody can be financially smart.
• Imitable - No, because someone might not have the same habits as me or they might not know how to use it effectively.
• Non-substitutable - No, you can hire a financial advisor to help you be smart with your company's finances.

• Social Capital: Fashion Xclusive - This fashion organization I am a part of can connect me to some clothing companies to partner with.
• Valuable - Yes, the relationships I have with others in this the organization will push me and help me gain valuable connections in the industry.
• Rare - Yes, because many people don't know about this the organization, so they wouldn't know how to use it as a resource.
• Imitable - No, others can join organizations and gain connections.
• Non-substitutable - Yes, the connections and relationships I have with others in this organization will be hard to replicate.

• Student at UF - being at UF allows me to have a bigger audience to promote my product to
• Valuable - Yes, it gives me numerous customers to market to and within a reasonable distance.
• Rare - No, many colleges have lots of students to have access to.
• Imitable - No, other places can just go a college and advertise their product there.
• Non-substitutable - No, college students are everywhere, so I don't think it will be hard for competitors to find and market to college students.

• Leadership - I have previous experience being leaders in different clubs and was in a club that built my leadership skills.
• Valuable - Yes, because you need to be a good leader to run your company.
• Rare - No, because many people are natural-born leaders or acquire good leadership skills.
• Imitable -No, because you can have leadership skills, but they can be ineffective.
• Non-substitutable - Yes, people can just hire people to be the head of their business.

• Technological capability - the app that I created will use a scanner to upload a 3D virtual image onto the app. This will allow users to see how the outfit will look without trying it on.
• Valuable - Yes, because the alternatives don't have this capability.
• Rare - Yes, because this is unique to my product.
• Imitable - Yes, people can go to technology companies to acquire this capability.
• Non-substitutable - Yes, you can simply just try the clothes on so you can see how it will look.

• Support from family - I can use my family's support when I first start selling my product in the market. They can be my staff and help me with background operations. Also, they will be able to provide the support to push me to keep going if I might get discouraged.
• Valuable - Yes, the way my family supports me pushes me to a better businesswoman and we have a close relationship.
• Rare - Yes, everybody doesn't have family support.
• Imitable - I think it is hard to copy because how my family supports me might not be the same as how somebody else's family will support them.
• Non-substitutable - No, support can come from friends as well, but it is not the same as having your family to fall back on.

• Market knowledge - After numerous interviews, I have some insight into what my target audience expects. Also from this class's lectures, I have some tools to use to effectively market my product.
• Valuable -Yes, because it helps me know what I need to do in advance and allows me to avoid wasting time and money.
• Rare - No, because any company can do market research.
• Imitable - Yes, the same reason as above.
• Non-substitutable - Yes, you can hire somebody to do the market analysis for you.

• Motivation - I will be very motivated to give customers a product that tries to solve their unmet needs and focused to succeed with this opportunity.
• Valuable- Yes, this mindset will help me go far with my business.
• Rare - No, other people can be motivated to do what they love or motivated to accomplish something.
• Imitable- No, some people may say they are motivated, but won't put forth the effort.
• Non-substitutable - Yes, people don't need motivation and will just do it.

• User-specific - the product will be tailored to the customer. This can allow them to know their need is being directly targeted and helped.
• Valuable - Yes, because this will allow the customer to feel like it is made for them.
• Rare - Somewhat, many products in the market are user-specific.
• Imitable - No, some products may say they are user-specific, but it is not always correct.
• Non-substitutable - Yes, the other alternatives are not exactly like mine, but they do also make it user-specific. 

Conclusion:

After analyzing all my resources, I think my top resources are being affordable, as well, as user-specific. It is most important to my venture because it sets me apart from the competition and allows my customers to directly feel like their need is being met. Affordability is good for my target audience because they are young and may not have flexible funds to use. Being user specific is key because my audience will know this is the product for them and will help them not regret their purchasing decision.