- Ten Resources
- Available discounts from supplier for having daily deliveries
- Valuable: this is very valuable because it ultimately allows me to keep costs down which allows me to charge lower prices for healthy foods
- Rarity: It's semi-rare because restaurants generally don't receive food deliveries every day which is the whole reason I get discounts
- Imitability: I think it's pretty imitable because anyone can request daily orders from the supplier
- Substitutable: It could be substituted by ordering less often and freezing the food but that kind of defeats the purpose
- Never frozen, always fresh food
- Valuable: I think this is very value because it contributes to the quality and overall popularity of my food
- Rarity: I think this is pretty rare because I feel that most places freeze their foods
- Imitability: It's pretty imitable because once again anyone has the ability to not freeze their foods
- Substitutable: The only way this can be substituted is if the food is frozen which defeats the point
- Friends willing to work for me
- Valuable: It's very valuable to have people willing to work for you in a start-up but I'm not sure if they will add a substantial amount of value to the company if I'm being honest
- Rarity: I think it's semi-rare because many people have friends willing to work for them but many don't
- Imitability: I think it's also semi-imitable because some people have willing friends and some don't
- Substitutable: This is highly substitutable because there are always people looking for jobs and they don't necessarily have to be friends
- Knowing someone who is well versed in making unhealthy things healthy
- Valuable: This is highly valuable because it's good to know tips and tricks to making a wider variety of unhealthly foods healthy.
- Rarity: I think this is kind of rare because I don't think many people know and/or think about how to make your typical, unhealthy foods healthy
- Imitability: This is imitable through research but it will take more time for others to find new tricks and recipes than it will for me
- Substitutable: This resource is highly substitutable through utilization of the internet
- My employees will LOVE where they work
- Valuable: This is so valuable because it's important for your employees to love where they work. It will improve overall productivity and satisfaction
- Rarity: This is semi-rare because I feel recently more business are trying to improve job satisfaction but not all places do. Not everyone loves where they work.
- Imitability: This is very imitable but it depends on the method I use to keep my employees happy
- Substitutable: I don't think this is very substitutable because you can't really replace happiness in your everyday job
- Healthy food AND a drive-thru
- Valuable: This is very valuable because it's the entire essence of the business and it's what makes it unique
- Rarity: As of right now, it is very rare because there is no known healthy fast food with a drive-thru in Gainesville
- Imitability: This is decently imitable because others can recreate fast food that is healthy
- Substitutable: The only substitute this potentially has is ordering online but there is no drive-thru
- At least 2 People willing to provide a loan for the start-up
- Valuable: This is very valuable because it's important to have sufficient funds when starting a business and it's easier than going through a bank
- Rarity: This is kind of rare because I feel that not many people have friends who are willing to loan them money
- Imitability: This isn't super imitable unless you have friends willing to provide you with loans
- Substitutable: This is highly substitutable by going to the bank but it's more complex
- A grandfather who used to be a CEO that can provide ideal advice and potential funds.
- Valuable: This is very valuable aspiring entrepreneurs always need advice when starting a business in order to raise chances of success.
- Rarity: I think this is very rare because not everyone knows a CEO that is willing to help them personally and financially
- Imitability: I don't think this is very imitable since not many people can readily have a CEO that close to them
- Substitutable: This has very low ability to substitute except through a personal/financial advisor
- Location in a college town where people are constantly trying to eat out and remain healthy
- Valuable: I find location to be highly valuable since there is a high demand for my business in college towns especially
- Rarity: It's not very rare since there are many businesses in Gainesville
- Imitability: Very imitable because anyone can set up shop here
- Substitutable: Can only be substituted by setting up in other college towns
- My experience and immersion in working in restaurants/customer service.
- Value: I think it's important to have experience in what you're trying to open a business in which makes this very valuable
- Rare: Many people have worked in the restaurant industry which makes this not too rare, however, I don't think that most people immerse themselves as deep into the experience as I do when I'm working.
- Imitable: I don't think experience is very imitable but I'm sure there are more people with more experience than me
- Substitute: I don't think this is very substitutable unless you hire someone with the type of experience
Based on the VRIN analysis, I think my most valuable resource would be my CEO grandfather. He is a great resource for advice and funds plus he won't wrong me because he cares about me. This is very valuable and rare and not very imitable or substitutable.
Hey Kristen,
ReplyDeleteFirst, it is pretty cool you have a grandfather who used to be a CEO! What type of business did he run? That is an awesome resource to have and is incredibly unique as well. Additionally, it is great you have two people willing to provide a loan for your start-ups. I have work experience in start-ups and besides entrepreneurial competitions, a large amount of funding is from the entrepreneur themselves. Great job!
Hi Kristen,
ReplyDeleteIt seems that you have an advantage over your competition. Especially on the experience aspect. Knowing someone that has previous experience as a CEO is a game-changer. You and your company will exactly know how to have success. I also liked that you used your location as a resource because I also did. Since your target segment is in Gainesville your location is also perfect for you. Thank you for sharing!
Kristen,
ReplyDeleteHaving a resource of a grandfather being a CEO is so useful and can really make a difference on how successful your company can be. I am curious into what kind of business he ran and more details about what he did! It is also awesome how you already have people ready to give you a loan to start up but just be careful about taking money from certain people because you never know what can happen. Awesome post!
Hey Kristen! You have a great thing going here. I truly believe your company will be a successful one. That fact that you have people willing to give you a loan and friends willing to work with you makes it even better! It’s difficult to find people who are that generous to do that. I believe it’ll benefit you since you will not have to physically ask a bank to loan money or a separate entity. One issue with many entrepreneurs is that they end up in debt because they can’t afford to keep things running. Great job at thinking ahead!
ReplyDelete