- valuable- being able to communicate well with potential customers
- rare- I would not say it is rare but not common
- imitable- yes you can learn to better communicate
- non-substitutable- no substitute
Capability: Time management skills
- valuable- need this to be an entrepreneur
- rare- yes when being your own boss
- imitable- yes you can learn
- non-substitutable- no substitute
Capability: Organizational skills
- valuable- yes very valuable because you are your own boss
- rare- depending on the level of organization can be
- imitable- yes you can learn
- non-substitutable- no substitute
Financial Capital: setting money aside for start up
- valuable- you need money to start company so yes
- rare- to an extent not everyone is good with money
- imitable- you can learn
- non-substitutable- no substitute
Social Capital: friend that sells solar panels
- valuable- very valuable already have an inside man
- rare- yes good to have contacts
- imitable- you can meet people but hard to make good relationships
- non-substitutable- no substitute
Capability: Creativity
- valuable- needed to stay ahead of growing industry
- rare- yes helps differ from other companies
- imitable- no you are either creative or not
- non-substitutable- you can hire someone that is creative
Human Capital: friends that want to work
- valuable- definitely need good workers for company
- rare- always hard to find good workers
- imitable- you can hire other people just gotta be hard workers
- non-substitutable- no substitute for friends
Capability: Priority management
- valuable- yes need to be able to distinguish between priority of task at hand
- rare- sometimes it is hard to make the hard decisions for a company
- imitable- yes you can hire someone to help with it just gonna cost more money
- non-substitutable- yes you can hire someone
Social Capital: Teachers at UF in the renewable energy sector
- valuable- very valuable because you know more about product
- rare- Can be not everyone knows teacher in this field
- imitable- Someone else could also ask the teachers for help
- non-substitutable- there could be someone who is knowledgeable in field and not be teacher
Capability: Integrity
- valuable- customers want to work with honest people
- rare- some people can be shady so yes honest work is rare
- imitable- there are other honest people out there
- non-substitutable- there are other honest business owners
After conducting the VRIN analysis I came to the conclusion that my social capital was my most valuable knowing people in the right places can be extremely helpful. I can reach out to these people and hopefully give me an edge over my competitors.
Hello Clayton,
ReplyDeleteYou have done a great job with this assignment. When reading your resources, I realized we have some resources in common such as creativity, time management, and communication skills. I agree that social capital is the top resource, because the people you may know can help use their resources into your business, which means you gain more resources. Furthermore, the business relations you have are unique.
I think you're totally right to have friends as your top resource, I think one of the hardest hurdles to overcome in the beginning of a project is tackling all the aspects of it at once. If you can delegate some of the responsibilities, as well as have more people to provide ideas and capital for your venture, it is more likely you will be successful.
ReplyDeleteSocial capital is of course very important but I think your most important attribute while doing the VRIN assessment is the communication and creativity skills. Without these you company is doomed but with them you can promote anything. For your solar panels to work you will need to talk to many people that you do not already know and will have to sell your idea as best as you can. I believe that you can do it and that your product can be a huge success.
ReplyDeleteNice post, Clayton. I really liked the simplicity of your design in this post as it was very easy to read and the headlines distinguished each capability. Your capabilities of time management and communication skills will be very important in the future as the head of the business needs to set an example through meeting deadlines and they need to effectively communicate from the top down. Your capabilities sound like you are headed in the right direction!
ReplyDeleteHey Clayton,
ReplyDeleteI really liked your post and how honest you were with everything. Even if we sometimes do not want to sound cocky, it is still good to know your strengths and your weaknesses in order to be as clear as possible with your decision making which is obviously a very critical aspect about a company's success or failure. Also, you made this post really easy to read and follow through which I thought was really good. Great work!
Hey Clayton,
ReplyDeleteI think you had a nice and ample list of resources. I think you have a great capability to make not only your product succeed but have your business prosper. I think the outline you have created today has been a great demonstration on what any project, product or model should have when considering what can they do differently and what do they have available to them.