1) Financial Capital - I have an uncle that is able to loan me a large amount of money to start up.
Valuable - Yes; he is capable of loaning me thousands of dollars.
Rare - Yes; not many entrepreneurs have family members that are so well-off that they can loan $10,000 in the drop of a dime.
Inimitable - No; family loans can be done.
Non-substitutable - No; I can get a loan from a bank.
2) Human Capital - I am able to see through the perspective of the customer.
V - Yes; I am attempting to sell a product and the customer's view of the product is very important.
R - No; many retail associates, like myself, can see through the eyes of a customer.
I - No; with practice, anyone can see through the perspective of the customer.
N - Yes; there is not a single thing that comes close to genuinely understanding customers.
3) Human Capital - I am an advertising major and can apply my knowledge to my product.
V - Yes; if I advertise without an agency, I can save money and get exactly what I want.
R - No; there are a lot of advertising majors in the world.
I - No; other entrepreneurs can be advertising majors.
N - Yes; no one can substitute a college degree for advertising with something different.
4) Capabilities - I can relate to customers and give them a genuine shopping experience.
V - Yes; the key to sales is to make a connection with the customer.
R - Yes; I feel that I have a charismatic personality and from that, deliver a genuine experience, in which is not very common.
I - No; there are other charismatic people in the world that can give a genuine shopping experience.
N - Yes; nothing beats a genuine shopping experience.
5) Social Capital - my brother is able to create the product.
V - Yes; I have the idea, but my brother is capable of bringing the design to life, in which is valuable.
R - No; many people know others that can build a product.
I - No; many people are able to build products.
N - No; although it is more expensive, a company can be hired to build the product.
6) Social Capital - My roommate is a reporter for TV-20 news in Gainesville.
V - Yes; although it won't be free, I will have connections to advertise for my product.
R - Yes; it is not everyday that someone has personal connections with a local celebrity.
I - No; it is possible for people to use personal connections to get their product on television.
N - No; other networks can be used to advertise.
7) Human Capital - I own a cat and she can be my test subject.
V - Yes; having a cat is quite critical for my product.
R - No; other people who create cat products typically have cats.
I - No; anyone can adopt a cat.
N - Yes; I would not use a dog to test out a cat litter box.
8) Social Capital - I have a Facebook account.
V - Yes; Facebook is where trends occur and where advertising is possible to do for free if it is your own page.
R - No; many companies use Facebook to advertise their products.
I - No; anyone can open a Facebook account.
N - No; companies can use other media, such as Twitter or Instagram.
9) Financial Capital - I have a part-time job at a retail store that provides a steady income.
V - Yes; some income is better than no income at all.
R - No; there are hundreds of thousands of other employees in the same company with similar incomes.
I - No; anyone with the right qualifications can work for the same company.
N - No; instead of the current place I work for, I could work for another retail store, like Kohl's.
10) Capabilities - I believe that I can act and could make my own advertisements for YouTube.
V - Yes; instead of hiring an actor, I can be in my own commercial for free.
R - Yes; major companies tend to hire actors rather than using themselves.
I - No; local companies tend to be in their own commercials.
N - No; instead of using YouTube, a company can pay to have their commercial on the television.
Top Resource: My capability to give customers a genuine shopping experience. Other than the fact that it qualified for 3 of the 4 categories of VRIN, this capability is something that I appreciate dearly. It helps me at work when talking to customers; also, this resource aids in making a sale, such as with The Purrfect Litter Box. Without charisma, this litter box will just collect dust in the garage. My charismatic personality will also persuade major store chains to put my product on their shelves.
Hey Kristine!
ReplyDeleteYou have invaluable resources. How funny that you're working on something pertaining the pet industry for this assignment, I am too! My concept is a cat toy business/company that specializes in producing toys that cats can play independently with (no owner participation required).
When it came to this assignment, I was stumped and couldn't think of any resources outside of human capital. After reading your post, along with another peer's, I realized I have my resources than I initially thought, such as friends and resources that UF has to offer (3D printing, for one).