- Human capital: hand lettering skills
- My hand lettering skills are valuable because they are unique and they are also rare because it is fairly uncommon for individuals to know how to hand letter. For these two reasons my hand lettering skills are also inimitable because quite simply put: hand lettering is hard to copy without some intense and dedicated practice. The only other resource that can provide the same benefits are typography fonts.
- Social capital: social media following
- My social media following has accumulated over the past six years and it's become something individuals consider paying for instead of earning it themselves, which makes this fairly valuable. I wouldn't really consider this rare because, like I said, people can earn this with time or simply buy the followers and likes. This can absolutely be copied by others and the option of buying likes and followers can provide the same benefits.
- Social capital: in real life
- My real social capital is extremely valuable to be because it justifies my integrity. It would say MY personal social capital in real life is rare because it's unique to me, however, it can be copied by others in their own way. I don't believe any other resource can provide the same benefits as a strong network of people who mutually trust, appreciate, and support each other.
- Financial capital: job and credit card
- Having a job and a credit card are very valuable to my venture because it establishes a financial resource. It's not entirely that rare to have a job and a credit card at my age. This is pretty simple to copy, however, the only other way the benefits can be attained are via loans from banks or individuals.
- Car: to go get supplies
- Having a car is absolutely valuable to me and my business venture. However, again, it's not all that rare to have a car at my age and it's easily inimitable. The only other way to access the benefits of owning a car is simply just to have access to one.
- Leadership capital: experience in leading organizationally
- My experiences that have given me the opportunity to learn how to lead an organization are extremely valuable because they are unique to me. No one else has had the same exact experiences I've had, therefore, this makes this resource very rare, inimitable, and non-substitutable.
- Human capital: organizational skills
- Being organized is very crucial in any entrepreneurial venture, which makes my resource valuable. However, it's not rare nor inimitable because being organized sometimes comes natural to people, or in some cases it can be taught, learned, or outsourced to be someone else's responsibility which ultimately also makes it substitutable.
- Human social capital: knowledge of creating a brand and brand presence in real life and online
- I've learned these "resources" during my academic studies at the University of Florida, which makes it valuable to me and my entrepreneurial venture, but that does not make it rare nor inimitable because there are hundreds of other students studying the same things as I am. The only other resource that can provide the same benefits is studying the same exact thing at a different educational institution.
- Human social capital: communication skills
- In my opinion, my communication skills are valuable, rare, AND inimitable. This may not sound humble, but I'm being fairly honest with this one. I am constantly saddened by how so many individuals lack proper communication skills. I'm not saying my communication skills are perfect, but I am saying I've taken a big interest in making sure they are constantly improving. The only other way to reap the same benefits of great communication skills are to learn and practice how to communicate effectively.
- Human social capital: passion
- This resource is without a doubt valuable, rare, inimitable, and non-substitutable. My passion is my passion and no one else's.
After conducting the VRIN analysis, my hand lettering skills are my top resource simply because I personally don't know anyone else who can hand letter like I do. It's often imitated, but never duplicated. Yes, there are individuals out in the world who have their own hand lettering business ventures but I would argue that the market is not saturated with it just yet. I've spent quite a lot of time perfecting my skill and it's the resource I'd say is my most valuable. A close second would be my passion.
Hello Erica!
ReplyDeleteGreat post! I thought it was really neat that you listed your hand lettering skill as a resource! I agree that this is a unique ability and therefore classifies it as rare and not imitable. I also think it is really cool that you thought of your social media following as a valuable resource! I never thought about this, but it is completely true. I think that your experience, passion, and communication and organizational skills are also extremely important and helpful in your business pursuit.
Here is my blog if you want to take a look:
http://mariakongosfirstblogever.blogspot.com/2016/03/my-unfair-advantage.html
I agree with Maria that your hand lettering skills are great as a resource. Because my handwriting is awful, I salute your ability to make your font worthwhile. As I look at your advantages I do agree that many of them are copied, but I think it is great that you made something different from the norm with your handwriting. Please check out my blog: http://soulstosteal.blogspot.com/2016/03/my-unfair-advantage.html
ReplyDelete-Chris