My Unfair Advantage

11.       I have strong family support from my wife and two teenage sons.

·         Valuable- yes

·         Rare- yes, although I am extremely biased

·         Inimitable- yes

·         Non-Substitutable- yes

22.       I currently have a $10,000 I am willing to invest into my business

·         Valuable- yes, for me

·         Rare- no

·         Inimitable- no

·         Non-Substitutable- no

33.       I have engineering training that will assist in product creation

·         Valuable- yes

·         Rare- no

·         Inimitable- no

·         Non-Substitutable- no

44.       My wife and business partner has a Bachelors in Business and a Masters in Education

·         Valuable- yes

·         Rare- no

·         Inimitable- no

·         Non-Substitutable- no

55.       I own a home with ample space for an office and production area (garage)

·         Valuable- yes

·         Rare- no

·         Inimitable- no

·         Non-Substitutable- no

66.       This class has taught me how to reach out to experts and receive feedback from strangers

·         Valuable- yes

·         Rare- no

·         Inimitable- no

·         Non-Substitutable- no

77.       I have what I believe to be a terrific and new idea for a product

·         Valuable- yes

·         Rare- yes

·         Inimitable- no

·         Non-Substitutable- no

88.       I have a large source of potential customers from my local sailing community to get things started

·         Valuable- yes

·         Rare- no

·         Inimitable- no

·         Non-Substitutable- no

99.       I have real life experience that can pinpoint when and where my creation could be used

·         Valuable- yes

·         Rare- no

·         Inimitable- yes

·         Non-Substitutable- no

110.   I have the desire and perseverance to succeed

·         Valuable- yes

·         Rare- yes

·         Inimitable- yes

·         Non-Substitutable- yes

It’s interesting to see that resources that I feel are a big deal don’t measure up to all four of the VRIN characteristic traits. For example having some money already set aside to start a business is not necessarily a game changer in the grand scheme of things. Or having a well-educated business partner for that matter. What did measure up and what will give me a leg up is the (1) strong family support and the (10) desire and perseverance to succeed. This was a very interesting and enlightening assignment.