For this assignment I have conducted a VRIN analysis on all of the resources my venture possess on a 1-10 scale. The results are listed below:
Resources-
#1- Prior exposure to the business field: V:8 R:5 I:6 N:5
#2- Connections in the business field: V:10 R:8 I:7 N:8
#3- Management experience: V:9 R:7 I:7 N:9
#4- Experience with business software: V:10 R:5 I:6 N:8
#5- Saving account: V:10 R:3 I:7 N:6
#6- Experience gained from ENT3003: V:9 R:2 I:8 N:8
#7- Experience with electronics: V:5 R:3 I:7 N:7
#8- Credit: V:4 R:4 I:6 N:3
#9- Vehicle (Jeep): V:6 R:4 I:7 N:5
#10- Connections to an accountant: V:9 R:2 I:6 N:5
Conclusion- I believe the most advantageous resources my venture has are my connections to individuals in the fields of business and accounting. The knowledge and expertise these individuals could provide to my venture would be invaluable in marketing and financing my product.
I think you did a good job thinking about skills or competencies that are relevant to this assignment. Your unique approach by ranking the attributes on a 1-10 scale makes it easy for you to see which ones suit you best and can help you the most along the way. I'm guessing the ratings were all relative and subjective, which means you provide your own insight as to what works best for you which is a good skill to have.
ReplyDeleteHi Aaron,
ReplyDeleteI liked the way you used a ranking system for the VRIN analysis. It made reading through all your resources simple and easy and your numerical system allowed me to easily understand your analysis of each resource. I agree with your conclusion about your most advantageous resource being your connections with individuals. As an entrepreneur, connections are important when trying to drive your business forward.