For this assignment, I
have compiled a list of all my resources and conducted a VRIN analysis for each
by ranking each characteristic on a scale of 1-10. The results of this analysis
are as follows:
Resources:
1) Savings (Financial
Capital) V: 7 R: 5 I: 1 N: 9
2) Access to lines of credit
(Financial Capital) V: 9 R: 6 I: 2 N: 10
3) Management experience
(Human Capital) V: 9 R: 7 I: 5 N: 9
4) Motorcycle mechanical
expertise (Human Capital) V: 5 R: 8 I: 6 N: 5
5) Connections to
individuals familiar with the motorcycle market (Social Capital) V: 9 R: 4 I: 5 N: 8
6) Connections to an
individual with experience in marketing/PR V:
7 R: 5 I: 4 N: 8
7) Connections to an
individual with experience in accounting V:
6 R: 5 I: 5 N: 7
8) Dodge Ram truck
(Financial Capital) V: 9 R: 3 I: 1 N: 6
9) Knowledge gained from
ENT3003 (Human Capital) V: 10 R: 7 I: 6 N: 10
10) Expertise with Excel (Capabilities) V: 6 R: 5 I: 1 N: 7
11) Credit Cards (Financial Capital) V: 6 R: 2 I: 1 N: 6
12) Connections via Facebook (Social Capital) V: 6 R: 4 I: 3 N: 4
13) Connections to an individual with expertise in
electronics (Social Capital) V: 8 R: 7 I: 4 N: 7
Conclusions: I believe the most
valuable of these resources is access to lines of credit. Start-up capital will
be essential to get my venture off the ground. The ability to borrow this
capital under favorable terms will allow me to generate the necessary cash flow
for this venture.
Hey Zachary,
ReplyDeleteAwesome job with this weeks post! I like all of the resources you have listed and can see how every single one of them will be an advantage for your venture. I agree that your most valuable resource is your access to a line of credit. A lot of young entrepreneurs do not have this resource because they have not been building their credit long enough. The fact that you have access to this early on in your venture is an amazing resource to take advantage of and get the ball rolling.
Hi Zachary,
ReplyDeleteYour post stood out to me because unlike me and some others, you actually rated each category of VRIN. I was wondering at the beginning of reading your post if you were going to add up all of these numbers and then decide which was most valuable from the biggest number. Did you consider doing that? I believe your line of credit will be very valuable to you because without start-up money you can't really start much.
Thanks for sharing,
Sydney