My Unfair Advantage

Hey everyone,

This is my post dedicated to "My Unfair Advantage", where I list of ten of my best resources and using a VRIN analysis, really determine which resource provides my greatest "unfair advantage". So without further ado here it goes.

#1. A large, diverse, and specific target market
V: I believe that having a very distinct, yet diverse target market is extremely valuable due to the fact that it allows me to cater to many different types of students all under the same type of market setting.

R: I do not believe it is rare to have a market like the one that I have described, although I do believe it is still very advantageous.

I: I believe it is extremely hard to imitate this market, even at other large, state schools.

N: There are no substitutes for this market.

#2. Expert advisors to give me help starting my company ( 2 of the 3 Human Capital)
V: I believe that having previously worked with two market experts gives me critical insight has to how I should approach this start-up.

R: I believe that it is pretty rare at my age to have already done business with two experienced people within the same market, and being able to use them as guidance.

I: Obviously, these relationships cannot be imitated in any fashion. However it is possible for others to have strong human capital as well.

N: There are also no substitutes for these relationships and experts.

#3. We offer lower prices than that of the competition
V: This is a very valuable concept for my company because students every year spend thousands of empty dollars on materials and supplies they do not use.

R: This is not extremely rare, but it is uncommon to find lots of textbooks at fair or low prices.

I: This, I presume, would be pretty easy imitate for the most part, as there are companies elsewhere that have attempted to do this.

N: There are other resources that could provide the same benefits, however I believe that I will be able to provide these "benefits" in the best and most affordable way possible.

#4. Lower up-front costs
V: This is always an extremely valuable asset to have. In this way, I will not be spending as much money to start the company. However marketing costs could be expensive, which I need to watch for.

R: I do not believe that it is very rare to have low start-up costs.

I: No, I do not believe that it is very easy to imitate low start-up costs

N: The only substitute for low start up costs would be high start up or intermediate start up costs.

#5. User-friendly and student to student interaction
V: This is extremely valuable because it will make shopping easier, faster, and friendlier for everyone.

R: Yes, I believe it is really hard to find extremely user-friendly service, as well as student to student advice forums on book-selling websites.

I: Yes, this could be imitated by other companies if they chose to.

N: There is no substitute, in my eyes, for these types of services.

#6. Same-day delivery services
V: I believe this creates the greatest amount of value due to the fact that it gives students their materials right when they need them.

R: Yes, this is an extremely rare attribute for a business to possess.

I: Other companies could imitate this, but it would be extremely hard for them to do so.

N: The only substitutes would be to go to the store and pick it up yourself, or next-day delivery.

#7. I have experience with marketing start-up companies
V: This is extremely valuable when you have worked for companies similar to yours that also cater to your same market. This will prove to be extremely valuable in the beginning stages of my companies development.

R: It is not rare to have field experience, although it is extremely advantageous.

I: You cannot imitate real-life experience.

N: There is also no substitute for actual market experience.

#8. Our clients will be able to achieve greater profit margins with us
V: This will create a lot of value for both us and the customer as they will have to opportunity to sell their books on our website, and in turn it will increase web traffic and publicity for us.

R: This is not extremely rare as a few other websites allow you to do this.

I: I believe this will be pretty easy to imitate for other companies.

N: Facebook selling or selling back to the bookstore (what a joke) are the only substitutes.

#9. A brand name that heavily identifies with my market (ChompNation Books)
V: When people around UF hear that name, they know it is specifically dedicated to their needs.

R: This name is both unique and rare.

I: No other companies would be able to imitate this name.

N: There are no other substitutes for this company name.

#10. A customer-first culture that makes people want to be a part of ChompNation
V: This will make customers return and continually give us their business, which adds an ample amount of value.

R: This is (sadly) a rare concept in reference to many of my competitors nowadays.

I: Other companies would be able to imitate this culture for themselves if they wanted to do so.

N: I believe their is no substitute for this type of company culture.

After performing a VRIN analysis on all of my resources, I believe that my own marketing experience is my greatest unfair advantage. You cannot buy or put a price tag on experience, especially in your field of interest, and at my age not a lot of kids can say that they have already worked for multiple start-up companies. This is what I believe separates me from the rest of the pack.

Until next time,

-Bryce