23

VRIN Assessment

valuable, rare, inimitable non-substitutable 

Understand Consumer

V: Gives me insight into consumer behaviors, how to better market to them and what their desires and habits are.

R: It isn’t common that in a service industry the owner and founder is so well aware of who their consumer is. I am the ideal consumer for my business.

I: This will allow me to develop habits on how I treat my consumers that other businesses that copy mine aren’t able to do.

N: This exact mindset of knowing my consumer is the key to my company and what makes it so necessary for my business to run.

Capital

V: I have the financial resources necessary.

R: It’s rare that a student like me that also understands the consumer so well is able to have the financial resources necessary to start a company that is related to them being the consumer

I: Capital simply can’t be copied because it is a financial resource that others either have or don’t.

N: This capital is what will allow me to grow the company and without it I wouldn’t be able to do so or I would have to lose equity in the company.

Access to app designers

V: This will allow me to create the app that my company will use.

R: This is so easy for me being at a large university that others that are starting businesses similar to mine don’t have since they are adults or in a different state of life and would have to pay a lot to create the app they want to make.

I: This is something that I have because I am at university and something that if a person were to come to school as an adult, wouldn’t be given the same privileges because it wouldn’t be a student asking another student it would be an adult asking a student.

N: This, like capital is another need of mine to develop the company that I plan on creating.

Access to dorm lifestyle

V: Living in a dorm, I have access to the area that I am marketing to. Since my service is focused on cleaning dorm rooms, it gives me the ease and ability to understand the issue that needs to be solved.

R: Most people starting a company or cleaning service are not college students living in dorms, so although they may very well understand their customers issues, they are not facing these issues themselves.

I: This isn’t something that can be simulated or surveyed. Even if someone were to poll students on what they need to keep their room clean, I have a full year of experience to actually see the issues that occur. 

N: Knowing the issue and problem so well is what will allow me to then solve the problem. I can know exactly what needs to be cleaned and market to it.

Student Cleaners

V: Since my company idea is based off of having student cleaners clean dorm rooms for cheaper, living on campus at a University gives me access to a plethora of the employees I will need.

R: I have a direct connection and ease of relation to the employees that I must hire that other companies don’t. I am a student just like my employees.

I: Unless one also starting this idea lives on campus, then they won’t have the same relations I do with students.

N: This abundance of not only consumers but people willing to meet their need is one of the strong points of what allows me to lower my cost and have a strong running service.

Customers that have stated interests

V: Many people I have interviewed have already showed that they would definitely be using my service. This is valuable because less risk is then associated with starting a company in order to not be afraid to get the ball rolling.

R: Always when you start a company you know the interest is there and the problem, however, you don’t always know that customers will instantly buy your product.

I: The direct interest that I have from customers is something that you can’t purchase, I just so happened to have developed a service that directly hits at something people want.

N: Without this direct statement of interest and use from future customers, I wouldn’t be able to throw myself into a venture without worrying about extensive risk.

Competitive Price Advantage

V: This price advantage is what attracts customers to my service.

R: In the service industry it is rare to find a way around high prices when others are performing a service.

I: This service since it relies on college students in a college town, can’t be copied by other services using trained professionals that cost more.

N: This cheaper prices allows for me to be able to market my business to a college demographic because of their lower willingness to pay.

Entrepreneurship Connections

V: It allows from to gain insight into what I need to do from an entrepreneurial perspective to grow a business.

R: It isn’t always that people have such an easy outlet and resource that I have such as my dad being an entrepreneur himself.

I: This knowledge is just that. Knowledge. You can’t copy or steal what someone has learned.

N: This has allowed me to gain perspective and an idea of what to do and not to do that has allowed me to grow the idea for my business.

Relationship with competitor

V: I am able to understand what I can be doing better that attracts customers to my competitor.

R: Not always are people in an industry well related and in communication with their competitor, leaving them at a disadvantage of what to do better.

I: You can’t copy the personal interaction that I make with competitors. Since I socialize well, this gives me an advantage.

N: This allows me to create my business to be better even before I start my business or do with it as I see is best based on my competitors’ experience.

Familiarity with Service Market

V: This gives me insight into what a service market is and how to take care of customers.

R: I have had the experience and life where I have been dependent on many service companies to provide for me, giving me good experience for my own company.

I: My life experiences are unique and what led me to develop a business to customer relationship that can’t be copied because of my experiences and ideas being unique to others.

N: This gives me an edge in understanding what the purpose of a service industry company needs to do and allows me to base my company off of that.