My Unfair Advantage

 I really like numbers so I created a numbering system to rate each aspect of VRIN:

1.     Strategic thinker

-        Valuable:                    extremely (5)

-        Rare:                          yes (4)

-        Inimitable:                  fairly difficult (4)

-        Non-Substitutable:     yes (2)

VRIN: 15

As a strategic thinker, I can easily see patterns that others do not. I analyze different scenarios and often ask “what if ?” This is extremey valuable because it allows me to see patterns in data that others do not, such as customer buying trends, patterns in data that show hidden opportunities, or even hidden obstacles or upcoming slumps in certain markets. This would give me a huge competitive advantage in the business world. It is rare because it is a distinct way of thinking and not a skill that can be taught, which is why it is also non-substitutable and fairly difficult to be copied by others. The only way other businesses could copy this resource is to hire someone else who also is a highly strategic thinker.

2.     Creativity

-        Valuable:                      extremely (5)

-        Rare:                           yes (3)

-        Inimitable:                   fairly difficult (4)

-        Non-Substitutable:     yes (2)

VRIN:  14

I am an extremely creative person and I am constantly thinking of new products or inventions that I wish already existed. This is something extremely valuable because it means that I am constantly innovating and trying to improve upon the products that are already out there. This is rare because a lot of people just accept products for what they are and do not think about how they can be improved upon. This is fairly difficult to copy because everyone thinks in a unique way so my exact creative thinking cannot be exactly copied, which is also why it is non-substitutable.

3.     Detail oriented

-        Valuable:                     extremely (5)

-        Rare:                           yes (4)

-        Inimitable:                  average (3)

-        Non-Substitutable:     yes (2)

VRIN: 14

Being detail oriented is extremely valuable because it allows me to see a lot of different opportunities that others miss. Bringing this resource to a business would allow the business to take on opportunities that they previously didn’t even see. Rare because a lot of people don’t pay attention to the little details, or they do but never take the time to write them down so they can pursue them later. This is not a particularly difficult resource to copy, but everyone views the world differently and everyone interprets things differently, so what makes it of average difficulty to copy would be the way that I view things and how I interpret the different opportunities that I see. It is non-substitutable because a lot of the opportunities would have otherwise been missed.

4.     Knowledge of statistical software and data analytics software

-        Valuable:                           yes (4)

-        Rare:                                 yes (4)

-        Inimitable:                        fairly difficult (4)

-        Non-Substitutable:            no (1)

VRIN: 13

This kind of knowledge is definitely useful. It allows me to understand, analyze and interpret data that other people view as “just a bunch of numbers.” It can be useful in virtually any business venture because every business has some sort of data. It is also a rare skillset as it can be fairly difficult to master how to use the various software as well as use it practically. However, it is not non-substitutable because there are other resources and businesses out there that you can pay to analyze data for you.

5.     People Pleaser

-        Valuable:                           extremely (5)

-        Rare:                                 somewhat (3)

-        Inimitable:                        average (3)

-        Non-Substitutable:            yes (2)

VRIN: 13

Being a people pleaser means that I have a natural tendency to listen to the needs of others and try to meet them. In a business venture, this is extremely valuable because it means that I will naturally want to meet all the needs of my customers and genuinely care about what they think of my product/service. This is somewhat rare and of average difficulty to copy. Many businesses want to please their customers because it means more revenue for them, but few put customer happiness above incoming revenue. It is non-substitutable because no other resource can provide the same benefits as putting the needs of customers first.

6.     Entrepreneurial mindset

-        Valuable:                           yes (4)

-        Rare:                                 yes (4)

-        Inimitable:                        average (3)

-        Non-Substitutable:            no (1)

VRIN: 12

Having an entrepreneurial mindset is definitely valuable. It is also something that is rare, but it is becoming less so as more and more people are branching out and actually taking advantage of the various opportunities that they see. It is of average difficulty to copy, as you definitely have to change the way you think and view things around you. It is not non-substitutable however because there are other resources that can bring the same benefits.

7.     Problem solver

-        Valuable:                          extremely (5)

-        Rare:                                 eh (2)

-        Inimitable:                        fairly difficult (4)

-        Non-Substitutable:            no (1)

VRIN: 12

Being a problem solver means that I am quick to come up with solutions to fix a problem without relying on others to help. It can be extremely valuable to a business because it means that they don’t have to rely on outside companies to fix things or come up with solutions for issues that customers have with products. I would say that this isn’t really a very rare resource, but it is fairly difficult to copy as it is a skill that is usually refined over time based on someone’s own experiences, so everyone’s strategies for solving problems will be slightly different. I would say that it is not non-substitutable because companies can always pay others to fix things or come up with solutions to problems for them.

8.     Futuristic mindset

-        Valuable:                           somewhat (3)

-        Rare:                                 somewhat (3)

-        Inimitable:                        fairly difficult (4)

-        Non-Substitutable:            no (1)

VRIN: 11

Having a futuristic mindset is somewhat valuable. The value that it brings is not tangible, but having this sort of mindset means that I am a visionary. I can easily picture the end product right from the beginning, and I can connect goals that I know are years and years down the road to the small actions that I am doing now. This is what keeps me motivated, and it will often times motivate others as well. It is difficult to gauge how rare this mindset is, but from my own experience I have run into a few but not many people who tend to think in this way. It is fairly difficult to copy, as it is again a way of thinking and not a learned skill. However, it is not non-substitutable because other resources could provide the same motivation for myself as well as others.

9.      Microsoft Excel and Microsoft Access Certified

-        Valuable:                           yes (4)

-        Rare:                                 somewhat (3)

-        Inimitable:                        fairly easy (2)

-        Non-Substitutable:            no (1)

VRIN: 10

I would say that having these certifications are definitely valuable as it is a skillset that is somewhat rare. It is fairly easy to copy this skill set, as all it would require is classes and the certification tests, however these can be costly. It is not non-substitutable, as someone who is not certified could also easily possess the same level of proficiency that is required to pass the certification.

10.  Positivity

-        Valuable:                          extremely (5)

-        Rare:                                 somewhat (3)

-        Inimitable:                        easy (1)

-        Non-Substitutable:            no (1)

VRIN: 10

I think that having positivity is extremely valuable. Happiness and positivity in the workplace has been shown to greatly improve the efficiency of workers and as a result lead to increased sales (Zappos is a great example of this). I would say that it is somewhat rare because a lot of businesses overlook this and choose to focus on different aspects of the company. It is very easy to copy, but despite this many companies still do not create this kind of workplace culture. It is not non-substitutable, because the benefits of it (happier workers, increased sales) can also come from other resources.

Based on my ratings of VRIN, my top resource was strategic thinker. I think this is the most important because it is an umbrella resource. Without it, I would likely not be very good at analyzing statistical data and I would be as much of a creative thinker because I wouldn’t be asking “what if” all the time. It goes hand in hand with being detail oriented and gives me the opportunity to take advantage of data patterns and trends that others do not see.