Tyler_Principles of Entrepreneurship

Tuesday, April 7, 2020

Your Venture’s Unfair Advantage


Resource List and VRIN: 
  • Consumer Oriented culture 
    • VRIN: This is valuable (V) because it shows that the business will not serve us as the owners as the priority, but will serve the customer as the priority, which is how loyalty is built. It is rare (R) because most companies do not go the extra step to gather feedback from their customers or offer their customer the support that they would want as a customer. This resource is inimitable (I) because it requires an understanding of the customer that not every company has as well as the best. It is non substitutable (N) because this resource creates loyalty from customers in a unique way which not every resource can do. 
  • Integrated software design 
    • VRIN: This is V because it allows the user or the customer to come back to the application product and use it for multiple things in their job, instead of just for the one service. This is R because some applications exist for this product area but only focus on showing the wait time for the patient, but do not offer flow management. This is I because it requires technical and social expertise, as well as an understanding for how the two merge together on a platform. This is N because it offers people solutions in an industry with technical products that aren't intuitive. 
  • User friendly interface 
    • VRIN: This is V because it allows the customer to operate on the device smoothly and logically. It's easy to use. It is R because typical softwares made for medical companies are not always intuitive. It is I because it's difficult to find friendly interfaces and make them, unless you have been a customer in that industry before. And if is N because its the resource that can provide customer satisfaction and dependence in unique ways. 
  • Relatable customer service team
    • VRIN: It is V because the people interactions are what people remember most about dealing with a company. It is R because most companies do not have relatable customer experiences but are rather trying to get the most money out of their customer as possible. It is I because it can only be duplicated by intentional and wise training. It is N because its the only resource that deals with serving the customer on the personal level. 
  • Marketing ingenuity 
    • VRIN: It is V because it can relate the product to the needs and desires of the customer that may be out of their initial assumption for what the product can do. It is R because many companies have a product that they put on the market but few can connect its value to the personal lives of customers. It is I because it can only be duplicated with artistry not necessarily an education. It is N because it is the resource that actually brings sales and profit to the company. 
  • Innovative and ground-up organizational culture that values each employee as an individual and not based on what they can offer 
    • VRIN: It is V because it is what makes the company sustainable and produces a culture that helps employees enjoy their work. It is N because it the only resource that works internally and makes the designers of the product more innovative. It is R because most companies tend to value their employees based on their position. It is I because it requires leadership that is usually hard to come by. 
  • Experts in the medical industry are consulted consistently in the creation and use of the product 
    • VRIN: It is V because they can provide the best feedback on how the product functions, since they are in the field. It is R because a product like this may be more commonly made by software engineers who may not consult with the industry they are coding for every-time that they develop something new. It is I because it requires relationships with people in the medical field consistently which not everyone is willing to put the time into. It is N because it is the only resource that uses the perspectives of those that are going to use it in order to develop the product. 
  • Local network of hospitals/healthcare offices from UF to test product nearby 
    • VRIN: It is V because it can serve as a trial or incubation resource that develops and perfects the product. It is rare because we have a top hospital system readily accessible nearby, whereas some entrepreneurs have to move. It is I because it, like R, it cannot be found many places in the country. This hospital system has all the conditions possible to test it  in. It is N because it is the resource that provides a testing site that mirrors the market perfectly. 
  • My capabilities include solving problems from an organizational perspective. This skill will be useful in making sure the technology seamlessly connects to the way the operations work
    • VRIN: It is V because it makes sure the product doesn't just get the results correct but makes the customer enjoy using it to get there. It is R because most technical products are not presented simply and can be intimidating. It is I because this requires both an understanding of people and technology. And requires a production process that is as unique as Apple. It is N because it is the only resource that deals with the actual production system of the product. 
  • How integrated this brand will be assist with multiple health administration tasks, not just managing the flow of patients 
    • VRIN: It is V because it allows the user to use the product for more than one service, which helps the overall brand. It is R because usually these products do not, not a lot of these products at least, have an integrated ability and can do it well. They usually tend to be better in one aspect or another. It is I because its hard to find engineers and people who are good with systems who can produce it in this way. It is N because it is the only resource that provides the business with variety and diversification in terms of the services that the app provides. 
Top Resource: 
I have determined that the top resource is the integrated software design resource that this initiative has. I chose this because it is the only resource that can offer a practical difference between competitors and is also one that has proven to be effective in other industries as well. This would be a unique resource still because the medical industry is not one that has this unique attribute compared to another industry like consumer electronics. The integrated software design is necessary because this idea is bringing a very technical and computational product to an industry of people who need to use it quickly and efficiently, not having to think so much to navigate the app, but rather are able to use their intuition to input data and track statistics. 
Posted by Tyler Jacobs at 5:23 PM
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      • Final Reflection
      • Venture Concept No.2
      • Your Exit Strategy
      • Reading Reflection No. 3
      • Celebrating Failure
      • What's Next
      • Venture Concept No. 1
      • Your Venture’s Unfair Advantage
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