Assignment 23A - My Venture’s Unfair Advantage

Assignment 23A - My Venture’s Unfair Advantage

1. Industry Experience: I have worked in the horse industry for over 26 years.

• Valuable: This is extremely valuable, as I know the market
• Rare: this is not at all rare, as many people have this experience
• Inimitable: this is somewhat imitable, but not entirely because my experience has individual qualities
• Non-substitutable: there is no substitute for experience
1. Lack of Competitors: There are no providers of cremation services for horses in this area
• Valuable: This is very valuable. I will have a temporary advantage of this lack of competition.
• Rare: yes, but possibly temporary.
• Inimitable: service is unique in this area, but could easily be imitated
• Non-substitutable: current alternatives will continue to be available, even if in violation of regulations.
2. Social Capital: Many contacts with target market
• Valuable: I have familiarity with buyer behavior and existing relationships.
• Rare: somewhat rare.
• Inimitable: Other providers could emerge with similar connections.
• Non-substitutable: This cannot be substituted
3. Existing need for service: current substitutes will not be available long term.
• Valuable: Absolutely.
• Rare: currently rare, other options may emerge that fill the need.
• Inimitable: The need can’t be imitated.
• Non-substitutable: Once again, there are other substitutes, but will not likely be available much longer.
4. Relationships with referring entities: local vets and trainers would refer to me
• Valuable: yes, this is a network-based community.
• Rare: not rare
• Inimitable: This relationship might be imitated if the competitor came from this community
• Non-substitutable: hard to substitute.
5. Equine Organization membership:
• Valuable: This is valuable as a networking resource.
• Rare: Not rare.
• Inimitable: imitable.
• Non-substitutable: It would be hard to find a similar way to gain access and credibility of recognized organizations
6. My empathic nature
• Valuable: I am the perfect interface between grieving owners and my business
• Rare: not necessarily but rare in combination with my other connections.
• Inimitable: others could be empathetic as well
• Non-substitutable: there is no substitute for empathy
7. Small business experience:
• Valuable: I’m entrepreneurial and scrappy, yes.
• Rare: This is not rare because there are many small business operators in this area
• Inimitable: highly imitable
• Non-substitutable: Hard to equate the experience of running a small business for over 20 years
8. Desire to provide this service.
• Valuable: yes, this would not just be about money.
• Rare: most likely, no.
• Inimitable: This could be imitated
• Non-substitutable: I could not substitute this drive to deliver dignified aftercare for these animals.
9. Communication skills: necessary for client relations and fundraising for initial venture investments
• Valuable: absolutely.
• Rare: Rarer than you may think, horse-people speak their own language.
• Inimitable: very imitable.
• Non-substitutable: communication skills are not substitutable

After doing the VRIN analysis, it became apparent to me that the combination of my social capital, need for my service, and lack of competitors hold the mix of advantages that would position me uniquely with this business venture. The magnitude of the need for this service could absorb competitors, as long as there are horses in this area, there will be a need.