23A – Your Venture’s Unfair Advantage


Generate a list of all of the resources in your venture (produce a list of at least 10 resources that you already possess). This can include your human capital, social capital, financial capital, and capabilities. You may also discuss the organizational culture you intend to create (but, obviously, it's not a resource that you have, now.) 

1. Proven product performance 

2. Proven locations

3, Financial  stability

4. Excellent credit rating 

5. Partner interest if necessary 

6. Food suppliers long standing relationship 20 years

7.  Local customer loyalty

8. Solid stability employee team wise

9. My 35 years experience in the restaurant business

10. Im a working owner that has and can perform any job or task in my business .



Conduct a "VRIN" analysis for each resource. That is, describe, for each resource, how it is valuable, rare, inimitable (how hard it is to copy by others), and non-substitutable (are there other resources that can provide the same benefits?). 

1. Proven product performance - Best Pizza Orlando Sentinel 5 years, and numerous other awards in other publications.

2. Proven locations - My locations have all proven themselves by hard numbers. 

3, Financial  stability - I have made an excellent living over the past 20 years, again proven by hard numbers.

4. Excellent credit rating - My financial stability has turned into an excellent credit score for myself and the business. Additionally, I have excellent credit with all my suppliers and can pay on a monthly or quarterly basis. 

5. Partner interest if necessary - I have had numerous partner and franchise and interest. If major expansion is something I decide to do I haver the ability.  

6. Food suppliers long standing relationship 20 years - Because of my strong performance over the years and paying on time I have created an extremely strong relationship with all my suppliers as well as friendships. 

7.  Local customer loyalty - Local customer loyalty is the hardest but the best to get. Its much more reliable then a seasonal tourist customer base then can be extremely unreliable, especially in Florida mainly because of the weather and world/ national economy issues. Right now with the virus is a good example. 

8. Solid stability employee team wise - Building a good team had taken me years, but taking care of your employees and them taking care of the business is a give and take that not everyone understands. 

9. My 35 years experience in the restaurant business - I stated working in restaurants when I was 15 years old, I am 50 now. There isn't anything I haven't done from the top to the bottom. 

10. Im a working owner that has and can perform any job or task in my business - Not a lot of owners choose to be a working owner and loose touch of the workings and product stability. I believe this is a mistake. Showing employees you can do their job, they gain more respect for you.


Remember, not ALL resources will measure up well. That's OK. You just need one.

After conducting the VRIN analysis, determine what your top resource is. Explain why it's more important to your venture than all of the other resources.

I believe my greatest attribute is my 35 years experience and still working. Having a great product would also be as important. But without a strong work ethic and experience you have nothing no matter how good the product is.

Comments

  1. Yuma FukamiApril 10, 2020 at 9:09 PM

    Hi RA, I really enjoyed your post!
    In your business concept, I think your experience/skill is the best resource. They are hard to acquire and precious for your employee. You must be a good manager and leader who can teach or how how to work at your restaurant. I think your strength is that you are not like an executive but one of the workers, which I think can make a good atmosphere among workers. Nice work!

    ReplyDelete
  2. Aislinn HarnettApril 12, 2020 at 4:07 PM

    Hey RA,
    I really enjoyed your post. I think you did a through job analyzing the VRIN for all your resources. Its great that you are so hands-on with your restaurants, as from my experience working in food service tells me that it definitely helps your workers to respect you.I agree that your best resource is your extensive experience working.

    ReplyDelete

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