1. Passion
V: This is valuable because passion will drive our company to provide the best service possible
R: Most people lack passion these days
I: You can't copy passion and a person's drive
N: Not many resources can just provide passion
2. Practicality
V: your service needs to be practical for people to want to use it
R: this is somewhat rare because people come up with ideas that are sometimes great but largely impractical
I: It's hard to imitate practicality because this is practical only for the students for UF
N: there are some (uber and the bus) however not on the weekends
3. Speed/ accuraccy
V: everyone in the world values their services coming promptly and on time
R: this is rare because since many services rely on human capital, human error sometimes disrupts the delivery of the service to customers
I: You can't imitate speed if your company hasn't ingrained it into the culture.
N: Uber is fast depending on the driver
4. attention to detail
V: this is extremely valuable because in any company you need to be meticulous and pay attention to everything that is going n especially when servicing customers
R: this is rare because too many company disregard small details that could otherwise make their company great
I: it's hard to imitate this because it has to be a habit that is taught and developed
N: no other ride company her in gainesville pays attention to detail as much
5. affordability
V: this is valuable because college students want transportation that is affordable
R: this is rare because when demand is high owners usually want to drive the price up
I: this is hard to imitate because if some services changed their pricing model they would fail
N: uber is inexpensive depending on the trip and time, and the bus is free fro students
6. comfort
V: this is valuable because a comfortable ride is something everyone wants doesn't always think about.
R: rare because some services are more worried about amount of people fitting than fitting a certain number comfortably
I: this is hard to imitate because unless your product was initially aimed at providing comfort
N: the bus isn't so comfortable and uber really depends on the car
7. mobile capability
V: valuable because people are on their phones all the time these days and need to know
R: not really rare because many companies are beginning to utilize mobile
I: not hard to imitate
N: the bus has a tracking app and uber is operated through an app
8. our payment options
V: this is valuable because to pay for the bus besides cash, or bus card, you can pay through credit or debit
R: this is rare because general bus services don't accept card payments of any type
I: hard to imitate because the cost of adding hardware to do direct card transactions
N: uber drivers and the bus dont have direct swipe features although uber is linked to your card which is convenient
9. compact size
V: the vans used for transport are a small size and not huge like busses which provide for faster service
R: this is rare because you either see huge vehicles being used for transport or small ones but nothing really in between
I: could be imitated but not effectively implemented
N: the only other service close to this is SNAP however it takes FOREVER and is only On-campus
10. For students by students
V: this valuable because a lot of students look for jobs while in school but find it hard to attain them.
R: rare because not many places can hire lots of students to work
I: show me a travel service that is open to hiring students that doesn't require them to have a special license or their own vehicle
N: there no travel services that provide this benefit for students
My top resource is speed and accuracy. Students need something that will get them places fast more than anything else. They don't want to spend 40 mins on the bus trying to get home.
Hello Edward,
ReplyDeleteI like how you broke down each VRIN element in your resource list. You have the right idea of what is needed to run a successful business. Having passion as your #1 resource shows the type of entrepreneur you can be. In addition, your attention to detail affordability can provide you with a good loyal customer base.
Here is the link to view my unfair advantage post:
http://felixalfaroent3003.blogspot.com/2016/03/my-unfair-advantage.html
Hey Edward,
ReplyDeleteAs for your business idea it kinda sounds a lot like Uber, and that by itself has made this market incredibly difficult to compete with in terms of marketing and pricing. Your top resource has some truth for sure, I personally have to ride the bus for about 30 minutes from campus to the Pavillion. Best of luck and if you want to check out my blog feel free to at : http://derekdonahueentrepreneurship.blogspot.com/