23A – Your Venture’s Unfair Advantage

1) Deep knowledge of the Supplement Industry. 

-Valuable: I have been a consumer in this industry for over 7 plus years and have tried well over 200 products. This has allowed me to understand and learn about a variety of different ingredients, as well as discover what works and what does not.

-Rare: This is rare because not many individuals have this long of an experience being a consumer in this particular industry.

-Inimitable: It is possible to gain the same information that I have gain, however, it is difficult due to the time it would take to gain this kind of knowledge.

-Non-substitutable: My knowledge of the supplement industry inspired me to pursue this venture in order to correct a lot of the falsehoods made by various supplement companies.

2) Personal Network. 

-Valuable: Having a vast network of friends can bring forth new ideas and opportunities that would be unavailable without it.

-Rare: I wouldn't say this kind of resource is rare, however it is difficult to build.

-Inimitable: The connections that I made personally are not inimitable. My connections are unique to me personally.

-Non-substitutable: I do not think this resource is possible to replicate in any way, therefore it is extremely valuable.

3) Professional Network.

-Valuable: Developing a professional network is important in order to grow your venture in a particular industry.

-Rare: Building a professional network is difficult, therefore it is by necessity rare.

-Inimitable: The exact professional relationships that I have personally built are inimitable. They are impossible to replicate.

-Non-substitutable: I think this is the greatest resource because no other could grant the same value.

4) Work Experience in the Supplement Industry.

-Valuable: I used to work at GNC as a cashier, where I interacted with well over a thousand customers and gained serious insight into the mind of the consumer.

-Rare: I don't believe many business owners have the knowledge that I do personally, therefore it is rare.

-Inimitable: No, it is impossible to replicate this kind of experience.

-Non-substitutable:  I do not think any other resource could add this kind of benefit.

5) Time management skills. 

-Valuable: The ability to spend my time productively and efficiently allows me to complete work at a fast pace.

-Rare: I do not believe this skill is necessarily rare because many people claim to have this skill.

-Inimitable: Yes, anyone can build this skill.

-Non-substitutable: Yes, I do not think any other skill can fulfill this skill position.

6) The Uniqueness of the products. 

-Valuable: Yes, the products that Anam Beauty and Wellness are unique which means consumers must come to us for our specific products.

-Rare: Yes, not many people manufacture these kinds of products.

-Inimitable: Yes, other companies could manufacture similar products.

-Non-substitutable: Yes, there is not another product like these.

7) Cheap cost.

-Valuable: Allows my profit margins to be greater.

-Rare: Yes, but it is variable.

-Inimitable: It depends on where you manufacture your product and what kind of product it is.

-Non-substitutable: No, you could find another similar product to manufacture cheaply.

8) Entrepreneurial Experience.

-Valuable: Allows me to understand how to get the company functional and operational, as well as turn a profit

-Rare: Yes, since this skill takes time to develop.

-Inimitable: Yes, someone just needs to put in the work.

-Non-substitutable: Yes, this skill is not substitutable at all.

9) Branding.

-Valuable: The branding is unique and eye catching. This draws recognition to Anam Beauty and Wellness.

-Rare: Yes, my branding for Anam Beauty and Wellness is Trademark protected and therefore is rare.

-Inimitable: No, no one can copy this branding.

-Non-substitutable: Yes, the branding is unique to my business.

10) Social Media Experience.

-Valuable: I understand how to properly run and manage a professional business account that allows me to connect to the world.

-Rare: Yes and no. I am no social media expert, but I definitely know more than the average business owner.

-Inimitable: Yes, someone can learn the same social media experience that I have.

-Non-substitutable: No, social media is a key part of marketing and therefore there is not a substitute to that experience.


Summary:

-On completion of the VRIN analysis, I realized that my valuable resource is my professional network since it allows me to connect with professionals in my industry that promotes my venture, as well as their own.