Assignment 23A: Your Venture's Unfair Advantage

1)     Food Allergy Experience: I have had a negative food allergy experience, so I know what is like to be frustrated when trying to diagnose the issue.

a.      V: I think it is valuable because this connection is what drives me to exploit the opportunity and try to find a solution

b.      R: It is not very rare, because millions of people have had food allergies/sensitivities at some point in their lives

c.      I: This resource is hard to copy, since no two people share the same experience

d.      N: Someone else could have had this idea before me or used their experience

2)     Marketing Experience in Health Field: I had a marketing internship at Florida Hospital East Orlando, so I have had exposure to marketing to doctors.

a.      V: Marketing to people in the medical field can be difficult, but it is good to have a basic understanding of how to do it

b.      R: Many people have the opportunity to have ride along internships with physician relation employees, etc.

c.      I: Again, this resource is one of those one two people can share the exact same experience. What I learned from this can be completely different from someone else

d.      N: Also, similar to the first resource where it could have been any intern in that position

3)     Gastroenterologist Contact: I have seen a few GIs during the year and they know me pretty well. My sisters are also very close with their GIs so I would have access to their knowledge.

a.      V: Food allergies/sensitivities are their field; they are incredibly important to helping develop this product

b.      R: Knowing a few GIs is not something that is very common among people, but it is not completely rare (just more out of the ordinary)

c.      I: It is not hard to copy at all, but it may take a while to develop a connection unless you are in the medical field or repeat patient

d.      N: Gastroenterologists are probably the most knowledge about the digestive system, you could ask a regular doctor, however their knowledge may be limited.

4)     Grassroots Marketing Experience: At my marketing internship, I learned how to market and advertise different things using little to no money, which helps if you do not have a big budget

a.      V: This is very valuable since not everyone is going to have large to unlimited funds for a project

b.      R: Many people have used this tactic, but sometimes it can be forgotten because of how simple it is

c.      I: Other methods of marketing can be used; methods that require money

d.      N: Money can substitute the need for these basic marketing tactics

5)     Target Market Exposure: A lot of my friends and family members have had food allergies ranging from small sensitivities to severe, severe allergies

a.      V: It is important to have an understanding of who your target market is. I can run a number of ideas by them and take their feedback into account

b.      R: This is not very rare because many people would be willing to share their stories, however, the stories and experiences of my friends and family are rare

c.      I: Other people in the market can copy this idea and they do need to know their target market in order to still be in business

d.      N: Other people can be used and also a more established company/product would be able to have actual customer feedback regarding the product

6)     Knowledge from Failed Entrepreneurial Venture: My mom briefly started her own business but had to shut it down due to errors in planning, etc. She always jokes with me that if I ever need advice on starting a business/product she will tell me what not to do.

a.      V: It is always good to learn from past mistakes

b.      R: Many people have had failed business ventures, ideas, etc.

c.      I: The fact that the person giving me advice is my mom cannot be imitated

d.      N: This could have been substituted with any entrepreneur who has made a mistake through the course of their business, idea, product design, etc.

7)     Persistence: This is one of my human capital resources. If I really love what I am doing or trying to accomplish, I will do whatever it takes to make it succeed

a.      V: Sometimes circumstances will keep your spirits low or try to convince you to quit, but you have to stick with it if you believe in it

b.      R: Many people are persistent

c.      I: No one will ever have my level of persistence; it is unique to me

d.      N: Persistence is hard to do without, it keeps you from giving up

8)     Increased Food Allergy/Sensitivity Rates: Food allergies and sensitivities are becoming more and more common. People are going to need information and tests to help deal with them

a.      V: This is what will be driving the market for my product

b.      R: Food allergies/sensitivities themselves are not rare, but unfortunately this works to my product’s advantage

c.      I: Any company with a food panel test can profit off of these increasing rates

d.      N: Other food panel tests can be used instead of mine

9)     Financial Donation for Research: My two sisters have had their fair share of dealing with food allergies and other health related issues. They are the kinds of people who would donate to a research project that would help other people live happier and healthier lives

a.      V: It is nice to have some money available especially when creating a product that will have lots of R&D put into it

b.      R: Many people are funded differently

c.      I: Anyone could donate to my cause, but it makes it that much more special that it would come from my family

d.      N: Other people could donate to my product’s research or development or I could fund it myself

10)  Adaptability: This would be reflected as my human capital and part of my business. I can respond to changes better than most people I know, and I would want my product to reflect that as well.

a.      V: It is crucial to be able to respond to changes that affect your market and your own personal life

b.      R: Many people are able to adapt, but some may be more suited to deal with these challenges than others. It is rare thought to adapt to a situation perfectly as there is always room for error

c.      I: I create my own level of adaptability and would create my own level for my business as well

d.      N: It is hard to be able to handle change without being flexible and adaptable. You could ask someone for outside help, but that may come at a cost.

It was very hard for me to come up with a resource list for this assignment. I think I was starting to over analyze things and I kept searching for the perfect VRIN resource, which may be difficult to find. However, I do believe that my most important resource would be the contact with the Gastroenterologists. Food allergies and sensitivities are part of their world and they know it best. Having GIs on board and being able to communicate with them would help create a product that would work and give the results that doctors, and patients would both want.