Current resources:
·
Human capital:
o
Intelligence
o
Familiarity with technology/Social media
marketing
o
Creativity
o
Organization
o
Time-management
o
College Education
·
Social Capital:
o
Large network of potential customers at UF
o
Smaller, yet still significant network of
potential customers outside of UF
o
Family connections (Father is CEO of
Orangetheory Fitness)
·
Capabilities:
o
Ability to creatively attract new
customers/retain current customers using a dynamic vs static approach to
marketing
o
Personally connecting with target audience
o
Creative/graphic design skills for branding and
logos
VRIN:
o
Intelligence: I can estimate whether a decision
will have a good or bad impact on my target market due to my familiarity with
it and prevent costly mistakes
o
Familiarity with technology/Social media
marketing: Many people older than my generation have trouble keeping up with
trends in media and technology but I’m immersed in the world of social media
and can keep a business on the same playing field
o
Creativity: I was an art student and still
practice design every day
o
Organization: I know how to organize goals and responsibilities
as well as delegate tasks to capitalize on time and efficiency
o
Time-management: This goes with the previous
bullet, but specifically, due to my being in the target market, I know which
tasks or objectives deserve more time and consideration
o
College Education: In addition to “street smarts”
I plan to graduate with a Bachelor’s degree in advertising with a minor in
Entrepreneurship, which has trained me for things like this
·
Social Capital:
o
Large network of potential customers at UF: Due
to involvement in school, campus and Greek life, I have an extensive network of
potential customers and influencer whom I could reach out to create a large
audience from the get-go
o
Smaller, yet still significant network of
potential customers outside of UF: My pre-college connections extend well
beyond UF and give me an additional perspective on the non-Florida-centric
mentality
o
Family connections (Father is CEO of
Orangetheory Fitness): The connections this gives me work with franchisees
around the nation, advertising and PR firms, boards of director and more
·
Capabilities:
o
Ability to creatively attract new
customers/retain current customers using a dynamic vs static approach to
marketing: this approach would be constantly updated to reflect only the latest
trends in marketing and branding, including promotions, sales and loyalty
programs
o
Personally connecting with target audience: they
are all within ten years of my age and this allows for more personal and
customized interactions.
o
Creative/graphic design skills for branding and
logos: this is a skill that a lot of people lack, especially in the business
world, and could save me a lot of money in keeping me from having to outsource
for creative content
I think the most important resource to my venture is my
social and human capital in that the market I am dealing with is close to my
age, and who better to talk to a millennial than a millennial. There are so
many changing things in the world today when it comes to media vehicles,
marketing, innovative ways to reach a larger percentage of a target market and
even just the tone and image that people respond to. Having control over that is
essential to building a lasting and successful business.
Great post, Megan. You did an awesome job characterizing all of the different resources that you have. It was really thorough. I organized mine much differently than you did, but the way you chose to do it works well for your post. I would agree with you that your social capital seems like your most valuable resource out of all of them.
ReplyDeleteHello Megan! You organized and explained the information well, making it interesting to read. Being in the market of people you would be selling to will be a huge advantage to use while launching this venture. Also, I think the graphic design skill could help you as a startup, not having to pay someone else to do all your graphic design.
ReplyDeleteMegan,
ReplyDeleteGreat post! You made it very organized and easy to read so that we can understand what are your advantages for each category. Being tech savvy and active on social media gives you a big advantage over others because of marketing and advertising. Since your audience is people of our age, it will be easy to advertise and connect with them personally, making your product easier to sell. You having a background in graphic designing is also very helpful because it will reduce your costs that you would have to pay someone else to do.
Hey Megan,
ReplyDeleteI do think that what you have to offer as a company will help in in your future endeavors. However, it really does help to take a really quick look at Dr. Pryor’s example of excellent student submissions; that way you really know what he is looking for. I think he wanted ten specific things that help your business be successful, then create a VRIN od each thing.