Your Venture’s Unfair Advantage - 23A

1) Organized: When running a company, you need to be able to be highly organized to be efficient and to make sure everything is running smoothly, especially when dealing with liability and payment. I am incredibly organized and believe this is a necessary trait to have as a business owner.

• Valuable: This valuable, as it is one of the main components of a successful business.
• Rare: This is not rare, but you'd be surprised by how many people are running their business without keeping proper track of anything or know what is going on.
• Inimitable: This quality is easy to imitate, but no one the same organization style as you.
• Non-Substitutable: This can be done by someone else, but when you're first starting off, you need to spend money wisely, and hiring someone would be a high expense. 

2) Bloggers: I am friends with many local bloggers with big followings that can promote my gym in their blogs and social media in exchange for a free month membership and grand opening invitation.

• Valuable: This is valuable because of the exposure it will generate with minimal cost. 
• Rare: This is somewhat rare because not many people have access to bloggers as a resource.
• Inimitable: This is hard to imitate because you can't build these connections overnight. 
• Non-Substitutable: Publicity can be done with other marketing strategies, but this one is the most economical option. 

3) Lack of Competition: Where I plan to open up the gym, there is only one other small gym present. Bringing in another gym to the area will give people more options and in my opinion, better service.

• Valuable: This is valuable because the market is not saturated with competitors. 
• Rare: This is not rate but definitely an ideal situation to be in. 
• Inimitable: This is hard to imitate unless you go to a newer area with limited business.
• Non-Substitutable: This scenario is hard to substitute.

4) Public Relations: I work with and know many PR professionals that can help me in my marketing efforts to promote the gym.

• Valuable: This is valuable because they can guide me in the right direction with my PR needs.
• Rare: This is not rare, but I already have relationships with them and trust their work.
• Inimitable: The established relationships can't be imitated.
• Non-Substitutable: I can hire PR professionals that I don't personally know, but there is a risk of not being satisfied with their work. 

5) Money: I have $10,000 saved up that I can use towards this venture.

• Valuable: This is extremely valuable because it will help with opening up my business. 
• Rare: This is somewhat rare, but most people don't have more than $1,000 saved. 
• Inimitable: This can't be imitated.
• Non-Substitutable: I can take out a $10,000 loan from a bank, but the less debt I can have, the better. 

6) Uniqueness of Venture: I have not seen or heard of a gym with the same concept as mine. That has instructional videos in each section of the gym or a reward program that incentivizes their members.

• Valuable: This is valuable because you need to set yourself apart from others. 
• Rare: I believe this is rare and something different than regular gyms. 
• Inimitable: This concept can be imitated. 
• Non-Substitutable: You can opt to hire a personal trainer, but one session with them would equal to one-month dues at my gym. 

7) Demand: Based on the previous interviews I've conducted, this type of service is needed and requested by young Millenials that lack the motivation and knowledge to regularly to the gym.

• Valuable: This is valuable because, without demand, there shouldn't be a supply.
• Rare: This is not rare because there are millions of gyms worldwide.
• Inimitable: This can be imitated because there will always be people wanting to get fit. 
• Non-Substitutable: This can be substituted by working outside of a gym environment, but a disadvantage would be a lack of instructional videos to guide you. 

8) Creative: I believe I am a creative person who comes up with ideas that are unique and love immersing myself into projects that bring me joy.

• Valuable: I believe this is valuable to make your business stand out.
• Rare: Being creative is not rare, but the vision is. 
• Inimitable: This can be imitated but not 100%.
• Non-Substitutable: You can teach and train someone to bring your vision to life, but it will never be exact because there is only one of you. 

9) Fitness Equipment, Design, and Operations Consultant: When conducting interviews for a previous assignment, I got in contact with David, a consultant for Gym Source, which is a company that sells full range fitness products, gym design strategy, and delivery and installation services for gyms. He has years of e

• Valuable: Valuable because David can help implement my vision safely and accurately.
• Rare: This is not rare because there are more consultants available to help me. 
• Inimitable: His years of experience and expertise can be imitated. 
• Non-Substitutable: I can hire another consultant from another company. 

10) Personal Trainer: I have a family friend that is a personal trainer that can give me advice and his expertise on how to run a gym and the necessary types of equipment and services needed.

• Valuable: This is valuable because he works in the field and knows more than me. 
• Rare: This is not rare because I can ask any personal trainer for information. 
• Inimitable: This can't be imitated because I know that my friend will give me honest feedback and advice. 
• Non-Substitutable:  I could ask another personal trainer, but it would cost me more, and there is no personal connection of interest for them to see my gym succeed. 

After doing the VRIN analysis on all 10 resources, the one that I find more value in is the Uniqueness of the Venture. If my product were not good, then it wouldn't matter if there was a demand or I had the best marketing, people wouldn't enroll to be members. I compare it to a restaurant. If the food and customer service are not good, no matter how beautiful or economical the place is, I will not return. When the product or services meet your customer's standards, then you'll gain many more resources, such as word of mouth advertisement and repeating customers, which equates to profit.