What Makes You So Special?
Whether it's Wal-Mart's logistical systems, Proctor & Gamble's human resource management practices, or the Apple's research and development efforts, every company that has 'staying power,' has something special. A resource that can't be easily copied or imitated.
In this experience exercise, you need to describe and evaluate what resources exist in your venture that will give it the same 'staying power.'
The purpose of this exercise is to figure out what actually makes your venture special! What will be the resources that keep competitors from copying what you do and serving your customers better?
Here's what you need to do.
1. Generate a list of all of the resources in your venture (produce a list of at least 10 resources that you already possess). This can include your human capital, social capital, financial capital, and capabilities. You may also discuss the organizational culture you intend to create (but, obviously, it's not a resource that you have, now.)
- I am going to have an organizational culture that is structured around stability and growth of the company. We would not get side tracked from small obstacles through out the way.
- Blockchain technology underlying the company.
- The human capital that works for the company.
- The financial capital raised.
- No outstanding debt.
- Experience in the real estate field.
- Skill of running successful companies.
- Have experienced failure and know how to recover.
- The company thinks outside the box when operating.
- Strong and reliable supply of real estate.
- Experience working with competing companies in the field.
2. Conduct a "VRIN" analysis for each resource. That is, describe, for each resource, how it is valuable, rare, inimitable (how hard it is to copy by others), and non-substitutable (are there other resources that can provide the same benefits?).
• Remember, not ALL resources will measure up well. That's OK. You just need one.
• Blockchain technology underlying the company.
- This is what separates the company apart from other companies doing a similar service. I believe blockchain technology is the completive advantage to the company.
• The human capital that works for the company. - Employees are the backbone of any company and they are the reason why some fail and others are extremely successful. That is why you need to surround yourself with the best.
• The financial capital raised. - Work hard at the ground level is a must to raise much needed capital. I have experience doing this.
• No outstanding debt. - Most companies should be run without any debt. That is the way to keep investors and yourself from having restless nights.
• Experience in the real estate field. - Most of my employees have worked in the real estate field before so it is not anything new. I believe this is important when starting a company. You should be familiar with the industry.
• Skill of running successful companies. - I have successful developed and operated multiple companies in my career. This doesn’t mean I am immune to failure, but instead have already faced it multiple times in my career.
• Have experienced failure and know how to recover. - This is something important that most young college students have never faced. What do you do when something goes wrong? Be ready because the time will come.
• The company thinks outside the box when operating/developing. - Don’t relish in success, instead focus on what is next in the horizon. Most companies that failed just focused on what they did correct, not on what they could do different.
• Strong and reliable supply of real estate. - Have a good supply, or supply chain is a must in a running any business. If you are able to help your suppliers your own business will grow. Or become the supplier is no one is adequate enough.
• Experience working with competing companies in the field. - Most employees for the company have worked with Zillow and other real estate companies. This helps grow the blockchain real estate company.
3. After conducting the VRIN analysis, determine what your top resource is. Explain why it's more important to your venture than all of the other resources.
The most important venture out of the company is building the company on blockchain technology. This helps secure the network, adds easibility and reliability to all transactions. It gets rid of the need for title searches and attorneys to draft up contracts. No need to have a property surveyed if it already has a record stored on the blockchain ledger system.
