This is a list of Tailored’s (my clothing company) resources and their VRIN analysis:
1) $2,000 of loan money
VRIN analysis: This resource isn’t really rare, inimitable, and non-substitutable, but it is valuable because it can help getting my company started. I can then multiply the money through profits.
2) My connects of successful business people, including an entrepreneur
VRIN analysis: It isn’t a valuable or inimitable resource. Other people don’t know all the people in my network, and this makes this resource rare. I think this resource is non-substitutable because you can’t replace the people that I know. They are important and have important information.
3) My encouraging personality to get my employees to feel like an important contribution to the company and foster productivity
VRIN analysis: My personality is fairly rare. After all, everyone is created unique, and there is probably no one else like me. It’s also valuable because getting employees to complete tasks can be profitable in the long run. My personality is inimitable it can’t be easily copied by others, and it’s also non-substitutable.
4) My experience in retail, and having a job where I learned the structure of running a clothing store
VRIN analysis: This resource isn’t really rare because many other people have experience in retail. It’s also not valuable or inimitable. It’s non-substitutable because experience working in a clothing store isn’t something that is easy to duplicate.
5) A clan culture where employees feel comfortable and engage in teamwork
VRIN analysis: This is valuable because once again a productive environment can be profitable, especially with teamwork. A clan culture isn’t rare because many organizations already have clan cultures. It’s not inimitable because it’s easy for other organizations to copy the clan culture. It’s non-substitutable since there really isn’t another culture that offers the comfort that the clan culture offers.
6) Knowledge of finance that can help me when running my business, especially when it comes to making sure the company is profitable
VRIN analysis: It isn’t a rare resource. It is valuable because of the rewards it can provide to the company. It is not inimitable because anyone can get a Finance degree, and also not non-substitutable because Accounting majors can do what Finance majors do.
7) Basic knowledge of foreign languages that can benefit me when conducting business with people who don’t speak English
VRIN analysis: This isn’t a rare resource because many people know foreign languages. I’m not sure how valuable this resource can be. It can be easily imitated by others and therefore it is not inimitable. It’s non-substitutable because the benefits of being to communicate with others of a different language can’t easily be replaced.
8) Capability of working hard to make sure the company stays afloat
VRIN analysis: Hard work pays off, so I would say it’s a valuable resource. It’s not rare because many people are hard working. It can be imitated as well and can substituted by computers and robots.
9) People in my corner that can encourage me during hard times and give me advise on business decisions
VRIN analysis: This is a fairly valuable resource because good advice can save my company from coming to a dead end. It’s not rare because I’m sure many people have professional advisors that they can talk to. This can be copied by other companies and substituted by computer software.
10) My passion to see others happy and satisfied which can help when dealing with customer service
VRIN analysis: This is a valuable resource because it can convert into customers coming back to the company for repurchasing products. It is not rare because I’m sure many others like to see people happy and because of that it is not inimitable. I’m certain this can be substituted by something like a high-quality product that can satisfy the customer the same way.
It looks like my personality is my top resource because it’s the only one that satisfies all the characteristics of the VRIN analysis. It’s the most important resource because I truly believe that who we truly are makes up our human capital. My personality is something that is special to me and not easily duplicated, and it can also make my company profitable because it’s providing benefits to my coworkers and customers.