Assignment 20A: Growing Social Capital

Market Expert- Martin:

Martin is a boat electronic specialist. He works at West Marine and does installs on the side through his own company. Martin has installed on my boats and has helped me to understand all there is to know about wiring on boats. I called him up and asked him about my idea. He said that there is not anything even close to what I was describing except for dealerships that are way overpriced. He said this was a great idea and that he would actually look into it for me. He does similar work now, but one man can only do so much. He warned me about getting the right employees and mechanics and that this will determine if my business is successful.

Domain Expert- Robin:

My first interview was with the owner of a boat repair shop in Tampa. Robin Stach is the owner of Exuma boat works and has been in this business his whole life. I got this interview because I have had my boat fixed at his shop once or twice before. When I described my idea to him, he said, “What are you waiting on?” He also continued to say how this is a risky market and only “turns on” when the local economy is up. He could provide me or my employees with a “know-how” sense and train them how to do their jobs. I will add the professional and timely attribute to better off these employees and over-all set my business apart from those similar to Exuma Boat Works.

Supplier- Joe:

Joe is a man I met at the Gandy boat ramp one day. He owns three boats and would definitely be a supplier to my services. Joe and I spoke on the phone for about an hour, mostly talking about fishing conditions if I am being honest, but also about my idea. Joe said if I was successful to get this idea up and running he would definitely be a supplier of his boat. He does not currently have a trustworthy boat mechanic and has been shopping for one ever since the purchase of his first boat. Joe would help me grow my business because he is already a “customer.”

Reflect:

All of these interviews have brought different ideas to the table. Martin offered his ideas of the importance of the employees that work for me and I totally agree with that. Robin warned me about the potential of slow business when the local economy is low. Joe told me mostly what I already know. Customers are waiting for this kind of business and he is waiting in line to be a customer. Over-all these interviews taught me a lot about the business side of the boat mechanic industry and has showed how my idea would flourish.