Assignment 20A- Growing Your Social Capital

Domain Expert

• Who are they, what their background is:

Emmanuel, Owner of A-Best Coin Laundry and Dry

• How this person is a "domain expert":

As the owner of a laundry service that is located around campus, he deals with the same audience that i would potentially be targeting. He has years of experience with all of the machines and things necessary to run the business smoothly

• How I found and contacted this person: 

Since this is the service that one of my friends uses, he was not very hard to contact. My friend had his number so I gave him a call and he agreed to meet with me.

• Nature of Exchange: 

We met at his store so I could see everything that went on and evaluate all of the aspects of the service. I asked him questions about the cost of everything to get some knowledge on that side of the business.

• How will including them enhance my ability to exploit an opportunity:

Talking to him about the company as a whole gave me a lot of insight as to how the company runs, including the cost of things. This helps because i can now try and evaluate the potential for profit based on how much everything would cost.

Market Expert

• Who are they, what their background is: 

Stephen, Owner of S & S Cleaners 

• How is this person a "market expert":

He graduated from UF, so he knows the area just as well as anyone. He has been in the business for over 50 years, so therefore has a tremendous amount of experience in the market.

• How I found and contacted this person: 

Stephen was a lot harder to get in contact with, I went to the store and was not able to see him. However when i was there I was given his phone number and when I gave him a call he gave me his email for any questions that I had.

• Nature of Exchange: 

Through many emails, I was able to have a lengthy conversation with him on a lot of topics. First about how he started and what it was like in the beginning. Next he told me what kind of system he uses to be the most efficient. Finally, he told me about how he reaches out to his market, what kind of marketing he likes to use and things of that nature.

• How will including them enhance my ability to exploit an opportunity: 

I think he could help tremendously. Not only did he give me a ton of great info on how the company works and what to look out for in the potential business, but having him as someone I can contact can be a huge connection for both knowledge and business relations.

Industry Supplier 

• Who are they, what their background is:

Rani Mahmoudi

• How is this person is a "industry supplier":

He works for a place called Discount Appliances that is located in Gainsville.   

• How I found and contacted this person: 

He is a mutual friend of mine, I was able to get his number and talk to him about the company and everything they provide.

• Nature of Exchange: 

I was able to ask about the different appliances that would be necessary to run the business. All aspects including make/model, durability and price were discussed to get a grip on what the initial investments might come out to cost.

• How will including them enhance my ability to exploit an opportunity:

Having a good relation with some who is familiar with the specific appliances necessary as well as work for a company that sells them in bulk gives me a good connection in terms of executing the business idea. 

Reflection 

This was a really good assignment for me and my business idea. I got to learn alot about running the company and how companies market their business to the people locally. I also got a chance to evaluate alot about how much the business might cost, this is important in figuring out if the business can generate a substantial profit or not. As well as good information, I made connections that could help alot with starting the business and making it run efficiently.