Growing Your Social Capital
Domain Expert
I spoke to my brother's childhood friend, who recently became an app developer for a local food service delivery company. Since my business relies heavily on an app that takes "orders" from customers, I figured he would be a good person to talk to. I reached out to my brother for his number and ended up corresponding over email with him. He was very kind and open in our conversations. I do not believe he has any return expectations, since he knows that I was asking him questions for an assignment. Including him in my network will enhance my ability to exploit an opportunity since he definitely has the knowledge and experience necessary to create and launch the app that would be the centerpiece of my business idea.
Market Expert
I spoke with my Uber driver as I was being driven to the airport to go home to Massachusetts from Gainesville. I figured he would be an expert on the market since he has done thousands of trips and was based out of Gainesville, which is a college town where he would likely deal with my target market of college aged females very often. He was very intrigued by my idea and open to being a social connection. Including him in my network will enhance my ability to exploit an opportunity since he has firsthand experience with my target market and can give me further hints and ideas as to how I can attract and serve them better through my business.
Supplier
I reached out to my mom's friend, who sells vinyl decals. There really are not many suppliers to rideshare companies like Uber, since they rely on their employees to bring their own tools (cars, refreshments, etc.), but recently they have started to provide their drivers with decals that have the Uber logo on them so that customers can find their cars easier. When I reached out to my mom's friend via a phone call asking if she would be able to make similar custom decals for a company like mine, she told me that she could and was very happy that I reached out. Including her in my network will enhance my ability to exploit an opportunity since she can provide the decals that are now considered a standard safety feature for every rideshare company.
Reflection
The experience pushed me out of my comfort zone, since I had to reach out to people and propose my business idea. I think it will help me in future networking events, since I now have experience speaking like an entrepreneur. This experience did differ from networking experiences in the past, since I usually am introduced to connections rather than being the one actively seeking them out and approaching them myself.
I spoke to my brother's childhood friend, who recently became an app developer for a local food service delivery company. Since my business relies heavily on an app that takes "orders" from customers, I figured he would be a good person to talk to. I reached out to my brother for his number and ended up corresponding over email with him. He was very kind and open in our conversations. I do not believe he has any return expectations, since he knows that I was asking him questions for an assignment. Including him in my network will enhance my ability to exploit an opportunity since he definitely has the knowledge and experience necessary to create and launch the app that would be the centerpiece of my business idea.
Market Expert
I spoke with my Uber driver as I was being driven to the airport to go home to Massachusetts from Gainesville. I figured he would be an expert on the market since he has done thousands of trips and was based out of Gainesville, which is a college town where he would likely deal with my target market of college aged females very often. He was very intrigued by my idea and open to being a social connection. Including him in my network will enhance my ability to exploit an opportunity since he has firsthand experience with my target market and can give me further hints and ideas as to how I can attract and serve them better through my business.
Supplier
I reached out to my mom's friend, who sells vinyl decals. There really are not many suppliers to rideshare companies like Uber, since they rely on their employees to bring their own tools (cars, refreshments, etc.), but recently they have started to provide their drivers with decals that have the Uber logo on them so that customers can find their cars easier. When I reached out to my mom's friend via a phone call asking if she would be able to make similar custom decals for a company like mine, she told me that she could and was very happy that I reached out. Including her in my network will enhance my ability to exploit an opportunity since she can provide the decals that are now considered a standard safety feature for every rideshare company.
Reflection
The experience pushed me out of my comfort zone, since I had to reach out to people and propose my business idea. I think it will help me in future networking events, since I now have experience speaking like an entrepreneur. This experience did differ from networking experiences in the past, since I usually am introduced to connections rather than being the one actively seeking them out and approaching them myself.
Hi Katherine,
ReplyDeleteI think the connections you made could potentially help your business in a huge way. In particular, the connection with a decal supplier could prove very important, as it a niche product. It could allow you to expand your brand, while simultaneously supporting the other business, which could give you better pricing. Overall, these connections will definitely give you better insight into developing your product.