20A Growing Your Social Capital

1. Henry Sloan- 15+ years of hurricane shutter installation experience
2. Domain expert- He is engaged in the same business activity
3. I found the person by interviewing one of my neighbors who provided me with Henry's name and contact information. Some of my neighbors have had Henry put up their hurricane shutters in the past.
4. Henry gave me a few tips on how to have a successful business. He told me that word of mouth is key and that my low prices are very attractive. After hearing me out, he recommended that I offer a shutter removal package as well. This will allow me and my friends to make more money in a convenient way for my customers. The tips he gave me were very helpful and completely unnecessary considering he is one of my competitors. He enjoyed helping me and my friends out since we are college kids. 
5. I believe including Henry in my network will enhance my ability to exploit an opportunity because I can use his advice to grow my business. 

1. John Seyd- 6 years of hurricane protection for homes in South Florida
2. Market expert- John has been targeting my market for a long time. Instead of installing hurricane shutters, he puts wood on windows to protect homes from hurricane damage. He is offering a similar service. 
3. I also found about this person from one of my neighbors. They told me that John is excellent at what he does and doesn't charge as much as most people. I contacted him shortly after to talk about my business and we set up a call a few days later. 
4. He explained to me that he originally was in the hurricane shutter installation business but switched to wood because it was less competitive. Similar to Henry, John grew his business by getting his name out there to as many people as possible. John told me that with my prices I should have no problem bringing in customers. 
5. John provided me with valuable information at no cost, which will save me time and money and allow me to exploit my opportunity. 

1. Richard Lew- 11 years working at Home Depot
2. Supplier- He works for a very large company that sells wood and metal shutters to my customers.
3. Richard is one of my dad's co-workers. My dad provided me with his phone number and we spoke for about 10 minutes. 
4. Richard told me all about the different types of wood and shutters Home Depot has to offer. He also told me how much each type costs and the most popular choices. This information allowed me to modify my prices and get a good grasp on the amount of people who have actual shutters. 
5. I think that having Richard in my network will enhance my ability to exploit an opportunity by giving me a leg-up on my competitors. 

      Reflect:
This exercise about building my social capital was very helpful. This experience of "targeted networking" is definitely something I would like to participate in again. Additionally, this was the first time I ever did something like this. In the past, I had not contacted any of my competitors, experts, or suppliers in this market.