Assignment 20A-Growing Your Social Capital

Assignment 20A-Growing Your Social Capital 

Domain Expert:

Who they are, what their background is: 

Tim Ryan, owner of United Medical Waste Management Inc.

How this person is a “domain expert”: 

Tim and his company have over 20 years of pick-up, removal, and destruction of medical waste, which includes animal remains from veterinary offices and lab testing facilities in the northeast.

How I found and contacted this person: 

Tim also owns and races thoroughbreds and has been a training client for the past five years.

Nature of Exchange: What they did for me, what is the return expectation: 

I had been casually conversing with Tim about establishing and operating an equine crematorium in this area for the past year. We have spoken over meals, at our farm, and most recently, over the phone. He has shared detailed pricing information for incineration of animal remains his portion for retrieval and transport, also regulations specific to his territory in Mass. He made suggestions about including small animal work as well as seeking contracts with counties or the state in order to stabilize revenue flow. He’s making a lot of money (in the midst of this coronavirus pandemic) and plans to sell his company in the next two years. He wants to be kept updated on my project.

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

With his industry experience, Mr. Ryan is a wealth of information and contacts. He likes to talk like he’s a bit of a gangster, which is an eyebrow-raiser considering he deals with the disposal of bodies. All kidding aside, Tim is a great person to bounce ideas off of and a valuable resource. 

Market Expert:

Who they are, what their background is: 

Joe Hennessy, a thoroughbred trainer, and farm business owner.

How this person is a “market expert”: 

Joe has worked with horses for forty years. He is very active in the local horse community, constantly on his phone building social capital with horse people of all disciplines. He is often sought out for advice

How I found and contacted this person: 

I have been sleeping with Joe for a while now (the last 26 years, we have two kids and a farm together).

Nature of Exchange: What they did for me, what is the return expectation: 

Obviously, we speak often, so I wanted to be somewhat formal in picking his brain about this business opportunity. He does not hold back when exploring the pros and cons of any of my ideas, if I want an honest response, this is where I will get it. Joe gave me a verbal laundry list of who might know even more on the topic of dead horse hauling and offered to help with research.  

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

Joe is better at networking than I am, he is the face of our business, so this type of social capital exchange is right up his alley. He is the guy that people call to be bailed out of jail, fix a flat, or find a trainer to send to remote parts of the globe. He does a lot of favors so he can call them in when necessary, great guy to have on my team.

Industry Supplier:

Who they are, what their background is: 

Glen and Lisa Brown of Metro Animal Service. Second Generation owners of pet crematory service based in Illinois.

How this person is an “industry supplier”: 

This family has been providing the same service that I intend to offer, but in a different state and in an area without such high horse concentration as Marion County FL.

How I found and contacted this person: 

I came across their business’s site while searching for information on whole-horse cremation.

Nature of Exchange: What they did for me, what is the return expectation: 

I have reached out via email and have yet to hear back from them. They would not be competitors so I hope that if they have time, one of them would be willing to do me the “favor” of sharing some information.

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

I believe in this business in theory but really would love to talk to experts in the market that have been in practice as long as they have. I am concerned about equipment procurement and maintenance, for example. They would have answers to these concerns.

Finally: Reflect. This experience requires you to do a little 'targeted networking.' How will this experience shape how you participate in any future networking events? Did this experience differ from your networking experiences in the past? How?

• I like this approach to researching for the business opportunity. I have been working in this market, albeit in a very different capacity. Everything gets done based on social capital, I am accustomed to that. I have taken it for granted that anytime we need to know something or need a connection, we just think, “now who would know that?” and in a matter of a few phone calls, you either have the answer or a connection to someone who will. Of course, this means you have to be willing to do a solid for someone else should the need arise. In my experience, people jump at the chance to be of service, this maybe because it’s like money in the bank when a favor is owed.