20A - Growing Your Social Capital

20A - Growing Your Social Capital

Domain Expert:

1. Who are they and what is their background: Deena, a worker of New Life Workforce Housing, of Catholic Charities of the Archdiocese of Miami, Inc.
2. How is this person a "Domain Expert": This person is a domain expert because her company is currently working on a project identical to my idea in Key West. Where they are currently making housing for homeless people.
3. How I found and contacted this person: I found this person through their website and contacted them via email.
4. Nature of Exchange: What they did for me, what is the return expectation: I spoke about my intentions through this entrepreneurship course, and discussed how they get funding, and how they decide upon people in need. 
5. How will including them enhance my ability and exploit my opportunity: Including them in my project will help me receive insight from someone who already knows the ropes of this domain. That way I am getting into this with some reference.

Market Expert:

1. Who are they and what is their background: Ricky, my mom's friend, has been a commercial and residential real estate appraiser for over 20 years. 
2. How is this person a "Market Expert": She knows the market of Key West properties better than most, so I spoke with her about the feasibility of this project from a financial standpoint.
3. How I found and contacted this person: I called her. 
4. Nature of Exchange: What they did for me, what is the return expectation: I asked her about the costs of something like my project. As well as how I could obtain funding for such a project.
5. How will including them enhance my ability and exploit my opportunity: Having her involved can help me determine what I should be paying for when investing into this project. Knowing the cost of the land, plumbing, construction, materials, and much more is a necessary key for building the firm.

Industry Supplier:

1. Who are they and what is their background: Corey, works for a construction firm in Key West, Florida.
2. How is this person a "Industry Supplier": He's worked with this form for a few years and knows about what it costs/ takes for buildings to be built in Key West through regulations, costs, and other factors. 
3. How I found and contacted this person: I contacted him on the phone.
4. Nature of Exchange: What they did for me, what is the return expectation: I spoke with him about why it's so expensive and time consuming to get things done in Key West, especially when funded by the state. 
5. How will including them enhance my ability and exploit my opportunity: Including Corey will allow me to see what I am dealing with fund-wise. So I can overcome my first hurdle when starting this firm.

Reflection: This assignment was pretty tough because it is very hard to find people who fit these specific needs. But after networking it can be done. It's very impressive to see how useful and beneficial your social capital can really be. Knowing the "right guy" can really get you quite far. I will definitely pay a little more attention to people when talking about themselves in case I were to dive into their field in an entrepreneurial manner.