Keep in mind, this is from the Accounting/Financial Industry:
1. Overcoming a lack of public faith in the financial industry after several huge scandals in the news. By far, this created the biggest amount of friction and it makes it significantly more difficult to break into existing markets. Even my sales people have to work double time to gain a customer's confident now.
2. That I would attract the attention of the "Big Fish" and be eaten up
3. Honestly, I want my accounting firm to be big enough where I can make the Big Four into the Big One
4. To be honest, I have never actually thought that far beyond buying up the big four. Thinking of it a little more, I would probably run for politically office -- we all know they need somebody who can budget in Washington (ha ha)
Forty years ago, I grew up in Florida. We ran boats all over the intercoastal waterway. The vast majority of boats could not get across the shallows and those who could get across the shallows were extremely dangerous off shore. They often tipped over in a storm. This has been the number one cause of death in boating. At that time I thought that Florida was the only place in the world that had both oceans and super shallow waterways. Come to find out this problem is everywhere around the world. At that time the entire US boating market was about five billion dollars a year, today it is more than 30 billion a year.
I finished high school, joined the USMC, traveled to other countries, got out, went to college, got a post grad degree, taught college, taught high school, went into the financial services industry, then went boating again.
It was thirty years later and no one solved the problem of getting sea worthy boats to be able to run in the shallows or made a sea worthy shallow water boat. I decided to do it. It took us over five years and all the money I had, could borrow, or find an investor. Finally we got the problems figured out. I got two patents issued and one pending. Then the economy collapsed. I chose rather than file bankruptcy I would pull a publicity stunt and get a company to pay for it.
I took a 21 ft boat I build that can run in three inches of water and drove it to Bermuda and then to New York. I set two world records, then I took the same boat and drove it from Tampa, Florida to Wiesbaden Germany. We set a total of four world records. We received publicity all over the world, more than several thousand news articles, including MSNBC, FOX, CBS, NBC, the BBC, news paper and magazine articles all over the world. Chinese Yacht Magazine even did a four page spread on us.
We built 33 test boats. We sold them all at a good price but because or our R&D expenses it looks like a loss because the first few products always cost much more to produce than you can sell them. For example the new electric cars that are selling for $70,000 cost $58 million to develop.
The Federal Government has bought two samples and they have contacted me about a third. I don't advertise at all and almost every day someone contacts me about buying one of my boats. I tell them they have to pay for it in advance and wait a very long time while we build it. That story does not fly. As soon as they find out I have no money they tell me to call them when I get my business off the ground. We have never had the funding to keep a demo boat. Each of the test boats was built for someone and we learned from it.
I considered the traditional boat dealership system. When I went to many dealerships they wanted me to either post a bond for guarantees or to go through a floor planning company. Well the floor planning company won't touch you unless you have some funding behind you because they got burned when the economy crashed a few years ago.
My boats don't look any better than the competition and most dealerships are arll about looks, as they are set up to display the boats only. My boats ride a thousand times better than the vast majority of boats that can handle the shallows. As far as I know they are the world's most seaworthy shallow water boats.
Now that I have given you some back ground let me answer your questions:
1. My number one problem is operating capital. I don't need a building I already have one. I don't need tools I already have them. I don't need equipment I already have them. I don't need to find customers, I get tons of calls on a regular basis, and I know exactly where to find three million more potential customers with just a little bit of operating capital, I don't need manufacturing expertise, I already have it and can hire all the expertise I want. I don't need Research and Development I have already done that. I don't need government approval I already have it. I simply need operating capital. Everything else I need I can get with operating capital.
2. I don't fear the future. I will keep going until I succeed. Period. I already own four World Records, if nothing else I will get someone to pay for another publicity stunt to show off my fuel saving technology as I can go three times as far on a gallon of fuel as any midsize power boat in the world.
3. I want to open one store selling my boats. Then I will open two, then three then four, eventually more than a hundred. These stores will be located at locations where harbors or intercoastal waterways connect to the oceans, gulfs, or very large bays. (Anywhere there is rushing water, there is almost always a delta, and shallow water.) So if there is shallow water and the threat of big seas, I have an extreme competitive advantage. I know the public needs these boats and when given a chance they will buy, small inexpensive, economical boats, that can run through ten foot seas and three inches of water, lots of them.
Some people think fancy is the way to go, I want to remind them, who owns Rolls Royce...Volks Wagen, who owns Porsche, Volks Wagen, who owns Audi...Volks Wagen, who owns Bentley...Volks Wagen, who owns about five more fancy car and motorcycle companies...Volks Wagen.... What made Volks Wagen what it is today.... the Bettle. Volume is where to go not fancy.
4. If I achieve this result my company will sell $200 million dollars worth of boats on the low end each year. We will keep $40,0000,000 in pretax dollars. We will take our company public and our shares will be worth more than $10 each.
My investors will get $50 back for every dollar they invest.
Ralph D. Brown
Dream Boats Global....
Great questions Benjamin! Thanks for asking them. Loving the answers so far. Lets keep them coming everyone.
I'm a seasoned business owner looking to help new business owners or folks that are
thinking about opening a new business.
I need your input on the following questions to get an idea of how to help new business owners.
Please answer the questions below so I can gauge what needs to address for new business
owners or those looking to start a business. THANKS FOR YOUR FEEDBACK!
1. What is your biggest frustration or problem?
2. What do you fear will happen in the future?
3. What do you want to achieve, specifically?
4. What will happen if you achieve that result?