Catfish Creek
Executive Summary
Background
Meet Steve Davidson. For more than 20 years, Steve has been an avid recreational canoer. In addition, Steve also acquired wood working skills during 15 of his 20 years canoeing, and for the past 10 years Steve has combined his love for canoeing with his wood working abilities. This combination of hobby and skills resulted in the design and construction of three canoes which Steve sold after using each for one season.
During an attempt to purchase a canoe, Steve was aghast at the price and quality of retail canoes. Steve used his disappointment as an opportunity to embark on a business venture: he will build handcrafted canoes fashioned from cedar; and sell them for a premium.
Steve enlisted the help of the faculty and graduates of the Richard Ivey School of Business, at the University of Western Ontario, by enrolling in the 12-week business program at the Entrepreneurial Manufacturing Generator (EMG) in St. Thomas. After successful completion of the business course, Steve proceeded to rent workspace from EMG to commence his business venture. This location gave Steve access not only to the EMG workshop, but also to instructors and a variety of business resources. Armed with these resources, Steve set out to open his business in August of 1998 with the plan of completing 30 canoes annually. The following analysis details Steve’s marketing and pricing strategies for his business, Catfish Creek Canoe Company (CCC), and his estimated income and expenses for 1998.
SWOT Analysis
Conducting a SWOT analysis will be helpful to Steve in determining whether it would be profitable to enter the canoe building industry. In order to make such a decision; Steve would need to examine his strengths, weaknesses, opportunities and threats.
Strengths:
• Experience and Skills: Steve has over 20 years of canoeing experience and 15 years of woodworking experience; a combination of which will contribute positively to the construction of handcrafted
Background
Meet Steve Davidson. For more than 20 years, Steve has been an avid recreational canoer. In addition, Steve also acquired wood working skills during 15 of his 20 years canoeing, and for the past 10 years Steve has combined his love for canoeing with his wood working abilities. This combination of hobby and skills resulted in the design and construction of three canoes which Steve sold after using each for one season.
During an attempt to purchase a canoe, Steve was aghast at the price and quality of retail canoes. Steve used his disappointment as an opportunity to embark on a business venture: he will build handcrafted canoes fashioned from cedar; and sell them for a premium.
Steve enlisted the help of the faculty and graduates of the Richard Ivey School of Business, at the University of Western Ontario, by enrolling in the 12-week business program at the Entrepreneurial Manufacturing Generator (EMG) in St. Thomas. After successful completion of the business course, Steve proceeded to rent workspace from EMG to commence his business venture. This location gave Steve access not only to the EMG workshop, but also to instructors and a variety of business resources. Armed with these resources, Steve set out to open his business in August of 1998 with the plan of completing 30 canoes annually. The following analysis details Steve’s marketing and pricing strategies for his business, Catfish Creek Canoe Company (CCC), and his estimated income and expenses for 1998.
SWOT Analysis
Conducting a SWOT analysis will be helpful to Steve in determining whether it would be profitable to enter the canoe building industry. In order to make such a decision; Steve would need to examine his strengths, weaknesses, opportunities and threats.
Strengths:
• Experience and Skills: Steve has over 20 years of canoeing experience and 15 years of woodworking experience; a combination of which will contribute positively to the construction of handcrafted