Lesson 92: People
About the Searcher
Thanksgiving is my favorite holiday because of the people I get to see. When I woke up, my family was already in the living room sprawled on the couch. I sat comfortably on the floor while everyone talked over each other.
I savor the time together as much as I savor the sweet potato pie. Earlier in the week, I visited an aircraft mechanic training (AMT) center. I spoke with Steve, who told me about his Thanksgiving plans. He had already begun to brine his turkey and his family would eat on Friday instead of on Thursday. Although I have become obsessed with learning about ETA, I try to remember how to connect on basic experiences like gathering with loved ones for the holiday (and all the warmth and stress that comes with it).
About Entrepreneurship Through Acquisition
Before I went to visit Steve at the AMT center, I figured out what I wanted to learn: Would AMT certification make a good industry for a searcher? Last week at the ETA conference, an investor told me the challenge with training AMTs is not the instruction but passing the exam. When I found out AMTs needed to take an Oral & Practical (O&P) Test with a Designated Mechanic Examiner (DME), I talked to another investor who recommended I reach out to a DME and get curious about their experience with students attempting the O&P Test. Next, I found myself at the AMT Center with Steve as he answered my questions. During our conversation, his phone rang three times and each time he pulled out his paper calendar booklet to schedule another AMT’s exam. Steve had no availability until March. That is when I realized it would make Steve’s life (and AMTs lives) easier with a scheduling software.
The question remains: Would AMT certification make a good industry for a searcher? If a business served as the agent for scheduling these appointments, there could be an opportunity. Here are the criteria and and my evaluation:
Fundamental Need: 3.5
Revenue Quality: 4.0
Low Capital Intensity: 5.0
High Barriers to Entry: 5.0
Fragmented: 5.0
Industry Growth: 2.5
Exogenous Risk: 3.5
Overall Score: 4.1
The score means that I should continue to dig. As I refine my thesis I discuss what I learn and where to go next with more people. I feel like I am solving a mystery and thanks to the people around me I found more clues than I could alone.
About the Bigger Picture
My values are to act with love, humility, and wisdom. Around the table at Thanksgiving there was an immeasurable amount of all three. My family is the only reason I have the privilege of pursuing ETA. As I meet more people, I return home to refresh my sense of who I am as I try to solve this mystery of ETA. Great businesses solve problems for people like Steve and test-takers across the country.
I thought through all of this as I washed the dishes with my uncle the night of Thanksgiving. As I get ready to return to Chicago, I not only have some fresh clues but also warm memories and a sweet potato pie wrapped in foil.
This is Lesson 92: People. Next week is Lesson 93: Imperfection.
