Few would argue the point that Howard County is not known for its diversity of recreational and entertainment activities as compared to our behemoth neighbors to the south and north: Washington, D.C., and Baltimore. The attraction of Howard County to its residents, both existing and aspiring, is the quality of life, including superb schools, stable communities, good roads and excellent programs for children. Indeed, the quiet bedroom communities are fiercely protected by many who fear the encroachment of urban woes that could compromise such an idyllic existence.
So, what then would prompt two intelligent, accomplished corporate executives to open a business in Howard County that would allow clients to glide on zip lines, traverse cable bridges up to 40 feet in the air and ride a swing that could take you as high as 40 feet, then release you with 2 G?s of force? What?s the big idea, you say? Well, read on.
Husband and wife team Matt and Jeryl Baker are the owners of Terrapin Adventures, an outdoor adventure company located in Savage, Md. (Full disclosure: I was formerly affiliated with an organization that provided part of the financing for Terrapin Adventures.)
I first met Matt about four years ago while he was searching for a venue and financing for Terrapin. When he presented the idea to me, I was somewhat familiar with it, because 20 years prior to our meeting, I took part in a business unit team-building exercise in New Hampshire. We engaged in a number of activities that Terrapin planned to offer.
I still have two pictures in my office memorializing that team-building activity. In one picture I am about to jump out of a very tall tree while in harness. In the other, I am walking blindfolded and alone across a wire bridge over a creek that contained leeches (or so we were told). It is obvious from my facial expression that in neither case was I pleased about what I was doing, but I persevered. In any event, Matt did an excellent job of answering all of my questions.
What was most impressive, however, was the extensive research he performed to validate his idea. Matt spent three years travelling the world to evaluate similar companies. Back in Maryland, he developed appropriate partnerships and worked his way through the political and administrative processes, including Planning and Zoning.
In fact, Matt had one of the best and most comprehensive business plans I had ever read. Even if one did not fully understand his business idea, the cohesiveness of his plan was a major selling point in terms of taking the time to really dig into his enterprise.
But, I was most intrigued by his desire to locate Terrapin Adventures in Howard County, particularly in Savage Mill. Now, I realize Savage Mill was named after John Savage, who financed the Williams brothers? textile weaving business in 1820, but I couldn?t help thinking of Terrapin Adventures hosting crazed anarchists engaging in savage behavior consistent with a landlocked version of William Golding?s novel, Lord of the Flies. Further, I was dubious about the acceptance by some Howard County residents of this very different entertainment venue.
Thankfully, my concerns were unfounded. Again, Matt had done his research. He noted that the Baltimore-Washington area attracts more than 28 million tourists annually who come from more than 50 miles away, and that 70% of these tourists travel by car. He further offered that Howard County is within a two-hour drive of 7 million potential recreation seekers in the Delaware-Richmond corridor. And as additional alleviation of local fears, his target markets were not the raving, counter-culture types, but tame individuals and organizations like school groups, businesses seeking team-building venues and those whose passion was outdoor recreation.
I chose to discuss Terrapin Adventures as my model of the big idea for this issue because, in terms of the Bakers? experience, it is different from the vast majority of ideas and startup businesses I have seen.
Most entrepreneurs I meet with have some experience in the business they want to start or grow. They are quite passionate and knowledgeable, and that is to be admired. The challenge for many of them is, while they may know a lot about their product or service, they are lacking when it comes to running a business. Consequently, unless they are willing to expend resources getting training or hiring appropriate staff, their opportunities for business success are sorely limited.
Matt and Jeryl Baker, however, had years of experience as senior executives in large and small businesses. Further, their respective areas of expertise were different, and thus complementary in an entrepreneurial environment.
Now, the trash cans of banks and venture capital firms are filled each day with business plans of former corporate executives who assume an easy, seamless transition to the world of entrepreneurship, but lack experience in their chosen field of endeavor. But the time and resources Matt invested in his research essentially immersed him in the business for more than three years. He had as much, if not more, knowledge than anyone else in the business.
Preparation, in summary, is what got Terrapin Adventures off the ground. Execution against the plan and flexibility in the face of change are what have made, and will continue to make, the business successful. It is a critical lesson for all those who want that big idea to translate into a viable, sustainable business.
By the way, whenever I see Matt, he tries to convince me to ride that killer of a swing, or one of those zip lines. I seriously consider it, until I remember those pictures in my office and the look on my face. I?ll tell you what, Matt, meet me at the bar in Savage Mill, and we will talk.
Michael A. Mobley is managing partner of Obsidian Management LLC in Ellicott City. He also teaches a course on entrepreneurship at Howard Community College. He may be reached at 410-418-4453 or obsidianmgmt@aol.com.
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