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Entrepreneurs in the boating industry need to be able to successfully manage, understand and make the most of the changes that are taking place, at an ever-increasing pace
by Francesco Michienzi
How many ways do you know of to be in business? Do you think that being an entrepreneur in the yachting industry is the same as in other industries? Are there phenomena that, when observed from the outside, make you admit that the world of boats is unique? Today, the mission of the business has changed, as has the scenario in which it operates. In more than 30 years of work, I have seen both the best and the most tarnished moments. I do not want to bore you with the story of what has happened over these decades. Many of you have lived through the most significant events as I have. Knowing how to anticipate the challenges of the future and understanding your customers’ needs in advance are not new skills in the business landscape. Indeed, the most successful companies are those that have been able to anticipate market trends and turn them to their advantage. However, in a globalised and increasingly specialised economy, the pace of change, either ongoing or brought about by younger generations, has accelerated all processes. Entrepreneurs must always be able to respond effectively to new things, understand them and know how to make the most of them for their business, quickly.
Are you wondering what I want to talk about this month? I will answer that right now. The real question I ask myself is this: Why does an entrepreneur who can do some things well, such as building a steel or aluminium hull on behalf of other shipyards, decide to transform from being a contract operator into a full-fledged boatyard? Certainly because of the entrepreneurial spirit, the desire to challenge themselves, the idea that they are more capable, the possibility of marketing a product of the same quality at a lower cost, and a thousand other good reasons. But why do these good reasons drive these entrepreneurs to turn their factory into something bigger and more impressive that they may not be able to handle with the necessary expertise? They certainly have no idea how difficult it is to compete in a global, complex and, above all, fierce market.
Why would a millionaire/billionaire shipowner spend his money to buy a superyacht, even a well-built one, from an unknown shipyard? To spend less? I don’t think so. To get it sooner? Hardly. To have it customised to the hilt? Possible, but unlikely. There are dozens of stories of those who started with full title and failed along the way. I will spare you the names. I would simply like to draw attention to an Italian phenomenon that has its roots in certain features of our culture. There is no entry barrier to the boating industry. Anyone can build a boat. They often decide to do so because they think that their experience as owners means that they know how to build a good boat. However, they often forget or underestimate everything else that is involved in giving their product an identity, making it known by participating in the world’s most important boat shows, creating a dealer network that can stay in the market even in difficult times, and, perhaps most importantly, having the financial capacity to offer the guarantees that the owner needs to protect the deposits made at the various stages of construction.
Fighting to survive is not enough to succeed. Even willpower is useless in the face of a business project that lacks the minimum requirements to stand on its own two feet. Over the years, we have told the stories of those who were eager to start new businesses, even when the words, spoken and written, turned out to be unreal. We will continue to publish these stories for future remembrance, despite the fact that there is sometimes a lack of awareness of one’s own limitations. We believe, however, that one must have the intelligence to pool one’s talents. Italy is the home of small and medium-sized enterprises. Often too small to compete in international markets, and even more often led by oversized egos that destroy any chance of joining forces to grow.
However, as with all stories, there is always an exception that proves the rule. Together We Boat! is the name chosen by three Italian boat builders for an initiative that could be the harbinger of something important for the industry. Besenzoni, Gen Set, HP Watermarkers and Mase have formed an alliance to increase the strength of their group in the market. Giorgio Besenzoni, said: “Being part of this alliance is an opportunity for us to grow and compare ourselves directly with other related companies”. Gianni Zucco, pointed out: “Unity is strength and while our histories and identities remain intact and indelible, our four companies have decided to overcome the psychological barrier of Italian companies not knowing how to work together”. In conclusion, Luigi Foresti said: “The driving force behind the Together We Boat! initiative is the pooling of experience, management and product expertise in order to maximise the market presence of our brands through the commercial and technical management of the most qualified customers”. What these entrepreneurs cannot tell you, but I do, is that what human empathy can do will never be replaced by anything else. They have not created a business network, they have not created a new company. They are simply showing up together at the world’s most important boat shows, offering their products and demonstrating by their actions that quality and humanity are two sides of the same coin.
(Together we boat! – Barchemagazine.com – March 2024)