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STARTING YOUR OWN IT COMPANY Sarah Anderson Matt Selter Erin Wilke Jermaine Williford.

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Presentation on theme: "STARTING YOUR OWN IT COMPANY Sarah Anderson Matt Selter Erin Wilke Jermaine Williford."— Presentation transcript:

1 STARTING YOUR OWN IT COMPANY Sarah Anderson Matt Selter Erin Wilke Jermaine Williford

2 Agenda ► The Entrepreneur Test ► Characteristics of Entrepreneurs ► Case Study: STLToday.com ► Case Study: Quilogy ► Case Study: Amazon.com ► Case Study: Dell ► Conclusion

3 Do YOU Have What It Takes? THE ENTREPRENEUR TEST

4 Do YOU Have What It Takes? 1. Are you a self-starter? a)If someone gets me started, I keep going alright. b)Easy does it. I don’t put myself out until I have to. c)I do things my own way. Nobody needs to tell me to get going.

5 Do YOU Have What It Takes? 2. How do you feel about other people? a)Most people bug me. b)I have enough friends and I don't need anybody else. c)I like people. I can get along with just about anybody.

6 Do YOU Have What It Takes? 3. Can you lead others? a)I usually let someone else get things moving. b)I can get people to do things if I drive them. c)I can get most people to go along with me without much difficulty.

7 Do YOU Have What It Takes? 4. Can you take responsibility? a)There’s always some eager beaver around waiting to show off. I say, let him. b)I’ll take over if I have to, but I’d rather let someone else be responsible. c)I like to take charge and see things through.

8 Do YOU Have What It Takes? 5. How good of an organizer are you? a)I just take things as they come. b)I do alright unless things get too complicated. Then I may cop out. c)I like to have a plan before I start. I’m usually the one who lines things up.

9 Do YOU Have What It Takes? 6. How good of a worker are you? a)I can’t see that hard work gets you anywhere. b)I’ll work hard for a while, but when I’ve had enough, that’s it. c)I can keep going as long as necessary. I don’t mind working hard.

10 Do YOU Have What It Takes? 7. Can you make decisions? a)I don’t like to be the one who decides things, I’ll probably blow it. b)I can if I have plenty of time. If I have to make up my mind fast, I usually regret it. c)I can make up my mind in a hurry if necessary, and my decision is usually O.K.

11 Do YOU Have What It Takes? 8. Can people trust what you say? a)Why sweat it if the other guy doesn’t know the difference? b)I try to be on the level, but sometimes I just say what’s easiest. c)They sure can. I don’t say things I don’t mean.

12 Do YOU Have What It Takes? 9. Can you stick with it? a)If a job doesn’t go right, I turn off. Why beat my brains out? b)I usually finish what I start. c)If I make up my mind to do something, I don’t let anything stop me.

13 Do YOU Have What It Takes? 10. Can you keep records? a)Records are not important. I know what needs to be known without keeping records. b)I can, but it’s more important to get the work out than to shuffle numbers. c)Since they are needed, I’ll keep records even though I don’t want to.

14 WHAT IS AN ENTREPRENEUR?  “An entrepreneur is someone who perceives an opportunity and creates an organization to pursue it.”  “The entrepreneurial process involves all the functions, activities, and actions associated with perceiving opportunities and creating organizations to pursue them.” Bygrave, William D., and Andrew Zacharakis, eds. The Portable MBA in Entrepreneurship, 3 rd Edition. Hoboken:John Wiley and Sons, Inc., Page2.

15 WHAT IS AN ENTREPRENEUR? Personal Factors –Achievement –Locus of control –Risk Taking –Education –Experience –Job dissatisfaction –Job loss –Age –Commitment –Vision Bygrave, William D., and Andrew Zacharakis, eds. The Portable MBA in Entrepreneurship, 3 rd Edition. Hoboken:John Wiley and Sons, Inc., Page3.

16 WHAT IS AN ENTREPRENEUR? Environmental Factors –Opportunities –Role Models –Creativity –Competition –Resources –Investors –Government Policy Bygrave, William D., and Andrew Zacharakis, eds. The Portable MBA in Entrepreneurship, 3 rd Edition. Hoboken:John Wiley and Sons, Inc., Page3.

17 WHAT IS AN ENTREPRENEUR? Sociological Factors –Networks –Teams –Parents –Family Responsibilities –Role Models Bygrave, William D., and Andrew Zacharakis, eds. The Portable MBA in Entrepreneurship, 3 rd Edition. Hoboken:John Wiley and Sons, Inc., Page3.

18 “The 10 D’s” Dream – A vision of the future Decisiveness – No procrastination, quick decisions Doers – Speedy implementation of idea Determination – Commitment, stick- to-it Dedication – Tireless efforts Bygrave, William D., and Andrew Zacharakis, eds. The Portable MBA in Entrepreneurship, 3rd Edition. Hoboken:John Wiley and Sons, Inc., Page6.

19 “The 10 D’s” Devotion – Love what they do Details – Stay on top of it Destiny – Make things happen for themselves Dollars – Money measures success Distribute – Delegate critical tasks Bygrave, William D., and Andrew Zacharakis, eds. The Portable MBA in Entrepreneurship, 3rd Edition. Hoboken:John Wiley and Sons, Inc., Page6.

20 IS THAT ENOUGH? Only about 50% of small businesses are still trading after their first three years from initial set up.

21 Reasons for Failure Lack of Funds Financial Control Issues Development Problems Lack of Skills Marketing Issues Sales Problems Etc.

22 “The 9 F’s” for Success Founders – good entrepreneur Focused - specialize Fast – make quick decisions and implement them ASAP Flexible – open-minded response to change Bygrave, William D., and Andrew Zacharakis, eds. The Portable MBA in Entrepreneurship, 3rd Edition. Hoboken:John Wiley and Sons, Inc., Page25.

23 “The 9 F’s” for Success Forever-innovating Flat – few management levels Frugal – keep costs down Friendly – to workers, customers, and suppliers Fun! Bygrave, William D., and Andrew Zacharakis, eds. The Portable MBA in Entrepreneurship, 3rd Edition. Hoboken:John Wiley and Sons, Inc., Page25.

24 NAME THAT FOUNDER!

25 NAME THAT FOUNDER! Randy Schilling – Quilogy Michael Dell – Dell Jeff Bezos – Amazon.com Fred and Marilynn Wilke – Sports Stats for STLtoday.com

26 Fred & Marilynn Wilke Sports Stats

27  Both born in St. Louis, MO  Had been married for 8 years  First child one-year old  Fred was in the military & worked full-time teaching at Florissant Valley CC  Marilynn was a homemaker  Bought a house, computer, and got out of the military all in the same day

28 Personality Characteristics Fred  Collaborative Manager  Workaholic  Hard Worker  Life-Long Learner  Competitive  Analytical Marilynn  Trusts her gut feelings  Visionary  Creative – “Thinks outside the box”  Loves to read  Persistent  Outgoing

29 Sports Stats  Began the company in 1977 in their basement  Cost of a new computer?  Fred wrote the programs & Marilynn supported the company logistically  Everything was saved on a floppy disk  Had 14 Part-time & 1 full-time employee  Several people tried to implement this idea

30 Sports Stats  Previously, the only statistics available were for football  Changed to give play-by-plays & achievements of several different sports  Sold the statistics to the local newspapers  Paid through advertisements & a small amount from newspapers htm

31 Sports Stats  Relied on coaches to call and report game highlights at no charge  In exchange, coaches would receive a weekly scorebook for local schools  Statistical information used only in professional sports – not in colleges yet  Extremely popular immediately A Happy Shamrock team poses with their 1A Championship trophy. Fred Wilke Photo

32 Challenges  Convincing coaches to call-in stats  Strict 11 p.m. deadlines with the local newspapers  No cell phones!  Making a profit  Getting advertisements  Working with attorneys

33 Selling the Company  1981 sold the company to the Post-Dispatch for $225,000 – now worth millions  Didn’t have the specific databases & name recognition as the Post  Promised Fred a part-time job  Incorporated into Stltoday.com in 1992 Stltoday.com  Coaches still call in stats  Today they report on 40 different sports

34 Pulitzer Stock vs. Gannett

35 Success of  St. Louis’ #1 Viewed Website  Reaches 35% of online adults per month¹  Average monthly page views 23.1 Million for 2003¹  Prep Sports website averaged 60,000 total visitors in 2003²  Prep Sports website averaged 1.5 Million page views in 2003² ¹ Pulitizer.com viewed Nov. 6, 2004http://media.corporate-ir.net/media_files/NYS/PTZ/presentations/ptz_ a/sld001.htm ² Sports Stats, Fred Wilke, Nov. 6, 2004

36 Sports Stats Total Page Views¹ ¹Sports Stats, Fred Wilke, Nov. 6, 2004

37 Randy Schilling CEO Quilogy

38 Randy Schilling  St. Charles High School in 1981  University of MO-Columbia BSEE 1985  He was a typical ‘B’ student  Worked at Illinois Power Electrical Engineer  University of IL-Springfield MBA 1989  Worked at Grant Thornton Consultant  Began Solutech, Inc. in August 1992

39 Randy’s Personality Characteristics  Great programmer  Mixture of left & right brained  Strong blend of technical & creative traits  Competitive  Persistent  Analytical  Life-long learner

40 Quilogy Timeline Future Revenues$40,000 $1.5 M $6.5 M $42 M $35.6 M $45 M $100 M Employees ,000

41 Clients include:  Chicago Brookfield Zoo  Seattle’s Children's Hospital  U.S. Air Force, Air Mobility Command  Nebraska Public Schools  St. Charles City-County Library District  Mario Olives

42 Quilogy Focus  Full Service e-Business Professional Services * eStrategy * Creative * Technology * Hosting * Technical Training  Secondary Markets  Vendor Certified

43 Quilogy Focus  Main focus on Healthcare, Manufacturing and the Public Sector  Quilogy has 14 offices for the nationwide delivery of IT services.  employees per office

44 Randy’s Quote “Don’t be Afraid to be Crappy, But Don’t Stay Crappy ”

45 Quilogy’s Goals  #1 goal is to become a $100 Million Company  He wants to increase the number of offices & employees to eventually 30 offices & 1000 employees  Demand a higher cost for a unique product  Increased service  He’s never afraid to change his business model or strategies

46 Jeff Bezos Amazon.com

47 Intro Jeff Bezos is the mind behind Amazon.com Jeff Bezos is the mind behind Amazon.com World’s largest “e-tailer” World’s largest “e-tailer” Why Amazon.com? Why Amazon.com? Simple ideaSimple idea Selling books online Selling books online Very IT dependentVery IT dependent Would not be possible without the current advances in technology Would not be possible without the current advances in technology

48 Why the Name Amazon? The Amazon is one of the world’s largest regions The Amazon is one of the world’s largest regions Bezos wants to offer the “Earth’s Biggest Selection” of products Bezos wants to offer the “Earth’s Biggest Selection” of products (Fastcompany.com, Deutshcman, 2004)

49 Bio The son of Miguel Bezos, an Exxon Corp. Executive The son of Miguel Bezos, an Exxon Corp. Executive At 14 dreamed of becoming an astronaut or physicist At 14 dreamed of becoming an astronaut or physicist Studied electrical engineering and computer science at Princeton Studied electrical engineering and computer science at Princeton Graduated 1986Graduated 1986 Summa Cum LaudeSumma Cum Laude (Business & Company Resource Center 2004)

50 Bio Worked for FITEL Worked for FITEL High-tech start-up companyHigh-tech start-up company Worked for Bankers Trust Company Worked for Bankers Trust Company Became company’s youngest VP in 1990Became company’s youngest VP in 1990 Worked for D.E. Shaw & Co Worked for D.E. Shaw & Co Became their youngest Senior VP in 1992Became their youngest Senior VP in 1992 Left very successful career on Wall Street Left very successful career on Wall Street (Business & Company Resource Center 2004)

51 Company profile Launched July 1995 Launched July 1995 Virtual online retailer of various items including books, music, DVDs, videos, electronics, software, video games and home improvement products. Virtual online retailer of various items including books, music, DVDs, videos, electronics, software, video games and home improvement products. 7,800 Employees 7,800 Employees (Business & Company Resource Center 2004)

52 Company profile Jeff Bezos Jeff Bezos ChairmanChairman PresidentPresident CEOCEO Richard Dalzell Richard Dalzell CIOCIO (http://www.hoovers.com/free/co/factsheet.xhtml?COID=51493)

53 Company profile Annual Sales Annual Sales $5,263.7 M in sales (2003)$5,263.7 M in sales (2003) Top Competitors Top Competitors eBayeBay $2,165.1 M in sales (2003) $2,165.1 M in sales (2003) Barnes & NobleBarnes & Noble $5,951.0 M in sales (2003) $5,951.0 M in sales (2003) (http://www.hoovers.com/free/co/factsheet.xhtml?COID=51493)

54 Company profile Annual Earnings Annual Earnings $35.3 M in net income (2003)$35.3 M in net income (2003) Top Competitors Top Competitors eBayeBay $441.8 M in net income $441.8 M in net income Barnes & NobleBarnes & Noble $151 M in net income $151 M in net income 52% annual growth 52% annual growth (http://www.hoovers.com/free/co/factsheet.xhtml?COID=51493)

55 Strategy “We watch our competitors, learn from them, see the things that they were doing for customers and copy those things as much as we can." “We watch our competitors, learn from them, see the things that they were doing for customers and copy those things as much as we can." (Fastcompany.com, Deutshcman, 2004)

56 Personality Extrovert Extrovert Talks with employees at every chanceTalks with employees at every chance Employees see him as a colleague, not a bossEmployees see him as a colleague, not a boss Persistent Persistent Faced with small profits, and pessimistic stakeholdersFaced with small profits, and pessimistic stakeholders Optimistic Optimistic There have been many setbacksThere have been many setbacks Adaptive Adaptive Willing to try new thingsWilling to try new things

57 Influences Grandfather Grandfather Learned if you put your mind to it, you can do most things, even the things you don’t know how to doLearned if you put your mind to it, you can do most things, even the things you don’t know how to do Dad Dad Hardest working person he knowsHardest working person he knows (Darwin Magazine, Levinson, 2004)

58 Quotes “Obsess about customers, not the competitors.” “Obsess about customers, not the competitors.” “Work hard, have fun, make history.” “Work hard, have fun, make history.” “The thing about inventing is you have to be both stubborn and flexible. The hard part is figuring out when to be which!” “The thing about inventing is you have to be both stubborn and flexible. The hard part is figuring out when to be which!” (Fastcompany.com, Deutshcman, 2004)

59 The Future Jeff is unpredictable. Jeff is unpredictable. If he has an idea that he feels might work then he will try it. If he has an idea that he feels might work then he will try it. Amazon will continue to offer new products and explore different venues. Amazon will continue to offer new products and explore different venues.

60 Michael Dell Founder of Dell Computers

61 Dell The Business A computer company that started in 1983 A computer company that started in 1983 Dell Computer Corporation started in 1984 Dell Computer Corporation started in 1984 Today one of the largest computer companies on the planet Today one of the largest computer companies on the planet

62 Stock Information Dell vs. Gateway Dell vs. Gateway

63 Some background on Michael Dell Born in Houston Texas on February Born in Houston Texas on February His father was an orthodontist and his mother was a financial advisor His father was an orthodontist and his mother was a financial advisor In second grade started his first business, selling candy In second grade started his first business, selling candy

64 Early years Started and managed own checking account at 9 Started and managed own checking account at 9 In 3 rd grade he applied for a GED In 3 rd grade he applied for a GED At 12 sold stamps through auctions, made over $2000 At 12 sold stamps through auctions, made over $2000

65 The High School Years At the age of 15 bought himself a computer At the age of 15 bought himself a computer Starting upgrading and selling computers to his friends Starting upgrading and selling computers to his friends At 16, he got his 1 st real job working for the Houston Post At 16, he got his 1 st real job working for the Houston Post

66 Beginning of Dell Found out sales people didn’t know what they were selling Found out sales people didn’t know what they were selling Went to college to with 2 computers and a BMW Went to college to with 2 computers and a BMW Started selling computers out of dorm room Started selling computers out of dorm room Dell, Michael with Fredman, Catherine, Direct from Dell, HarperCollins Publishers

67 Michael’s Decision "I firmly believe that if you're going to do something, you should do it better than anyone else," Michael says "I firmly believe that if you're going to do something, you should do it better than anyone else," Michael says Decided he could make them cheaper, better and have better customer service Decided he could make them cheaper, better and have better customer service He found he could make a $3000 computer for $700 He found he could make a $3000 computer for $700

68 The Beginning of Something Big Hid computers and parts in bathroom when parents visited Hid computers and parts in bathroom when parents visited The dorm room business taking up to much time so dropped out of school The dorm room business taking up to much time so dropped out of school Used BMW as backing for a loan to start Dell computers (mail order) Used BMW as backing for a loan to start Dell computers (mail order) Took only 5 days to deliver computer Took only 5 days to deliver computer

69 Michael Quits School Parents though he was a quitter Parents though he was a quitter His parents quickly changed their minds after seeing first financial statement His parents quickly changed their minds after seeing first financial statement “He invested $1000 in discounted PC parts he bought from a retailer and used them to upgrade some old PCs. During his first month of business, Dell made $180,000 in sales”

70 Some Firsts in the Business At the age of 27 he was the youngest person to be a CEO of a Fortune 500 company At the age of 27 he was the youngest person to be a CEO of a Fortune 500 company Has not set up retail stores, sells online, over the phone and by mail order. Has not set up retail stores, sells online, over the phone and by mail order. Keeps only 8-12 days of components on hand and tries to buy when cheap Keeps only 8-12 days of components on hand and tries to buy when cheap Dell, Michael with Fredman, Catherine, Direct from Dell, HarperCollins Publishers

71 View of Business “It’s through curiosity and looking at opportunities in new ways that we’ve always mapped our path at Dell. There’s always an opportunity to make a difference.” “It’s through curiosity and looking at opportunities in new ways that we’ve always mapped our path at Dell. There’s always an opportunity to make a difference.” “Our business is about technology, yes. But it’s also about operations and customer relationship.” “Our business is about technology, yes. But it’s also about operations and customer relationship.” /business_qoute/authors/michael-dell-quotes.htm

72 Dell on Dell Get involved Get involved Mobilize your people to a common goal Mobilize your people to a common goal Keep on learning Keep on learning Dell, Michael with Fredman, Catherine, Direct from Dell, HarperCollins Publishers

73 Personality traits “How do you keep your entrepreneurial spirit alive?” “How do you keep your entrepreneurial spirit alive?” “What was your dream when you started out?” “What was your dream when you started out?” “What is your legacy? “ “What is your legacy? “

74 Accomplishments Here’s a few: Here’s a few: Entrepreneur of the Year Entrepreneur of the Year Man of the Year Man of the Year Top CEO in American Business Top CEO in American Business CEO of the year CEO of the year And many more And many more Dell, Michael with Fredman, Catherine, Direct from Dell, HarperCollins Publishers

75 What’s next "Today's Internet is more like the Ford Model T," he remarks. "It's functional, it's revolutionary for its time, but it will dramatically evolve over the next ten years." "Today's Internet is more like the Ford Model T," he remarks. "It's functional, it's revolutionary for its time, but it will dramatically evolve over the next ten years." Stepping down as CEO Stepping down as CEO

76 CONCLUSION

77 Characteristics of Successful Entrepreneurs… Leadership skills Passion Moderate risk-takers Need for achievement Innovative/CreativeMotivatedHard-workingCompetitiveAnalyticalPersistentOutgoingOptimisticAdaptivePlanning

78 COMPARISON Attribute Sports StatsQuilogyAmazonDell AgeMid to late 20's, early 30's18 CompetitiveNiche MarketYes EducationYes No ExperienceYes Family SupportYes Over-AchieverYes Passion/VisionYes Risk TakerYes, to a degree

79 Do YOU Have What It Takes? A. Give yourself 0 points B.Give yourself 6 points C.Give yourself 10 points

80 Test Results.  Excellent. A perfect score. You are a born entrepreneur. If you are not presently running your own business you should definitely start one -- the sooner the better. You are on the way to fame and riches.

81 Test Results.  Very good. You definitely have what it takes to succeed in a business of your own. Don't hesitate, your way to business success is wide open.

82 Test Results.  Good. You have the qualities of a successful entrepreneur with some weak spots. You should be able to cover your deficiencies by either retraining yourself or hiring someone with the necessary skills.

83 Test Results.  So so. The prospect of your success in a business of your own is questionable. You have some deficiencies that might out-shadow some good traits you have. If you still want to go on with it, be sure to call up all the persistence you can get. You are going to face some tough adversity on the way.

84 Quiz Results.  40 and below - Unsatisfactory. Forget your dreams of being your own boss, it's not for you. You'd better keep your comfortable and secure job. Why bother with all the risks and hustles of starting a business?

85 QUESTIONS?


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