THE (E) TRUE ENTREPRENEUR STORY

1. THE (E) TRUE ENTREPRENEUR STORY ARE YOU AN ‘E’? Michael W. Piczak April 2004

2. E Defined • “creation of new enterprise” • one who organizes and manages a business, and undertakes the risk for the sake of profit • risk taker • extraordinarily talented manager • innovator • creative arbitrageur

3. Why Do They Do It? • Frustration with organizational life • Frustrated with current product/service offerings • Freedom • Would never dream of working for someone else • Independence • Challenge • Lifestyle • Feel they can do it better • $ • Change the world • Few choices • “Finally”…

4. E: Born or Made? • The eternal question • Considerable ongoing debate about the issue • There is hope…

5. E True Correlates • Determined • Aggressive • Young • Average education • Assume calculated risks • From families that own businesses • New to Canada • Female • Excited more by the chase than the capture • Easily bored with the familiar • Not easily discouraged; don’t take no for an answer • Notice things that others miss • Driven to succeed • Often have little to lose • Often little family support • Optimistic • Confident

6. E’s are NOT easily discouraged

7. E’s see opportunities others miss

8. E’s are AGGRESSIVE: “If my competition was drowning, I would put a hose in their mouth…”

9. E’s: Who Are These People? • Donald Trump, Trump properties • Merv Griffin, real estate/ game show creator • Martha Stewart, Omni Enterprises • Dave Thomas, Wendy’s • Bugsy Siegel, Las Vegas casinos • Sam Walton, Wal-Mart • Ted Turner, CNN • Oprah Winfrey, Harpo Enterprises • Ray Croc, MacDonald’s • Steve Wynn, Mirage Hotels • Bill Gates, Microsoft

10. U.S. E’s

11. E’s In Our Midst • Ron Joyce, Tim Horton’s • Ron Foxcroft, Fox-40 whistles • Denise Meehan, Licks Restaurants • Christine McGee, Sleep Country • Trevor Chamberlain, Wescam • Michael Lee Chin, AIC Investments • Mo Masoudi, Moe-Tion Pictures Productions • John Sleeman, Sleeman’s Brewery • Don Fell, Fell-Fab Industries • Theresa Cascioli, Lakeport Breweries • Charles Juravinsky, Flamboro Downs • Michael G. DeGroote, Laidlaw Transport • Bob Young, Red Hat/Hamilton Tiger Cats • Brian Torsney, Robertson Daniels Advertising

12. Local E’s

13. The Risks • Putting up your own money • Failure • 8/10 new business ventures fail in the first year of operation • Pressures placed on personal life

14. Reported Rewards • Satisfactions of having made a difference • Satisfying a customer • Doing a good job • Having control • Being paid what something is worth

15. Started Small, Stayed Small • Nothing anemic about staying smaller • Persistent mentality is: “Bigger is Better” • Many entrepreneurs will deliberately downsize for a spectrum of reasons

16. LONG STANDING, SMALL LOCAL COMPANIES 1 • Denninger’s • East Hamilton Radio • Hillcrest Restaurant/Old Mill • Beach Road Meat Market • Sweet Paradise Bakery • Milli’s Ladies’ Fashions • Hill’s TV/Audio • Hollywood Hairstylists

17. LONG STANDING, SMALL LOCAL COMPANIES 2 • Jewel Box • Miller’s Shoes • Newman’s Men’s Wear • Black Forest Inn • Fortino’s • Creighton’s Car Repair • Woolcott’s Shoes • Peter Martin Appliances

18. LONG STANDING, SMALL LOCAL COMPANIES 3 • Bennett’s Apples • Mackesy’s Appliances • Grant Avenue Recording Studios • JMG Compusmart Ltd. • Light Computer Center

19. Started Small, Grew Up • Every large company that we know of today began with one person or a small selection of individuals who shared an idea or a dream

20. International ‘Grownups’ • Hewlett Packard • IBM • Microsoft • Ford • CNN • Disney • Chrysler • General Motors • Toyota • Southwest Airlines • Las Vegas • Trump Enterprises • Harpo Enterprises • OMNI International • Harley Davidson • Apple Computers • General Electric • Walmart Limited • Marriott Hotels

21. Local ‘Grownups’ • Gennum Technologies, Burlington • Fell Fab, Hamilton • Zenon Environmental, Burlington • Joe Ng Engineering, Hamilton • Waxman Enterprises, Burlington • Tim Horton’s, Oakville • Laidlaw Transport, Burlington • Zamboni Limited, Brantford • Tridon Auto Parts, Burlington • Store Image, Brantford

22. Biggest Obstacles • An idea • Lack of confidence/doubt • $ to startup • Experience • Lack of support from those around you

23. Finding Opportunities • Reading • Traveling • Observing • Television • Internet • Talking/Listening to Customers • Surveying Customers • Inventing/’Playing’

24. Other Ways to Find Ideas • Seen abroad, not here • Successful here, not seen abroad • Listening to conversation for sources of complaint & wish lists • Companies divesting unpromising businesses • Things that people want or want to have done but cannot or do not want to do it themselves

25. Institutional Listening

26. Observing

27. Assessing Your E Potential • Plenty of surveys on the internet • Use a reliable, validated instrument • Avoid questionnaires in TV Guide, Cosmopolitan, newspapers, etc.

28. The Good News • Research shows that entrepreneurial skills are learnable even if you do not appear to possess these innately

29. Greatest Strengths • Nothing to lose/low opportunity cost • Energy • Youthful naiveté • Desire to succeed • Desire to please • Need relatively little to live on

30. For More Information • Numerous books, web sites, journals • www.mohawkc.on.ca/dept/business/busstud/piczakm/start.html • Small Business Enterprise Center, Jackson Square • Greater Hamilton Technology and Enterprise Center • Various sectoral incubators

31. THE (E) TRUE ENTREPRENEUR STORY ARE YOU AN ‘E’? YES, YOU CAN BE ! MICHAEL PICZAK APRIL 2004

32. Questions