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Entrepreneurs The Key to Success

Entrepreneurs The Key to Success. Brian Fox Jami Dial Stephen Sukanek. Overview. Introduction Robert Beyster – Brian Jeff Bezos – Jami Tim Hufker – Steve Discussion/Conclusion. Why should I start my own company?. You are your own boss. Your work directly benefits you .

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Entrepreneurs The Key to Success

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  1. EntrepreneursThe Key to Success Brian Fox Jami Dial Stephen Sukanek

  2. Overview • Introduction • Robert Beyster – Brian • Jeff Bezos – Jami • Tim Hufker – Steve • Discussion/Conclusion

  3. Why should I start my own company? • You are your own boss. • Your work directly benefits you. • Not limited by corporate structure. • Endless variety and challenges. “Don’t be encumbered by history. Go out and do something wonderful.” -Robert Noyce, cofounder of Intel References : 1 and 2 See Attached

  4. Risks of being an IT Entrepreneur • ~15% of all computer-industry businesses fail… EACH YEAR • 17,530 computer-industry business failures in FY2000 References: 3 and 4

  5. Patience Charisma Thrift Flexibility Organization Good Judgment Decisiveness Supportive Family Passion Luck What Makes a Successful Entrepreneur? References: 1, 5, 6, and 7

  6. Case Studies

  7. Science Applications International Corp. (SAIC)

  8. Science Applications International Corp. (SAIC) • Founded in 1969 • Headquartered in San Diego, CA • Largest employee owned firm in the U.S. • 41st largest privately owned co. in U.S. • Specialty: Systems Integration • Leader in employee compensation & motivation “We turn employees into stakeholders” Forbes; December 01, 1997

  9. SAIC’s Financial Accomplishments • 30 yrs of growth in revenues, profits and employees • 6.1 Billion in Revenues • 19 Million in Net Income • 95% of Employees are owners • 6000 Active Contracts www.saic.com

  10. Dr. Robert Beyster Founder & CEO • Workaholic • Nuclear Physicist • Shy, soft spoken • Cares little about his appearance • Runs four miles a day… • Often conducts business during his daily run! Forbes; December 01, 1997

  11. Dr. Robert Beyster’s Vitae “I’m not the brilliant flash of inspiration type entrepreneur…I’m more of a persistent, workaholic type.” • Father was an engineer for General Motors • Believed his destiny was to design for GM • World War II changed all that… • Educated at University of Michigan • Worked for Los Alamos and General Atomics Tehabi Books; "SAIC: The First Thirty Years"

  12. Dr. Robert Beyster’s Vitae • Felt the need to “take charge of his destiny” • Became an entrepreneur at age 45 by accident • Started SAIC without any “grandiose plan for the future” • Started SAIC to be “a good place where I could work and maybe a few people could join me.” • First Contract for $70,000 with Defense Atomic Support Agency Tehabi Books; "SAIC: The First Thirty Years"

  13. Dr. Robert Beyster’s Vision • “Hire very smart people” • “Give them the freedom to build business in areas they are passionate about…” • “Reward them for their contributions with ownership of the company.” • “…turn employees into stakeholders.” Tehabi Books; "SAIC: The First Thirty Years"

  14. Dr. Robert Beyster’s Vision • NSI – Network Solutions, Inc. • Purchased for $5 million • Sold for $17 billion http://issaic.saic.com

  15. Final Thought • “I was not sure the company would amount to anything, but if it did, I wanted to share it…” Dr. Robert Beyster Tehabi Books; "SAIC: The First Thirty Years"

  16. Amazon.com

  17. Amazon.com • Internet Retailer • Went public in 1997 selling at $18 a share • Initially sold books • Expanded into various forms of media • Expanded further into multiple product lines • Starting to refocus • Providing outsource to e-business References: 11, 13 and 20

  18. Amazon’s Financial Accomplishments Net Loss (in thousands) 2002 2001 2000 $ (149,132) $ (567,277) $(1,411,273) Stock Price AMZN www.bigcharts.com

  19. Jeff BezosFounder & CEO • Born January 14, 1964 • High School Valedictorian • 1986 graduate of Princeton in Electrical Engineering and Computer Science • Summa cum Laude • Phi Beta Kappa • 1999- Time Person of the Year • 147th richest American www.time.com www.canoe.ca/CNEWS

  20. Jeff Bezos’ Vitae • Childhood • Grew up in Coffeyville, KS • Spent summers at Grandfather’s ranch in Cotulla, TX • Age 14, dreamed of becoming an astronaut or physicist • Never tried drugs or alcohol • Worked at McDonald’s while in High School www.time.com

  21. Jeff Bezos’ Vitae • Work Experience • 1986-1988 FITEL • 1988-1990 Banker’s Trust Company • Company’s youngest VP • 1990-1994 D.E. Shaw and Co. • Company’s youngest Senior VP www.time.com

  22. Jeff Bezos’ Vision 1994 discovered information stating the internet was growing at 2300% per year • Knew there was business opportunity • Left his 7 figure job and headed west • Bezos wants Amazon.com to be not just a bookstore but a multifaceted e-commerce destination as well. www.time.com Dealerscope: Philadelphia; January 2003

  23. Final Thought “We’ve been called Amazon.bomb, Amazon.toast and Amazon.org—because we don’t make any profit. We’re used to skepticism. In fact, it’s good for us. If everybody agreed that our strategy was a winner, everybody would do it, and it would be hard to make excessive returns.” Jeff Bezos Business Week; New York May 15, 2000

  24. Centrics, LLC

  25. Centrics, LLC “Centrics provides professional services and innovative technical solutions that enable retailers to improve their customer experience.” -Centrics Mission Statement Current Customers:

  26. Centrics’ Financial Accomplishments • Been in business for 3 full months! • Revenue $412,800 • Profits: $89,500 1/1/03-4/11/03 Phone Interview with Tim Hufker, April 11, 2003

  27. Tim Hufker Founder & CEO • St. Louis Business Journal 2003 class of 40 Under 40 • Published in the Journal of Product InnovationManagement and in CIO Magazine. www.centrics.com/leadership.asp

  28. Tim Hufker’s Vitae • Education • 1987 UM-Rolla BS-ME • 1992 UM-St. Louis MBA • Employment • 1987 Hired by CPI Corporation Design studio and lab equipment Renovated 2 labs, designed another • 1994 Promoted to Director of Engineering Designed digital preview system Interview with Tim Hufker, April 1, 2003

  29. Tim Hufker’s Vitae • Employment • 1995 Promoted to CIO • 2000 Promoted to Senior Exec VP • Still had CIO duties • Manufacturing • Real Estate • 2001 Centrics, Inc. created • Tim named CEO in addition to other hats • 2002 CPI closes Centrics, Inc. • Tim creates Centrics, LLC. Interview with Tim Hufker, April 1, 2003

  30. Tim Hufker’s Vitae • Personal • Married, 2 sets of twins • “Not a born leader” • “Not a born entrepreneur” Interview with Tim Hufker, April 1, 2003

  31. Tim Hufker’s Vision • Customer Base – Retailers who: • Offer Custom Products • Looking for Efficiency in Process • Desire Multi-Channel Sales • The Business Plan • Develop Partnerships with “Big Fish” • Create Customizable Templates • Sell Templates to “Smaller Fish” Interview with Tim Hufker, April 1, 2003

  32. Tim Hufker’s Vision • Out/Net sourcing non-core functions • Manufacturing • Web hosting • Legal • Accounting • Graphic art • Bought accounting/HR software for $400 Interview with Tim Hufker, April 1, 2003

  33. New sources of revenue Manage growth & deliver quality Keep the company private Moderate growth, 10% profit margin Interview with Tim Hufker, April 1, 2003 Tim Hufker’s Vision

  34. Final Thought “Long term success in a company you feel good about is more important than making a bunch of money” –Tim Hufker Interview with Tim Hufker, April 1, 2003

  35. Characteristics of Case Studies

  36. Patience Charisma Thrift Flexibility Organization Good Judgment Decisiveness Supportive Family Passion Luck Discussion

  37. Characteristics of Case Studies

  38. Test your knowledge An entrepreneur is most commonly the __________ child in the family. • Oldest • Middle • Youngest • Doesn't matter Next 10 pages taken from Mancuso, Joseph A. “Test Your Aptitude for Entrepreneurship”, www.startupjournal.com/howto/soundadvice/20030317-mancuso.html, viewed 4/11/03

  39. Test your knowledge Usually, an individual's entrepreneurial tendency first appears at which of these stages? • teens • twenties • thirties • forties • fifties

  40. Test your knowledge The only necessary and sufficient ingredient for starting a business is: • Money • A customer • A product • An idea

  41. Test your knowledge An entrepreneur's primary motivation for starting his own business is: • To make money • Because he can't work for anyone else • To be famous • As an outlet for unused energy

  42. Test your knowledge An entrepreneur moves which of these items from business to business: • Desk • Chair • All office furniture • None of these items

  43. Test your knowledge To be successful in an entrepreneurial venture, you need an overabundance of: • Money • Luck • Hard work • Good ideas

  44. Test your knowledge Entrepreneurs and venture capitalists: • Are cordial friends • Are the best of friends • Are in secret conflict

  45. Test your knowledge Entrepreneurs are: • High risk-takers (big gamblers) • Moderate risk-takers (realistic gamblers) • Small risk-takers (take few chances) • Doesn't matter

  46. Test your knowledge Entrepreneurs are best as: • Venture capitalists • Planners • Doers • Managers

  47. Test your knowledge A successful entrepreneur relies on which of these groups for critical management advice: • Internal management team • External management professionals • Financial sources • No one

  48. References 1. http://www.sba.gov/starting/ask.html, viewed 4/11/03. 2. Tedlow, Richard S. “What Titans Can Teach Us,” Harvard Business Review, December 2001, pp.70-79. 3. http://www.census.gov/csd/susb/susb2.htm/us4dn99_00.xls data for the following NAIC (North American Industry Classification) codes: 334, 514, 5415 4. http://www.census.gov/csd/susb/susb2.htm/us4dn98_99.xls, data for the following NAIC (North American Industry Classification) codes: 334, 514, 5415 5. Kuemmerle, Walter. “A Test for the Fainthearted,” Harvard Business Review, May 2002, pp. 122-127. 6. Magretta, Joan. “Why Business Models Matter,” Harvard Business Review, May 2002, pp.86-92. 7. Mancuso, Joseph A. “Test Your Aptitude for Entrepreneurship”, www.startupjournal.com/howto/soundadvice/20030317-mancuso.html, viewed 4/11/03 8. Interview with Tim Hufker, 4/1/03 9. http://www.centrics.com/leadership.asp, viewed 4/11/03 10. Phone interview with Tim Hufker, 4/11/03

  49. References 11. www.time.com 12. www.bigcharts.com 13. www.justpeople.com 14.www.canoe.ca/CNEWS 15. Forbes; December 01, 1997 16. www.saic.com 17. http://issaic.saic.com 18. SAIC: The First Thirty Years 19. Dealerscope; Philadelphia; January 2004 20. www.askmen.com

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