Starting Your Own Company Nathan Burk Brian Middendorf

Starting Your Own Company Nathan Burk Brian Middendorf Sarah Middendorf Vince Tuley IS 6800 December 4, 2003 IT

Agenda n Entrepreneur Characteristics Overview n Class Survey n Case Study: SSE n Case Study: Internet Solutions n Case Study: e. Bay n Conclusion 2

What is entrepreneurship? A context-dependent social process through which individuals and teams create wealth by bringing together unique packages of resources to exploit marketplace opportunities. This definition suggests that gaining access to a variety of resources and knowing how to leverage them creatively are two core entrepreneurial functions. Reference 42 3

IT Entrepreneur Statistics n 30% of business start-ups survive more n n than 5 years. Every year, approximately 1 million people take action to start a new business. Only half of these people start a company and only half of those companies survive. 98% remain small with low revenues and few employees. 90% of failed businesses did not have a written business plan. References 7, 8 & 44 4

Causes for Business Failure n Lack of Skills n Sales Problems n Financial Control n Lack of Funds n Marketing Issues Reference 7 5

Entrepreneurs vs. Dreamers “More than half of Americans polled dreamed of owning their own company some day, while 10% already have a business, and a third have no interest in stepping out on their own. ” Reference 37 6

Why do IT entrepreneurs start their own businesses? n Family history “. . . the entrepreneurial instinct was in my genes . . . “ - Dan Bricklin, inventor of the first electronic spreadsheet and entrepreneur who started four companies n A way of achieving goals: “I also became an entrepreneur because I felt like I couldn’t achieve my goals through any other means. ” – Dan Bricklin n To have a better environment for creativity: “Studies often show that significant innovative technology comes primarily from entrepreneurs and small businesses rather than larger business. ” References 39 & 41 7

Why do IT entrepreneurs start their own businesses? n Desire to contribute to society: “We are not passive observers but active participants in making the world a better place. That sense of individual responsibility – the need to ask, How will I participate? ” – Dan Bricklin n To combine learned skills and passions: “There had to be a profession that would merge his [Ron Antinoja] passion for learning systems and baseball statistics. . . Today Antinoja’s young company, Tendu, is aiming to develop software for . . . Major-League Baseball. ” Reference 39 & 40 8

Do you have what it takes to be an entrepreneur? 1. 2. 3. 4. 5. Are you comfortable stretching the rules? Are you prepared to make powerful enemies? Do you have the patience to start small? Are you willing to shift strategies quickly? Are you a closer? Reference 37 9

Have you thought about being an entrepreneur? Let’s take a survey. . . 10

Leadership n Which best describes you? n A) You are someone that others look to for ideas when starting a new project. n B) You are someone that can be counted on to finish a project for your boss. 11

Management n If there is a disagreement between two people at work, would you rather. . . A) Help them come to a compromise. n B) Be content to let them work it out on their own. n 12

Passion n If you are in disagreement with someone, are you more likely to. . . A) Communicate your feelings to convince them to agree with you. n B) Quickly compromise to keep the relationship positive. n 13

Risk-Taking n If you had an extra $1000 to invest in the stock market, would you. . . A) Invest in a speculative start-up stock? n B) Invest in a blue-chip stock or bond? n 14

Creative n What really gets your adrenaline pumping? n A) Conceiving an idea for a project. n B) Planning and completing a project. Reference 4 15

Characteristics of Successful IT Entrepreneurs n Leadership Skills? n Management Traits? n Passion? n Risk Taker? n Creative/Innovative? n Planning? n Marketing? n Need for achievement? n Timing? n Luck? 16

Case Studies 17

Susan S. Elliott- SSE Inc. Reference 47 18

Elliott’s Background n Born in St. Louis, MO in 1937 n Married with two daughters, Katherine and Elizabeth n Education: Smith College, BA in American Studies Reference 47 19

Elliott’s Background n 1958 - Graduates from Smith College and is n n hired by IBM as a systems analyst 1966 - Becomes pregnant and is required by IBM to start maternity leave after 6 months 1966 - Incorporates SSE, starts programming for First National Bank and has her first daughter Katherine 1969 -1973 - Relocates several times, continues consulting, and has her 2 nd daughter Elizabeth 1983 - Attends her 25 th reunion at Smith College where she wins an IBM PC at auction Reference 47 20

Elliott’s Character Traits n Driven n Passionate n Tenacious n Stubborn n Motivated n Committed n Hard-Working n Possessing High Integrity Reference 47 21

SSE Services n SSE is an Information Technology Solutions Provider with nearly 20 years of experience delivering application development, network design, e. Learning, computer training, and technical staffing services. By bringing together the best of business, people and technology, we develop solutions that empower and enable new levels of performance across the enterprise. Our goal is to measurably and substantially improve your business. Reference 48 22

SSE’s Mission and Vision n Mission - We create value for our clients by applying Information Technology to solve their business challenges. n Vision - By building on our values and blending our services to deliver complete IT solutions, SSE will see significant revenue growth with sustainable profits. Reference 48 23

SSE Profile n Privately held n 40 Employees n $10 Million annual revenues n 5 -Time Winner of the St. Louis Regional FAST 50 Technology Award n Ranked 2 nd largest software training company in the 2001 Book of Lists Reference 48 24

How was SSE funded? Susan’s husband was a successful attorney. He was able to support them financially, which allowed her to put all of her earnings back into the company. She did not initially take a salary. Reference 47 25

How did SSE acquire customers? n Elliott attached herself to well known companies to help pull SSE through n IBM Example n Educational Opportunities n Ladue School board contacted her about teaching computer classes -- She traded training for advertising space in the school directory. n Direct Sales Reference 47 26

Success Factors n SSE developed and maintained 3 core competencies at a time when many other companies were focusing on just 1 area. This ensured their survival during tough times. n 3 Core Competencies: n Infrastructure n Application Development n Learning n Elliott hires only the most talented and skilled employees. In the last few years, she has not been familiar with the latest technology, but she makes sure her employees are. Reference 47 27

Challenges n Rapid change in the industry n Deciding what type of software to use - mainstream or clientspecific n Challenges common to women weren’t as much as difficult for her. She leveraged the opportunity and used it to her advantage. n Recessions and slowdown of spending on technology Reference 47 28

Clients Anheuser-Busch Arch Coal Inc. Arthur J. Gallagher & Company Astaris BJC Health System BKD Blish-Mize Boeing Bridge Information Systems Charter Communications Citi. Mortgage Dot Foods, Inc. Drury Inn Emerson Electric Co. Enterprise Rent-a-Car Fisher Rosemount General American Haystack Toys HOK Indoff Inner Circle Logistics Lutheran Church Missouri Synod Mallinckrodt Maritz Master. Card International, Inc. Meta. Phase Missouri Botanical Garden Monsanto Mortgage. Bid. com Pharmacia Premcor Qwest Communications Ralcorp Ralston Purina Company Smurfit Stone Solutia Southwestern Bell SSM Health Care St. Louis. Best. Jobs. com Unity Health Plans Reference 48 U. S. Army 29

Susan S. Elliott "Excellence - technically, professionally, and personally - means continuously bringing value to our client relationships; we must conduct ourselves with impeccable integrity in all aspects of our work life. To that end, we commit our full support to our employees and their future with SSE. ” “Impeccable integrity is absolutely essential. ” “[When the customers are demanding the very latest technology], you have to be able to deliver what your sales reps are selling. And if you can’t, you’re not going to survive. ” Reference 47 30

Brad Suddath - The Internet Solution Reference 49 31

Suddath’s Background n Born in Springfield, Mo 1978. n Lived in Mt. Vernon, MO. n Lived on farm. Disliked farm chores. n Attended a high school with only 400 n n students. There were limited activities Spent time playing sports and reading Graduated high school in 1996. Ready to leave the small town. Started University of Missouri - Columbia. Possessed an Entrepreneurial Spirit through college. Reference 49 32

Suddath’s Background n Started a car dealership with roommate in college. Obtained necessary certification to attend auctions. Involved with on campus activities n Delta Sigma Pi Graduated Summa Cum Laude, December 2000, Finance & Real Estate. Excelled in academics and on-campus activities n Invited to do an assistantship through the MBA program. During the MBA program, started independently studying IT. n Thought IT was fascinating. n Enhanced Technical skills and built sites for fun! n Started bidding on small projects as a side job. n n n Reference 49 33

Suddath’s Background n Devoted long hours to the design process. n In time, the process became tedious. n Envisioned coordinating projects. n In 2000, the Bubble was bursting. n Believed in his own potential. n Started networking with programmers overseas. n Began outsourcing web site design to Canada, Russia, and India. n n Low cost of labor enabled high returns. $2, 000 project, outsourced and completed for $300. Reference 49 34

The Internet Solution Services n Incorporated early 2001 n Privately Held n Web Site Design n E-Commerce hosting n Content Site Management n Store Front and Shopping Cart References 49 & 50 35

The Internet Solution n Recently profit margins have decreased significantly. n Restructured to offer a package deal at a low monthly rate. n “Auctions” projects to overseas technical doers. Posts jobs to a virtual auction room n Programmers competitively bid n Project awarded to best sample and price n Reference 49 36

The Internet Solution Profile n 2 Employees with the company. Suddath and a database manager n Hiring 2 -3 individuals that will add value n Revenues: Low 6 Figures n Profitability: “Profitable enough to justify not working for someone else” n Reference 49 37

How was the Internet Solution funded? The Internet Solution was selffunded. Suddath paid $5, 000 for software design. Reference 49 38

Challenges n Financial Uncertainty n Social Interactions “In the corporate world, your part is defined and you have a sense of certainty. In the corporate world, when you are assigned a project, the project could generate significant value to the company, however, your reward has already been defined. In the entrepreneur world, you are the puzzle, and you are fitting the pieces together. ” n Referenced Atlas Shrugged, Ayn Rand n Dagny Taggart – has a mind of her own and stakes her future on her own judgment. n Suddath believes he can create something prosperous and successful. n Reference 49 39

Suddath’s Character Traits n Hardworking n Decisive n Innovative n Ambitious n Open-minded Reference 49 40

How did The Internet Solution acquire customers? n word of mouth n referrals n mass advertising n pay-for- performance search n $1. 1 Billion in 2002, expected to be $4. 3 Billion in 2008. 6 Reference 49 41

Clients n n n Great Falls Swim and Tennis Club Wild Rush Seafood M & S Enterprises Loose International Inc. American Coach Company Reference 49 42

Pierre Omidyar

Omidyar’s Background n. Born in Paris, France to an Iranian couple who moved the family to the US when Pierre was 6. n. First programming experience was developing a card catalog system for the school library while in high school n. B. S. in Computer Science from Tufts University in 1988 n. Started career working as a developer for Claris, a subsidiary of Apple Computer, shortly after graduating References 15, 24 & 33 44

Omidyar’s Background n Co-founded Ink Development in 1991, which was later named e. Shop and purchased by Microsoft. n Joined General Magic in 1991 as a software engineer n Created e. Bay in September 1995 -Pez Story References 22 & 33 45

Omidyar’s Background n. Created e. Bay in September 1995 n. Incorporated e. Bay in May 1996 n. Left General Magic in mid-1996 to work on e. Bay full-time n. Ranked #2 on Fortune magazine’s 40 richest under 40 in the Sept. 2001, 2002, and 2003 issues. References 18, 19, 20, 21, 22 & 33 46

Omidyar’s Personality Answers to these questions as of 10/9/01 per WSJ: n. Current Reading: Dalai Lama, An Open Heart; Robert Heinlein, Stranger in a Strange Land, uncut version. n. Favorite Tech Gadget: Ti. Vo n. Trip He Would Like to Take: Gotta go to Space Camp……been wanting to go there since I was 15. n. Favorite Item bought on e. Bay: Pez “bride” dispenser for my wife as a wedding present. n. Favorite Item sold on e. Bay: Broken laser pointer, sold as-is “broken” for $14. n. Hobbies/Sports: Racquetball, reading, backgammon Reference 25 47

e. Bay Profile n. Headquartered in San Jose, California n. Publicly held company- traded on the Nasdaq under ticker EBAYcurrently trades at $55. 89 and had a 2: 1 stock split on Aug. 29, 2003 n. Online person to person trading community. n. Buyers can browse and bid on auctions free of charge. n. Sellers are charged in a few different ways: n. Insertion fee - between $0. 30 - $3. 30 n. Additional listing fee - optional n. Final value fee - 1. 25% - 5% of final sales price ne. Bay notifies buyer and seller at end of a successful auction and buyer and seller finish transaction independently of e. Bay. Reference 22 48

How was e. Bay funded? n Omidyar sold Ink Development to Microsoft as e. Shop and became a millionaire n e. Bay was immediately profitable which helped fund itself and require only one round of venture capital

Success Factors n Immediately profitable n Self-sustaining system n Using suggestions of customers n Feedback Forum n Partnerships formed with large companies such as AOL, Sun, Disney, and General Motors Reference 27, 28, & 33 50

Challenges n Competition (Yahoo Auctions, Amazon, City Auction) n Buyer and Seller comfort n Transition of new management Reference 26 & 33 51

5 Essential Values used to start e. Bay n. We believe people are basically good. n. We believe everyone has something to contribute. n. We believe that an honest, open environment can bring out the best in people. n. We recognize and respect everyone as a unique individual. n. We encourage you to treat others the way that you want to be treated. References 14 & 28 52

Jeff Skoll n. MBA from Stanford University n. BS from University of Toronto n. Co-founded e. Bay n. Brought on to solidify the business foundation n. First President and full-time employee of e. Bay n. Left company in 1999 to found Skoll Foundation n. Ranked #3 on Fortune magazine’s 40 richest under 40 in the Sept. 2001 and 2002 issues and #4 in the 2003 issue. References 18, 19, 20, 21, 25, 29 & 30 53

Meg Whitman n. MBA from Harvard Business School in 1979 n. BA in Economics from Princeton in 1977 n. Brought on by Omidyar and Skoll in 1998 to be President and CEO n. Known for her ability in brand building n. Worked for companies such as Hasbro, Disney, Keds, and Proctor & Gamble References 22, 31, & 32 54

Financials Reference 34 55

Income Statement *2003 estimated based on first 3 quarters actual information. References 16 & 17 56

Sample List of Clients n Nathan Burk (sold Mike Matheny bobblehead for $150) n Brian Middendorf (bought $300 motorcycle jacket for $150) n Sarah Middendorf (bought 2 vintage posters for $30) n …….

Conclusion 58

Case Studies Vs. Research 59

Leadership Skills n Our case studies show that while leadership is an important characteristic for IT entrepreneurs, it is not always essential for success, as in the case of Omidyar. n "Those who can lead not just in one environment but in multiple, changing environments over time are the really spectacular leaders. ” - Roger Conway, manager at the Center for Creative Leadership in Greensboro, N. C Reference 53 60

Management Traits n Our case studies show that management traits are not essential for IT entrepreneurs. n Successful IT entrepreneurs hire good managers to run their companies. Example of Elliot’s recent hiring of President for future growth of SSE. n Example of Skoll and Whitman from e. Bay. n 61

Do Founders make the best CEOs? n More often than not, founders are not the best CEOs of their companies. n “It’s abnormal to have the guy from Day One who has the ability to grow and morph. ” – Chad Waite, OVP Venture Capital partner n “In 200 or so companies he [Dick Strayer, start-up consultant] has advised, fewer than 40% of the founder-CEOs made it past the second round of venture financing. ” Reference 38 62

Do Founders make the best CEOs? n Mr. Strayer’s job is to help founder-CEOs see the difference between 1) their job and 2) the investment in the start-up. He also performs a gap analysis between the founder’s management skills and the skills necessary to make the company successful. “Some can close the gap. Many can’t. ” n “Even today at Trellix, the company I founded. . . , my title isn’t president or chief executive officer. It’s chief technology officer, a role I planned to hold from the very beginning. . . sometimes founders have to forgo the CEO title for the sake of the business. ” - Dan Bricklin References 38 & 39 63

Passion n All 3 entrepreneurs profiled exhibit passion. n Entrepreneurs work long hours. Vacations are not often needed. n Example of Michael Dell. n n n More passionate about his business then socializing as far back as high school Dropped out of college. “Why have I survived all of these years? One, I’m having fun. Two, I think I’ve always approached my job by asking what the company needs to be successful. Whatever it is, I’m going to do it. ” –Michael Dell Reference 4 & 5 64

Risk Taker n Our case studies have not conclusively shown that IT entrepreneurs are bigger risk takers than other business professionals. n Palich and Bagby said, “Entrepreneurs do not necessarily embrace risk-taking more than non-entrepreneurs; rather, they tend to view risks more optimistically and are thereby more willing to undertake entrepreneurial efforts. ” Reference 46 65

Creative/Innovative n All 3 entrepreneurs profiled exhibit creativity and innovation. n Important to have the ability to produce solutions in new situations. Attributes attained through experience and training. Reference 1 66

Planning n All 3 entrepreneurs profiled used effective planning in developing their business models. n “Getting started might be easy, but long-term success depends on changing with technical and market conditions while remaining true to the original mission. ” n “Entrepreneurs create value by combining resources to exploit an opportunity. ” References 45 & 46 67

Marketing n Our case studies show that marketing is not essential to be a successful IT entrepreneur. n Entrepreneurs may need to ensure that a certain amount of marketing competence exists in the company before introducing a new product or idea. n Need to understand products, services, and ideas do not sell themselves. Reference 51 68

Need for Achievement n In all 3 case studies, the entrepreneurs possessed the need for achievement. n Entrepreneurs want to complete tasks that involve a sense of accomplishment. n Example of Elliott wanting to work after she had to leave IBM. Reference 52 69

Timing n In 2 of the case studies, timing contributed to the success of the entrepreneur. n Economic Timing – studies show that firms are more likely to succeed during an expansion period. n Product/Service Timing – Firms that select products/services in the growth stage are more likely to succeed. Reference 8 70

Luck n In all three case studies, luck contributed to the success of the entrepreneur. n Chance occurs more frequently than one may think in the entrepreneurial process. n Chance may occur in all stages of the entrepreneur process both positively and negatively. Reference 4 71

Entrepreneurial Characteristics from Recent Studies n “Recognize (as opposed to seeking) opportunities. ” n “Exhibit their most risk-averse behavior when they are either in control of their venture but lack market skill, or without control of the venture but have technical skill. ” n Proactive personalities, “scan for opportunities, show initiative, take action, and persevere until they reach closure by bringing about change. ” n Time from start of business to delivery of product is often quicker for IT start-ups than for other start-ups. Reference 43 & 46 72

Entrepreneurs n Feel in Control of their Destiny n Believe they can make a difference. n Have extreme amounts of determination. Focus for long periods of time on making the idea, product, or service a success. n Example of Akio Morita, Founder of Sony n America said it would be impossible to sell under the name “Sony”. n Morita invested millions in an American Subsidiary. n Succeeded when most thought he would fail. n Reference 5 73

Resources available for start-ups n Government aid “States are setting up programs to nurture entrepreneurs with the zeal they used to reserve for courting the Fortune 500. ” n Small business incubators “Nationally, about 80% of new businesses fail in their first five years, but in this incubator (City Venture in Charleston, SC) about 87% have so far survived. ” n Venture Capital money Reference 35 74

Proactive Personality Profile 1. “I enjoy facing and overcoming obstacles 2. 3. 4. 5. to my ideas. ” “Nothing is more exciting than seeing my ideas turn into reality. ” “I excel at identifying opportunities. ” “I love to challenge the status quo. ” “I can spot a good opportunity long before others can. ” Reference 13 75

Many IT Entrepreneurs top the 40 Richest under 40 List n Michael Dell, Dell Computers, Net Worth 17. 12 billion n Pierre Omidyar, Ebay, Net Worth 7. 06 billion n Jeff Bezos, Amazon. com, Net Worth 4. 85 billion n David Filo, Yahoo, Net Worth 1. 45 billion n Jerry Yang, Yahoo, Net Worth 1. 28 billion Reference 24 76

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