Entrepreneurship & Networking

Allen Perk, President, XLNsystems – Class of 1978

Is this you ? ! ?

Before you quit your Job ….

1. Check your Attitude2. Get as much Business Experience as

possible3. Sales = Income4. Be optimistic BUT brutally honest.5. Spend $$$ wisely.6. Start a business to practice on.7. ASK FOR HELP!!8. Join an “Entrepreneur’s Network”9. Be Faithful to the Process.

The Entrepreneurial Process

1. Start the Business2. Fail and Learn3. Find a Mentor4. Fail and Learn5. Take some Classes6. Fail and Learn (again)7. Stop when successful8. Celebrate9. Repeat the Process

Safety – Flexibility – Comfort – Ownership – Speed

If Possible - Start Small

• Start up businesses can include:1. Video Photography2. Personalized PC Instruction 3. Buy-Sell-Trade Sports Tickets4. Teaching Others about Business5. Flip Houses6. Car Repair – one to two bays7. Buying an Existing Business from an

older Business Owner8. Buying an Existing Business from

Motivated Sellers

Cash Flow

• An entrepreneur raises money:1. From Friends & Family

2. From Banks (Ha!)

3. From Customers

4. From Suppliers

5. From Investors– Venture Capitalists

6. From Public Markets

Entrepreneurship

• Don’t give up too soon.– The way to success

• The story of ‘splat’

Entrepreneurship

• Plan Ahead Financially– Two Entities to Pay For

• Business• Personal

– Cash Flow Considerations– By the way … Profit is not a dirty word.

Entrepreneurship

• 3 Qualities. – First, they learn more things– Second, they try more things– Third, they persist longer than most.

• i.e. You’re a Risk Taker

Entrepreneurship

• Risk - Reward– The Higher the Risk, the Greater the

Reward

– Practical vs. Theoretical• Multi-dimensional• People

– Willingness to move on an idea• Speedboat• Freighter

As proposed by the project sponsor.

As specified in the project request.

As designed by the senior analyst.

As produced by the programmers.

As installed at the user's site.

As proposed by the project sponsor.

As specified in the project request.

As designed by the senior analyst.

As produced by the programmers.

As installed at the user's site.

What the user wanted.

Entrepreneurship

• Cycle– Envision– Learn– Experience– Network– Capitalize– Re-Invest

Entrepreneurship

• Reaping the Rewards Financially– The difference between Micro / Macro

• CEO of a large conglomerate• CEO of a small business

– Moral Considerations• Spreading the Wealth• Spreading the Misery

– Laying people off

Entrepreneurship

• Name Recognition– You are no longer ….

• I B M• A T & T• Boeing

– Instead, you are an ‘unknown’• “Who are you”? -and- • “Why should I care”?

Entrepreneurship

• Sales & Marketing– You are your company’s best Sales Rep

– Network … then Network even more

– Web Site is Critical

– Business Address is a Reflection on you

– Network to those who have Networks

Entrepreneurship

• You ‘Can’ do it all ….– But this leads to stagnation

• Eventually, you will need to trust others– This will lead to business growth

The Product/Service Process

• Product• Legal• Systems• Communications• Cash Flow

Red Flag – Good vs. Bad Expenses

• There are Good expenses…– Training– Equipment– People– Attorney Fees

• There are Bad expenses– Lavish dinners– Unnecessary trips– Marketing during the Super Bowl

Networking & Help

• SCORE – Senior Corp of Retired Executives

• The Learning Café – • http://www.thelearning-cafe.com/html/entrepreneur__groups.html

• Dayton IT Alliance• Columbus Technology Council

C o n t a c t I n f o r m a t i o n

• Allen.Perk@XLNsystems.com• 614.430.0198