Starting Your Own IT Company Nathan Burk Brian Middendorf Sarah Middendorf Vince Tuley IS 6800...

Starting Your Own IT Company

Nathan Burk

Brian Middendorf

Sarah Middendorf

Vince Tuley

IS 6800 December 4, 2003

2

Agenda

Entrepreneur Characteristics Overview Class Survey Case Study: SSE Case Study: Internet Solutions Case Study: eBay Conclusion

Reference 42 3

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.

References 7, 8 & 44 4

IT Entrepreneur Statistics

30% of business start-ups survive more than 5 years.

Every year, approximately 1million 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.

Reference 7 5

Causes for Business Failure

Lack of Skills Sales Problems Financial Control Lack of Funds Marketing Issues

Reference 37 6

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.”

References 39 & 41 7

Why do IT entrepreneurs start their own businesses?

Family history “ . . . the entrepreneurial instinct was in my genes . . . “ - Dan Bricklin, inventor of the first electronic spreadsheet and entrepreneur who started four companies

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

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.”

Reference 39 & 40 8

Why do IT entrepreneurs start their own businesses? 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

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 37 9

Do you have what it takes to be an entrepreneur?1. Are you comfortable stretching

the rules?

2. Are you prepared to make powerful enemies?

3. Do you have the patience to start small?

4. Are you willing to shift strategies quickly?

5. Are you a closer?

10

Have you thought about being an entrepreneur?

Let’s take a survey . . .

11

Leadership

Which best describes you? A) You are someone that others look to for

ideas when starting a new project. B) You are someone that can be counted on

to finish a project for your boss.

12

Management

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

own.

13

Passion

If you are in disagreement with someone, are you more likely to . . . A) Communicate your feelings to convince

them to agree with you. B) Quickly compromise to keep the

relationship positive.

14

Risk-Taking

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

Reference 4 15

Creative

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

16

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

17

Case Studies

Reference 47 18

Susan S. Elliott- SSE Inc.

Reference 47 19

Elliott’s Background

Born in St. Louis, MO in 1937 Married with two daughters, Katherine and Elizabeth Education: Smith College, BA in American Studies

Reference 47 20

Elliott’s Background

1958 - Graduates from Smith College and is 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 2nd daughter Elizabeth

1983 - Attends her 25th reunion at Smith College where she wins an IBM PC at auction

Reference 47 21

Elliott’s Character Traits Driven Passionate Tenacious Stubborn Motivated Committed Hard-Working Possessing High

Integrity

Reference 48 22

SSE Services

SSE is an Information Technology Solutions Provider with nearly 20 years of experience delivering application development, network design, eLearning, 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 23

SSE’s Mission and Vision Mission - We create value for

our clients by applying Information Technology to solve their business challenges.

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 24

SSE Profile

Privately held 40 Employees $10 Million annual revenues 5-Time Winner of the St. Louis Regional

FAST 50 Technology Award Ranked 2nd largest software training

company in the 2001 Book of Lists

Reference 47 25

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 26

How did SSE acquire customers? Elliott attached herself to well known

companies to help pull SSE through IBM Example

Educational Opportunities Ladue School board contacted her about

teaching computer classes -- She traded training for advertising space in the school directory.

Direct Sales

Reference 47 27

Success Factors 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.

3 Core Competencies: Infrastructure Application Development Learning

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 28

Challenges Rapid change in the industry Deciding what type of software to

use - mainstream or client-specific

Challenges common to women weren’t as much as difficult for her. She leveraged the opportunity and used it to her advantage.

Recessions and slowdown of spending on technology

Reference 48 29

Clients

Anheuser-BuschArch Coal Inc.Arthur J. Gallagher & CompanyAstarisBJC Health SystemBKDBlish-MizeBoeingBridge Information SystemsCharter CommunicationsCitiMortgageDot Foods, Inc.Drury InnEmerson Electric Co.Enterprise Rent-a-CarFisher RosemountGeneral AmericanHaystack ToysHOKIndoffInner Circle Logistics

Lutheran Church Missouri SynodMallinckrodtMaritzMasterCard International, Inc.MetaPhaseMissouri Botanical GardenMonsantoMortgageBid.comPharmacia PremcorQwest CommunicationsRalcorpRalston Purina CompanySmurfit StoneSolutiaSouthwestern BellSSM Health CareStLouisBestJobs.comUnity Health PlansU.S. Army

Reference 47 30

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 49 31

Brad Suddath - The Internet Solution

Reference 49 32

Suddath’s Background

Born in Springfield, Mo 1978. Lived in Mt. Vernon, MO. Lived on farm. Disliked farm chores. Attended a high school with only 400

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 33


Started a car dealership with roommate in college. Obtained necessary certification to attend auctions.

Involved with on campus activities Delta Sigma Pi

Graduated Summa Cum Laude, December 2000, Finance & Real Estate.

Excelled in academics and on-campus activities Invited to do an assistantship through the MBA program.

During the MBA program, started independently studying IT. Thought IT was fascinating. Enhanced Technical skills and built sites for fun! Started bidding on small projects as a side job.

Reference 49 34


Devoted long hours to the design process. In time, the process became tedious. Envisioned coordinating projects.

In 2000, the Bubble was bursting. Believed in his own potential. Started networking with programmers overseas.

Began outsourcing web site design to Canada, Russia, and India. Low cost of labor enabled high returns. $2,000 project, outsourced and completed for $300.


The Internet Solution Services Incorporated early 2001 Privately Held Web Site Design E-Commerce hosting Content Site

Management Store Front and

Shopping Cart

Reference 49 36

The Internet Solution

Recently profit margins have decreased significantly. Restructured to offer a package deal at a low

monthly rate. “Auctions” projects to overseas technical

doers. Posts jobs to a virtual auction room Programmers competitively bid Project awarded to best sample and price

Reference 49 37

The Internet Solution Profile

2 Employees with the company. Suddath and a database

manager Hiring 2-3 individuals that will

add value Revenues: Low 6 Figures Profitability: “Profitable enough to

justify not working for someone else”

Reference 49 38

How was the Internet Solution funded?

The Internet Solution was self-funded. Suddath paid $5,000 for software design.

Reference 49 39

Challenges Financial Uncertainty 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.”

Referenced Atlas Shrugged, Ayn Rand Dagny Taggart – has a mind of her own

and stakes her future on her own judgment. Suddath believes he can create something

prosperous and successful.

Reference 49 40

Suddath’s Character Traits

Hardworking Decisive Innovative Ambitious Open-minded

Reference 49 41

How did The Internet Solution acquire customers? word of mouth referrals mass advertising pay-for- performance

search $1.1 Billion in 2002,

expected to be $4.3 Billion in 2008. 6

Reference 49 42

Clients

Great Falls Swim and Tennis Club

Wild Rush Seafood M & S Enterprises Loose International Inc. American Coach Company

Pierre Omidyar

References 15, 24 & 33 44

Born in Paris, France to an Iranian couple who moved the family to the US when Pierre was 6.

First programming experience was developing a card catalog system for the school library while in high school

B.S. in Computer Science from Tufts University in 1988

Started career working as a developer for Claris, a subsidiary of Apple Computer, shortly after graduating

Omidyar’s Background


Co-founded Ink Development in 1991, which was later named eShop and purchased by Microsoft.

Joined General Magic in 1991 as a software engineer

Created eBay in September 1995

-Pez Story


References 18, 19, 20, 21, 22 & 33 46

Created eBay in September 1995

Incorporated eBay in May 1996

Left General Magic in mid-1996 to work on eBay full-time

Ranked #2 on Fortune magazine’s 40 richest under 40 in the Sept. 2001, 2002, and 2003 issues.


Reference 25 47

Answers to these questions as of 10/9/01 per WSJ:

Current Reading: Dalai Lama, An Open Heart; Robert Heinlein, Stranger in a Strange Land, uncut version.

Favorite Tech Gadget: TiVo

Trip He Would Like to Take: Gotta go to Space Camp……been wanting to go there since I was 15.

Favorite Item bought on eBay: Pez “bride” dispenser for my wife as a wedding present.

Favorite Item sold on eBay: Broken laser pointer, sold as-is “broken” for $14.

Hobbies/Sports: Racquetball, reading, backgammon

Omidyar’s Personality

Reference 22 48

Headquartered in San Jose, California

Publicly held company- traded on the Nasdaq under ticker EBAY- currently trades at $55.89 and had a 2:1 stock split on Aug. 29, 2003

Online person to person trading community.

Buyers can browse and bid on auctions free of charge.

Sellers are charged in a few different ways:

Insertion fee - between $0.30 - $3.30

Additional listing fee - optional

Final value fee - 1.25% - 5% of final sales price

eBay notifies buyer and seller at end of a successful auction and buyer and seller finish transaction independently of eBay.

eBay Profile

How was eBay funded?

Omidyar sold Ink Development to Microsoft as eShop and became a millionaire

eBay was immediately profitable which helped fund itself and require only one round of venture capital

Reference 27, 28, & 33 50

Success Factors

Immediately profitable Self-sustaining system Using suggestions of customers Feedback Forum Partnerships formed with large companies such as

AOL, Sun, Disney, and General Motors

Reference 26 & 33 51

Challenges

Competition (Yahoo Auctions, Amazon, City Auction)

Buyer and Seller comfort Transition of new management


We believe people are basically good.

We believe everyone has something to contribute.

We believe that an honest, open environment can bring out the best in people.

We recognize and respect everyone as a unique individual.

We encourage you to treat others the way that you want to be treated.

5 Essential Values used to start eBay

References 18, 19, 20, 21, 25, 29 & 30 53

MBA from Stanford University

BS from University of Toronto

Co-founded eBay

Brought on to solidify the business foundation

First President and full-time employee of eBay

Left company in 1999 to found Skoll Foundation

Ranked #3 on Fortune magazine’s 40 richest under 40 in the Sept. 2001 and 2002 issues and #4 in the 2003 issue.

Jeff Skoll

References 22, 31, & 32 54

MBA from Harvard Business School in 1979

BA in Economics from Princeton in 1977

Brought on by Omidyar and Skoll in 1998 to

be President and CEO

Known for her ability in brand building

Worked for companies such as Hasbro, Disney, Keds, and Proctor & Gamble

Meg Whitman

Reference 34 55

Financials


2003* 2002 2001 2000 1999Net Sales 2,022.3 1,214.1 748.8 431.4 224.7 Cost of Sales 400.9 213.9 134.8 95.5 57.6 Gross Profit 1,621.4 1,000.2 614.0 335.9 167.1 GP % 80.2% 82.4% 82.0% 77.9% 74.4%SG and A Exp 808.5 525.5 361.7 242.1 140.2 Other Items 409.2 275.6 271.3 193.8 130.6 Net Income 399.3 249.9 90.4 48.3 9.6 Income % 19.7% 20.6% 12.1% 11.2% 4.3%

*2003 estimated based on first 3 quarters actual information.

Income Statement

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

58

Conclusion

59

Case Studies Vs. Research

Susan Elliot Brad Suddath Pierre OmidyarLeadership Skills XManagement Traits X XPassion X X XRisk TakerCreative/ Innovative X X XPlanning X X XMarketing X XNeed for achievement X X XTiming X XLuck X X X

Reference 53 60

Leadership Skills

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.

"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

61

Management Traits

Our case studies show that management traits are not essential for IT entrepreneurs.

Successful IT entrepreneurs hire good managers to run their companies. Example of Elliot’s recent hiring of President

for future growth of SSE. Example of Skoll and Whitman from eBay.

Reference 38 62

Do Founders make the best CEOs? More often than not, founders are not the

best CEOs of their companies. “It’s abnormal to have the guy from Day One

who has the ability to grow and morph.” –Chad Waite, OVP Venture Capital partner

“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.”


Do Founders make the best CEOs? 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.”

“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

Reference 4 & 5 64

Passion

All 3 entrepreneurs profiled exhibit passion. Entrepreneurs work long hours. Vacations

are not often needed. Example of Michael Dell.

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 46 65

Risk Taker

Our case studies have not conclusively shown that IT entrepreneurs are bigger risk takers than other business professionals.

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 1 66

Creative/Innovative

All 3 entrepreneurs profiled exhibit creativity and innovation.

Important to have the ability to produce solutions in new situations. Attributes attained through experience and training.


Planning

All 3 entrepreneurs profiled used effective planning in developing their business models.

“Getting started might be easy, but long-term success depends on changing with technical and market conditions while remaining true to the original mission.”

“Entrepreneurs create value by combining resources to exploit an opportunity.”

Reference 51 68

Marketing

Our case studies show that marketing is not essential to be a successful IT entrepreneur.

Entrepreneurs may need to ensure that a certain amount of marketing competence exists in the company before introducing a new product or idea.

Need to understand products, services, and ideas do not sell themselves.

Reference 52 69

Need for Achievement

In all 3 case studies, the entrepreneurs possessed the need for achievement.

Entrepreneurs want to complete tasks that involve a sense of accomplishment.

Example of Elliott wanting to work after she had to leave IBM.

Reference 8 70

Timing

In 2 of the case studies, timing contributed to the success of the entrepreneur.

Economic Timing – studies show that firms are more likely to succeed during an expansion period.

Product/Service Timing – Firms that select products/services in the growth stage are more likely to succeed.

Reference 4 71

Luck

In all three case studies, luck contributed to the success of the entrepreneur.

Chance occurs more frequently than one may think in the entrepreneurial process.

Chance may occur in all stages of the entrepreneur process both positively and negatively.

Reference 43 & 46 72

Entrepreneurial Characteristics from Recent Studies “Recognize (as opposed to seeking) opportunities.” “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.”

Proactive personalities, “scan for opportunities, show initiative, take action, and persevere until they reach closure by bringing about change.”

Time from start of business to delivery of product is often quicker for IT start-ups than for other start-ups.

Reference 5 73

Entrepreneurs

Feel in Control of their Destiny Believe they can make a difference. Have extreme amounts of determination.

Focus for long periods of time on making the idea, product, or service a success.

Example of Akio Morita, Founder of Sony America said it would be impossible to sell under

the name “Sony”. Morita invested millions in an American

Subsidiary. Succeeded when most thought he would fail.

Reference 35 74

Resources available for start-ups Government aid

“States are setting up programs to nurture entrepreneurs with the zeal they used to reserve for courting the Fortune 500.”

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.”

Venture Capital money

Reference 13 75

Proactive Personality Profile

1. “I enjoy facing and overcoming obstacles to my ideas.”

2. “Nothing is more exciting than seeing my ideas turn into reality.”

3. “I excel at identifying opportunities.”

4. “I love to challenge the status quo.”

5. “I can spot a good opportunity long before others can.”

Reference 24 76

Many IT Entrepreneurs top the 40 Richest under 40 List Michael Dell, Dell Computers, Net Worth

17.12 billion Pierre Omidyar, Ebay, Net Worth 7.06 billion Jeff Bezos, Amazon.com, Net Worth 4.85

billion David Filo, Yahoo, Net Worth 1.45 billion Jerry Yang, Yahoo, Net Worth 1.28 billion

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