Mentortech Seminar

Joe Paradi, Director, CMTE

1) As an entrepreneur you don't understand the word "NO"
2) need the drive to stick it out
3) need persistence in trying new ways of doing things
4) Need good communication and delivery ( need to be able to communicate your ideas )
5) Need to be a good salesman ( you can buy technology but not good salespeople )
* stressed that 2) and 3) cant really be developed ( you have it or you don't )

Ending notes:

- only about 2% of the population have the right entrepreneurial disposition
- there is a large gap between an idea and seeing it in production
- the business always starts with a problem

Frank Rovers, President, Conestoga Rovers & Associates

- offer expert advice or service ( licensing requirements to become an expert )
- in order to run a business well it requires a lot of time and sacrifice
- need to be a good salesman and communicator
- initially dont think about money, the money is generally made later on down the road
- establish a wide knowledge base
- need to convince people that you have something to offer them
- start making contacts early by giving value added service on work terms ( long hours, overtime )
- in many cases work ethic is a big part of being successful
- look for business partners to team with, Mr. Rover looks for 1) work ethic, 2) good salesman

Factors for success:
1) team player
2) effective salesman
3) cost effective
4) customer deadlines are the bottom line

Michael Lazaridis, CEO, Research in Motion

1) never skimp on equipment, never skimp on talent
2) don't be greedy with your market share
3) don't sell product at a high price initially (netscape gave copies away for free initially)
4) find large partner to market product because it will add marketing and credibility to you product
5) find the right partners both externally and internally
6) tempted to try and control everything in you company, but you can't
7) be honest and upright in your business dealings because everyone knows everything
8) you are not the only person with your particular idea, but you can act upon it first
9) don't react to bad press or other companies insults, continue to work on your product
10) don't allow thoughts of invincibility or success distract you from your task
11) engineer not only your product, but also your company

Don Waugh, President, Quasarmetrics storage systems
(DONW@LSS-CHQ.mhs.compuserve.com)

Facets of Starting a business:
1) Great idea - original idea

what makes idea different: special talent, special market, special capability
2) Management - must champion your company (be an evangelist)
- must fundamentally believe in idea
- persistence, patience, perseverance
- benefit in joining other companies
- must have complete skill set (technology, sales, finance)
3) Business Plan - External
- used to sell company to investors
- be succinct (keep to 12-15 pages)
- put company in positive light but dont exaggerate
- Internal
- fail to plan - plan to fail
- plan the work - work the plan
- quantify risk and reward
- have to spend money to make money
4) Customer Market - sales is the only thing that counts
- customer profile / identification
- channel to end user (middle man?)
5) Return on Investment
- this the bottom line
- venture capital
- 50% annual return on a startup
- 25% annual return on a stable company
- you are building equity by using venture capital

David Barrow, President, Datec Corporation

Steps to address in business planning:
1) initial marketing survey (demand for product)
2) how to finance venture
3) develop marketing strategy
4) operations (details of operating company)
5) name (important, be creative)