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THE (E) TRUETHE (E) TRUEENTREPRENEUR STORYENTREPRENEUR STORY

ARE YOU AN E?ARE YOU AN E?Michael W. Piczak

April 2004


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E DefinedE Defined

creation of new enterprise

one who organizes and manages a

business, and undertakes the riskfor the sake of profit

risk taker

extraordinarily talented manager

innovator

creative arbitrageur


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Why Do They Do It?Why Do They Do It?

Frustration with organizational life

Frustrated with current product/service offerings

Freedom

Would never dream of working for someone else Independence

Challenge

Lifestyle

Feel they can do it better $

Change the world

Few choices

Finally


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E: Born or Made?E: Born or Made?

The eternal question

Considerable ongoing debateabout the issue

There is hope


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E True CorrelatesE True Correlates

Determined Aggressive Young Average education Assume calculated risks

From families that own businesses New to Canada Female Excited more by the chase than the capture Easily bored with the familiar Not easily discouraged; dont take no for an answer Notice things that others miss Driven to succeed Often have little to lose Often little family support Optimistic Confident


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Es see opportunitiesEs see opportunities

others missothers miss


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Es areEs areAGGRESSIVE:AGGRESSIVE:If myIf mycompetition wascompetition was

drowning, I woulddrowning, I wouldput a hose input a hose intheir mouththeir mouth


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Es: Who Are TheseEs: Who Are These

People?People? Donald Trump, Trump properties

Merv Griffin, real estate/ game show creator

Martha Stewart, Omni Enterprises Dave Thomas, Wendys

Bugsy Siegel, Las Vegas casinos

Sam Walton, Wal-Mart

Ted Turner, CNN

Oprah Winfrey, Harpo Enterprises

Ray Croc, MacDonalds

Steve Wynn, Mirage Hotels

Bill Gates, Microsoft


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U.S. EsU.S. Es


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Es In Our MidstEs In Our Midst

Ron Joyce, Tim Hortons Ron Foxcroft, Fox-40 whistles Denise Meehan, Licks Restaurants Christine McGee, Sleep Country Trevor Chamberlain, Wescam Michael Lee Chin, AIC Investments Mo Masoudi, Moe-Tion Pictures Productions John Sleeman, Sleemans Brewery Don Fell, Fell-Fab Industries Theresa Cascioli, Lakeport Breweries

Charles Juravinsky, Flamboro Downs Michael G. DeGroote, Laidlaw Transport Bob Young, Red Hat/Hamilton Tiger Cats Brian Torsney, Robertson Daniels Advertising


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Local EsLocal Es


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The RisksThe Risks

Putting up your own money

Failure

8/10 new business ventures fail inthe first year of operation

Pressures placed on personal life


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Reported RewardsReported Rewards

Satisfactions of having made adifference

Satisfying a customer

Doing a good job

Having control

Being paid what something isworth


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Started Small, StayedStarted Small, Stayed

SmallSmall Nothing anemic about staying

smaller

Persistent mentality is: Biggeris Better

Many entrepreneurs will

deliberately downsize for aspectrum of reasons


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LONG STANDING, SMALLLONG STANDING, SMALL

LOCAL COMPANIES 1LOCAL COMPANIES 1 Denningers

East Hamilton Radio

Hillcrest Restaurant/Old Mill

Beach Road Meat Market

Sweet Paradise Bakery

Millis Ladies Fashions Hills TV/Audio

Hollywood Hairstylists


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LOCAL COMPANIES 2LOCAL COMPANIES 2 Jewel Box

Millers Shoes

Newmans Mens Wear

Black Forest Inn

Fortinos

Creightons Car Repair Woolcotts Shoes

Peter Martin Appliances


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LOCAL COMPANIES 3LOCAL COMPANIES 3 Bennetts Apples

Mackesys Appliances

Grant Avenue Recording Studios

JMG Compusmart Ltd.

Light Computer Center


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Started Small, Grew UpStarted Small, Grew Up

Every large company that weknow of today began with one

person or a small selection ofindividuals who shared an ideaor a dream


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International GrownupsInternational Grownups

Hewlett Packard

IBM

Microsoft Ford

CNN

Disney

Chrysler

General Motors

Toyota

Southwest Airlines

Las Vegas

Trump Enterprises

Harpo Enterprises OMNI International

Harley Davidson

Apple Computers

General Electric

Walmart Limited

Marriott Hotels


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Local GrownupsLocal Grownups

Gennum Technologies, Burlington

Fell Fab, Hamilton

Zenon Environmental, Burlington Joe Ng Engineering, Hamilton

Waxman Enterprises, Burlington

Tim Hortons, Oakville

Laidlaw Transport, Burlington

Zamboni Limited, Brantford

Tridon Auto Parts, Burlington

Store Image, Brantford


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Biggest ObstaclesBiggest Obstacles

An idea

Lack of confidence/doubt

$ to startup

Experience

Lack of support from thosearound you


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Finding OpportunitiesFinding Opportunities

Reading

Traveling

Observing

Television

Internet

Talking/Listening to Customers Surveying Customers

Inventing/Playing


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Other Ways to Find IdeasOther Ways to Find Ideas

Seen abroad, not here

Successful here, not seen abroad

Listening to conversation forsources of complaint & wish lists

Companies divesting unpromisingbusinesses

Things that people want or wantto have done but cannot or do notwant to do it themselves


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Institutional ListeningInstitutional Listening


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ObservingObserving


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Assessing Your EAssessing Your E

PotentialPotential Plenty of surveys on the

internet

Use a reliable, validatedinstrument

Avoid questionnaires in TV

Guide, Cosmopolitan,newspapers, etc.


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Greatest StrengthsGreatest Strengths

Nothing to lose/low opportunitycost

Energy

Youthful naivet

Desire to succeed

Desire to please

Need relatively little to live on


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For More InformationFor More Information

Numerous books, web sites, journals

www.mohawkc.on.ca/dept/business/

busstud/piczakm/start.html Small Business Enterprise Center,

Jackson Square

Greater Hamilton Technology andEnterprise Center

Various sectoral incubators


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THE (E) TRUETHE (E) TRUEENTREPRENEUR STORYENTREPRENEUR STORY

ARE YOU AN E?ARE YOU AN E?YES, YOU CAN BE !YES, YOU CAN BE !

MICHAEL PICZAKMICHAEL PICZAKAPRIL 2004APRIL 2004


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