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INNOVATION
& DESIGN Home Page Architecture Brand Equity Auto Design Game Room SMALLBIZ Smart Answers Success Stories Today's Tip INVESTING Investing: Europe Annual Reports BW 50 S&P Picks & Pans Stock Screeners Free S&P Stock Report SCOREBOARDS Hot Growth 100 Mutual Funds Info Tech 100 S&P 500 B-SCHOOLS Undergrad Programs MBA Blogs MBA Profiles MBA Rankings Who's Hiring Grads | | JANUARY 15, 2004
By Blake Barker The Making of an Entrepreneur You may think that running someone else's business qualifies you to start one of your own. Think again The entrepreneur's life is just that -- a life. Like life, nothing you do can completely prepare you for what you face when you take on the daunting task of being the owner and president of your own company. While there may be support, you're ultimately on your own -- your money, time, and energy are personally on the line. In my previous life as the hired president and CEO of a San Diego telecommunications startup, I thought I knew what to expect. I did everything an entrepreneur does: develop a strategic plan, hire and fire, raise capital, negotiate with suppliers and, ultimately, sell the company. I was living the startup life, with the long hours, quick decisions, and unique energy that make young companies so exciting. In my mind, I was an overachieving entrepreneur. THOUGHTS AND ACTIONS. In reality, however, I was still an employee, because I hadn't founded that company. There's a line between employee and entrepreneur that's difficult to describe. It may not even exist in a physical sense. But it's real nonetheless. Like all fundamental life events -- having a child, facing the loss of a loved one -- you only know you've crossed the line when you've crossed it. In other words, becoming an entrepreneur is something that must be experienced. After selling the start up -- esi4B, Inc. -- in 2002, I actually did launch a venture of my own, Texacan Beef & Pork, a purveyor of smoked meats and sauces based in Ashburn, Va. It wasn't my first business. Back in the 1970s, I bought the Texas telecommunications company for which I had been working as a sales manager. Three years after selling that company in 1980, I founded Airdata, an early entrant in the automated phone information market, which I also eventually sold. Each time I've made the transition to entrepreneur, though, I've learned anew that valuable lesson about career "planning" for entrepreneurs. That said, I've also learned another equally important lesson: It's possible to prepare for entrepreneurship -- in fact, it's critical that you do. You'll first have to discard the illusion that your "entrepreneurial" experiences have already made you an entrepreneur. Then you'll need to focus on taking the concrete actions that do make the difference. What follows is a look at those. CARVE A NICHE. A startup is exciting because the pace is so quick. Particularly in the technology industry, where products and players change so rapidly, quick decision-making, quick assessment, prompt resolution, and immediate follow-through on ideas are essential. It's easy to apply the same style to starting your own business. It's also deadly. Instead, you must take the time to understand the market, the competition, and, above all, to define and reinforce your unique selling proposition. At Texacan, we wholesale and retail specialty smoked meats. Period. That's what we do. Define your business with that type of clarity. A clear statement of purpose provides you with focus as you develop your business plan; going back to it frequently will keep you from veering off course. When you talk with clients, bankers, investors, and vendors, it will enable them to easily grasp what you are all about. One of Texacan's differentiators is the safety and consistency of the product. For me, the best way to communicate that message to potential customers is through USDA designation. It took me nearly a year to learn how the USDA works, how to get an inspector into my facility, and how to design my production process in a way to earn the USDA stamp of approval.
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