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IT Entrepreneurs

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  1. IT Entrepreneurs Self-Portrait of Poly, Monet Amanda Koehler, Dee Dee Veal, Balazs Klanicza, Kesorn Tongwan

  2. Objectives Understand the evolving definition of an entrepreneur Learn about the characteristics and demographics of entrepreneurs Meet real entrepreneurs from around the globe Examine the large amount of research that has been conducted on entrepreneurs and compare it to the entrepreneurs we interviewed Find out if you have what it takes 2

  3. Entrepreneur • French origin – “to undertake” (13) • Richard Cantillon (1730) – “self-employment of any and every sort”, including beggars and robbers (22) • One who organizes, manages and assumes the risk of a business or enterprise (13) • Peter Drucker, modern management theorist - “Shifts economic resources out of an area of lower and into an area of higher productivity and greater yield,” (22)

  4. Objectives Understand the evolving definition of an entrepreneur Learn about the characteristics and demographics of entrepreneurs Meet real entrepreneurs from around the globe Examine the large amount of research that has been conducted on entrepreneurs and compare it to the entrepreneurs we interviewed Find out if you have what it takes

  5. Inner drive to succeed Strong belief in themselves Open to change Competitive Highly motivated Initiative Commitment Leadership Self-direction Optimism Hard work Qualities of an Entrepreneur (11,12,13)

  6. Demographics: Age • Greater levels of experience, superior personal networks, and a stronger financial asset base • Entrepreneurship increases with age (2002) • 21% of the working population, age 66+ • 11%, age 25-54 • 8%, age 25-34 Pablo Picasso’s Old Guitarist (17)

  7. Demographics: Gender • Women owned firms have a higher probability of closure and a lower probability of becoming profitable (Study of 2,994 US companies, 1993) • In 2000, more men than women in the US were self-employed (19)

  8. Cultural Influences • In a review of 21 empirical studies, Hayton, George and Zhara found that cultures that value risk taking and independent thinking (such as the United States, Singapore and many European countries) have more entrepreneurial activity • Cultures that value conformity, group interests and control (many Asian and Islamic nations) over the future have less (19)

  9. Guess the Entrepreneur Bill Gates, Microsoft

  10. Objectives Understand the evolving definition of an entrepreneur Learn about the characteristics and demographics of entrepreneurs Meet real entrepreneurs from around the globe Examine the large amount of research that has been conducted on entrepreneurs and compare it to the entrepreneurs we interviewed Find out if you have what it takes

  11. Meet Real Entrepreneurs from Around the World Csaba Zajdó, Hungary Matthew Porter, St. Louis, MO Akom Thongloy, Thailand

  12. Matthew Porter • Owner and founder of Contegix • St. Louis, MO • 32 years old

  13. Background • Introverted, logical middle child • Grandpa bought him his first computer when he was six years old • Sold his first commercial software at age seven • CBC High School graduate • Began as a Pre-Med Student at St. Louis University • Changed his major to computer science after the first semester

  14. Career Background • Started a small business computer consulting company in 1998 • Sold the customer base to pay for his wedding • Worked in industry to learn the right and wrong ways to operate • Managed a software development project that was shelved when the company was acquired by a competitor

  15. With his wife’s help, he decided it was time to start his own business Founded Metissian with his friend Craig, while still working full time at Demand Management Contegix began because customers wanted and needed hosting services Contegix

  16. Csaba Zajdó • Co-owner, founder and CEO of WebShop-Experts • Debrecen, Hungary • 25 years old

  17. Csaba’s Background • Extroverted, logical • Very talented in Math and Computer Sciences • Competitive personality • Local high school • MSc Degree in Business Administration at the University of Debrecen • Programming-mathematic studies, graduation in 2008 or 2009

  18. Csaba’s Background • Business icon: Bill Gates • First thought of starting a business at age 14 • Early plans at the age of 18 • Started his company in the beginning of 2006, at the age of 23

  19. Csaba’s Career Background • No prior work experience, started in the last semester of business studies • He started the company with almost no money and experience • Founded the company with his brother with minimal financial help from their parents

  20. WebShop-Experts • Founded in the beginning of 2006 • In 6 months, he got an office equipped and had his first employee • After one year, he had 5 employees • Currently, 14 people on his team with good potential for further growth

  21. Akom Thongloy • Owner and founder of Extreme Solution • Bangkok, Thailand • 30 years old

  22. Akom’s background • Extroverted, self-directed • Grew up in agricultural family • Graduated with a Bachelor’s degree in Electronics Engineering • Interested in Web designing and Visual Basic

  23. Akom’s Career Background • Worked in an IT company for 2 years • Together with his former classmate, he started his own company, Extreme Solution • Started serving clients who he had known since he worked in former company.

  24. Extreme Solution • Founded in 2005 • Focus on customer service • Decentralized organizational structure • Profit increased around 40% since first year

  25. Hobbies of Entrepreneurs 25

  26. Guess the Entrepreneur Jeff Bezos, Amazon

  27. Objectives Understand the evolving definition of an entrepreneur Learn about the characteristics and demographics of entrepreneurs Meet real entrepreneurs from around the globe Examine the large amount of research that has been conducted on entrepreneurs and compare it to the entrepreneurs we interviewed Find out if you have what it takes

  28. Hatch & Zweig Study • Sample: Over 50 In-depth interviews with entrepreneurs from the Chicago area • Findings: • Middle to Upper Class families • Post secondary degree unrelated to business field • Different stages of onset • Modest performers in other aspects • 5 key personal characteristics (8)

  29. RISK TOLERANCE DESIRE FOR CONTROL DESIRE TO SUCCEED PERSEVERANCE DECISIVENESS ENTREPRE-NEURIAL SPIRIT GENERATION OF BUSINESS CONCEPT SERENDIPITY The Stuff Entrepreneurs are Made of BIRTH OF THE FIRM + (8)

  30. Northeastern University Study • School of Technological Entrepreneurship • Sample: 202 U.S. based entrepreneurs (9)

  31. Were your parents, grandparents, or siblings entrepreneurs? Northeastern University Study N=202 Our Interviews N=3 (10)

  32. At what age did you launch your first venture ? Our Interviews N=3 Northeastern University Study N=202 40+ Childhood 30 -40 Childhood 18 - 30 18 - 30 (10)

  33. What was your biggest inspiration? Our Interviews N=3 Northeastern University Study N=202 Work Icon Myself Myself Icon Family Family (10)

  34. What were your biggest motivators towards starting your own venture? Our Interviews N=3 Northeastern University Study N=202 Peers Peers Innate Work Work (10)

  35. How fearful were you that your first venture would not succeed? Our Interviews N=3 Northeastern University Study N=202 100% Fear delayed Some fear Significant Some fear No fear (10)

  36. Do you consider yourself a risk taker when making big decisions that deal with your business? Northeastern University Study N=202 Our Interviews N=3 Yes Somewhat Yes (10)

  37. Results of Survey (9 , 10)

  38. Donald J. Taffi Research (7)

  39. Taffi’s Conclusion • “It takes one to know one” (7)

  40. Guess the Entrepreneur Mark Zuckerberg, Facebook

  41. Start Up Cost • One of the most intimidating aspects of starting your own business in any industry • Microsoft’s Small Business Center recommends saving enough to cover your initial expenses plus six months worth of operating expenses (1)

  42. Interviews: Start Up Costs • Matthew Porter, Contegix: Initially none, because still working full time. Then when money was needed for expansion, they sold an interest to a minority shareholder company • Csaba Zajdó, WebShop-Experts: Almost nothing, but foundation costs. Needed only a computer and knowledge (rather business skills than technical!) • Akom Thongloy, Extreme Solution: Initially none. Reinvested profits to expand the company.

  43. Location, Location, Location • West and Bamford studied two recent literature reviews to identify the characteristics present in communities that foster entrepreneurial growth • What factors created the Silicon Valley successes? • Universities • Government • Business • Human Resources • Social/Financial Structure • Community Resources • Infrastructure (6)

  44. Interviews: Location

  45. Perfect Timing • MobileStar’s portable data network failure • Interviews: • Matthew Porter, Contegix – fate led to good timing • Csaba Zajdó, WebShop-Experts – Cool e-commerce, everyone is in the hype of internet • Akom Thongloy, Extreme Solution – Initial customers encourage to start own company (15)

  46. Now is the time! • Sales figures for tech leaders, like Microsoft and Intel are up • Stock prices are up • Venture capital investment increase 8% in 2004, and similarly in 2005 and 2006 • Amazing stories like that of Google show that companies are making a come back from the dot-com burst (20)

  47. Acting as CEO • According to Mark Henricks in Entrepreneur Magazine, it may be best to demote yourself and place someone with experience in your company’s top position (2)

  48. Role of Entrepreneurial CEO The remaining 12% is devoted to “Playing” activities including negotiating, technical grasp of firm, monitoring employees, and contacting suppliers, customers and other related parties. (3)

  49. Interviews: Acting as CEO • Matthew Porter, Contegix: “I don’t have an MBA, but I know when to shut up and listen to what customers want and balance that with our core competencies.” • Csaba Zajdó, WebShop-Experts:“Marketing and management - that's the two main parts where I concentrate my efforts.” • Akom Thongloy, Extreme Solution: “Empowering employees is the way to keep them with the company”

  50. Importance of Education 1.Dropouts: $131.36 Billion *Bill Gates Microsoft 56 Billion*Paul Allen Microsoft 18 Billion*Larry Ellison Oracle 21.5 Billion*Steve Jobs Apple 20 Billion*Michael Dell Dell 15.8 Billion*Mark Zuckerberg Facebook 1 Billion (2006 rejected buyout offer)*Kevin Rose Digg 60 Million+ (Business Week August, 2006) 2. Stanford University: $38.9 Billion *Larry Page Google 16.6 Billion*Sergey Brin Google 16.6 Billion*David Filo Yahoo $3 Billion*Jerry Yang Yahoo 2.2 Billion*Reid Hoffman Linkedin 500 Million (Digg, Technorati, Facebook; original PayPal board member) 3. Tufts University: $10.2 Billion 4. Princeton University: $3.6 Billion 5. University of Illinois at Urbana-Champaign: $600 Million 6. Indiana University of Pennsylvania: $500 Million 7. Claremont Colleges: $30 Million (4)