| Entrepreneurship Speech to Montgomery College | | | | identify the opportunity that lies within. |
| I would like to sincerely thank Steve Lang and Elana | | | | For example, if predicting test questions accurately is |
| Lippa for inviting me to speak to you to-day. Topic | | | | a problem, consider developing a system that makes |
| of my speech is “Entrepreneurship and | | | | this easier. Perhaps a database of all prior test |
| Leadership”. | | | | questions with the best answers could be developed, |
| What is Entrepreneurship? | | | | with a subscription fee business model. Perhaps the |
| Entrepreneurship is a way of life. It’s a | | | | database could be expanded to all colleges so that it |
| powerful force deep down inside, driving you to | | | | will be more comprehensive and can appeal to a large |
| achieve your dreams, despite dubious odds and the | | | | subscriber base. |
| doubts of others. | | | | Chances are, the problems you face will also be |
| I’m sure many of you here today have the | | | | faced by others and the more people impacted, the |
| desire, the drive and the dreams to become | | | | greater the opportunity. This is how new |
| entrepreneurs. Dreams give us the strength that | | | | entrepreneurial businesses are formed -- by searching |
| carries us through. Indeed, I’ve often thought | | | | for pandemic problems that currently lack solutions. |
| that perhaps it is not we who carry the dream, | | | | Keep in mind that Google was founded by students; |
| butthe dream that carries us. | | | | Facebook was founded by a student; and even |
| I love entrepreneurship. There is nothing like the | | | | Microsoft was formed by Bill Gates as a student. |
| excitement, glory, fun and sheer thrill of starting | | | | The opportunities to be an entrepreneur are all |
| something from scratch and watching it grow into a | | | | around you right now, if you take time to examine |
| large enterprise of astonishing proportions. If you | | | | the challenges you face and filter them through the |
| have the opportunity to be an entrepreneur, grab it. | | | | prism of business. |
| Find passionate and driven people and lead them. | | | | Leadership |
| Give them all the necessary resources, and then give | | | | Once you have established a business and grabbed |
| them some oxygen to breathe. | | | | the available opportunities by the horns, naturally, you |
| I can’t stress strongly enough how determined | | | | have to manage it effectively. And that means |
| you must be, for the road to success is neither short | | | | drawing upon your capabilities to lead – a defining |
| nor easy, as the following statistics so starkly reveal: | | | | characteristic of an entrepreneur, as already |
| | | | discussed. So, what does it take to be a good |
| 1. Only 1 in 6 million high-tech business ideas become | | | | leader, besides the obvious traits of being passionate, |
| an IPO | | | | disciplined and courageous? In today’s world, it |
| 2. Venture capitalists fund fewer than 1% of the | | | | also means being compassionate, transparent, |
| business plans they receive | | | | objective, and humble. |
| 3. Founding CEOs of high-tech firms typically own less | | | | It used to be that companies were evaluated solely |
| than 4% after an IPO | | | | on two metrics: (1) their ability to produce cash flow; |
| 4. 60% of high-tech companies funded by VCs | | | | and (ii) their ability to innovate. But now, companies |
| eventually go bankrupt | | | | are also evaluated on how they perform as |
| 5. It takes 3-5 years after their IPO for most | | | | corporate citizens. A company’s willingness to |
| high-tech companies to finally succeed1 | | | | do things for the public good and be socially |
| Clearly, it’s not easy to be a successful | | | | responsible is a core element of performance. |
| technology entrepreneur. Many will fail at some | | | | Compassion is important. As an example, |
| point, and you must learn to overcome heavy doses | | | | ExxonMobil is producing record profits and is churning |
| of frustration, burnout and disappointment along the | | | | out new technologies as fast as ever. Yet they are |
| way. | | | | being vilified in the marketplace because of a |
| So Why Become an Entrepreneur? | | | | perception that they are being greedy and failing to |
| For the true entrepreneur, this is a rhetorical | | | | have compassion for the middle class’s |
| question. For the emerging entrepreneur, there are | | | | predicament of having a difficult time paying for |
| at least three major motivations: | | | | fill-ups at the gas station. Certainly, this is not |
| The FIRST motivation is a yearning to create | | | | good for sustaining corporate value. Young |
| something novel and useful. “To be on the | | | | entrepreneurs need to consider the need to be |
| cutting edge” is a necessary mantra. The | | | | socially responsible if they are to lead the way to the |
| technology entrepreneur strives to fill a need in the | | | | future. |
| marketplace and then develop a solution -- perhaps a | | | | Transparency is also critically important. Both |
| better communication tool, an improved optical switch | | | | investors and the market make their decisions related |
| or a faster bioinformatics system. | | | | to your business partly because of trust. People are |
| Too many people confuse this creative | | | | always willing to pay a premium for peace of mind |
| problem-solving by genuine entrepreneurs with the | | | | and integrity. To build trust, an entrepreneur needs |
| process of merely finding hot technology companies | | | | to be transparent. Anything hidden from view will |
| in the market and building new companies that mimic | | | | cause suspicion and undermine trust. That means |
| them. Remember, the hot technology companies | | | | that corporate decision-making, financing, and |
| are hot because they seek to solve a problem. The | | | | operations need to be visible to key stakeholders. |
| copiers have neither identified a problem nor created | | | | Sometimes it’s hard to be transparent, as this |
| a solution. They simply jumped on the latest | | | | can make you feel vulnerable. But good leaders are |
| bandwagon coming down the road. | | | | straightforward and willing to be placed under the |
| The SECOND motivation of the technology | | | | microscope as needed. |
| entrepreneur is build something that will last forever. | | | | A corollary to transparency is objectivity. A good |
| The entrepreneur must always keep ahead of the | | | | leader makes decisions based on facts and a |
| competition to sustain the enterprise as a profitable | | | | well-thought out and plainly articulated strategy. The |
| concern. | | | | rationale for all decisions must be clear to viewers |
| Risk-taking is absolutely crucial because it yields the | | | | and fully defensible based on objective criteria. |
| innovation that sustains your competitive edge, in a | | | | Trust isn’t just based on being able to see |
| world where competitors constantly catch up to and | | | | everything that happens – it is ultimately based |
| overtake stagnant firms. That’s why being on | | | | on the objectivity of decisions. |
| the cutting edge is paramount. We have to get out | | | | Of course, if you do get things right and are able to |
| of our comfort zone, venture into new horizons and | | | | grow an excellent business by being a true leader, |
| experience new environments. We must not be | | | | humility is important to maintain your following. |
| afraid of taking chances. If we fail, we must simply | | | | Customers, investors and employees stick with you |
| get up and try again. Perhaps we will fail further… | | | | not just out of respect for your accomplishments, |
| but nevertheless, we must try yet again. Success | | | | but because they have become loyal friends. Your |
| teaches you how to move forward, but failure | | | | ability to share credit with others, provide a helping |
| teaches you to never go backwards. Thus, failure is | | | | hand, and support others is what creates your |
| the first step to success. | | | | personal and corporate brand. It is not a coincidence |
| The THIRD motivation of the entrepreneur is to | | | | that most of the most revered business leaders are |
| have freedom. Being your own boss has definite | | | | also philanthropists. Warren Buffet, despite being |
| appeal. Glass ceilings cease to exist and | | | | the richest man in the world, is quick to give credit to |
| achievement is limited only by imagination. | | | | others and still lives in the same middle-class house |
| Entrepreneurs are motivated by having control over | | | | that he purchased decades ago. Humility, rather |
| their work and the flexibility to pursue their dreams. | | | | than taking away from your accomplishments, helps |
| But freedom always has a price. With greater | | | | build them. |
| personal freedom, comes greater uncertainty about | | | | Before you can become a leader, you must first |
| the future, particularly in relation to finances. | | | | focus on growing yourself. After becoming a leader, |
| Greater personal freedom also means a less | | | | success is all about growing others. Here are some |
| structured environment, in which greater self-discipline | | | | of the other elements of a successful leader: |
| is required in order to thrive. Entrepreneurs are | | | | * |
| willing to accept these risks, however, because of | | | | Leaders have a clear vision and ensure that others |
| their absolute conviction that they have what it | | | | not only see the vision, but also live and breathe it. |
| takes to overcome any odds. | | | | * |
| If these three ideals do not motivate you, then the | | | | Leaders create environments where people can be |
| very thought of becoming an entrepreneur should be | | | | truly committed. |
| extinguished. If a big personal cash payout seems | | | | * |
| to be glaringly missing from the list of major | | | | Leaders relentlessly upgrade their team, using every |
| objectives, it is because it is not a primary motivating | | | | encounter as an opportunity to evaluate, coach, and |
| factor. These three major goals are not shared by | | | | build self-confidence. |
| all and are inappropriate for many. Only those that | | | | * |
| find these objectives to be self-evident should | | | | Leaders exude positive energy and optimism that |
| embrace entrepreneurship. | | | | gets under everyone’s skin. |
| What Characteristics Make an Entrepreneur Special? | | | | * |
| Passion is what entrepreneurs must have, first, and | | | | Leaders have respect for all people. |
| foremost. They must live and breathe for their | | | | * |
| business enterprise. They are zealots about their | | | | Leaders give credit to others…. and often take the |
| business models and evangels for their products or | | | | blame when something goes wrong. |
| services. They have to be. If they weren’t, | | | | * |
| the stress and financial pressures of running a | | | | Leaders establish trust with candor, transparency and |
| fledgling business would completely wipe them out. | | | | credit-giving |
| The sheer magnitude of the odds that are stacked | | | | * |
| against entrepreneurs requires a special kind of | | | | Leaders act with integrity in spite of the difficulty. |
| irrational exuberance to overcome. Without passion, | | | | * |
| resources will never be enough and they will quickly | | | | Leaders have the courage to make unpopular |
| dissipate into thin air. But your passion will always | | | | decisions and gut calls. |
| find a way, even when probabilities conspire against | | | | * |
| your dream. Entrepreneurs have unshakable | | | | Leaders probe and push with a curiosity that borders |
| confidence in and enthusiasm for their business | | | | on skepticism, making sure their questions are |
| ventures that contagiously spreads to their business | | | | answered with action. |
| team. | | | | * |
| Laser focus is another hallmark of entrepreneurs. | | | | Leaders balance risk and reward. |
| Many people are creative, but lack discipline. | | | | * |
| Entrepreneurs, however, have both qualities. When | | | | Leaders see mistakes as learning opportunities. |
| a company does not focus, it is planting seeds for | | | | * |
| future problems. An entrepreneur identifies a path | | | | Leaders are firm but fair. |
| towards a solution and follows that path, | | | | * |
| notwithstanding the frequent temptation to take | | | | Leaders are enthusiastic. |
| sideroads leading to seemingly newer, more exciting | | | | * |
| destinations. The entrepreneur knows that most of | | | | Leaders get everyone involved. |
| the journey down the chosen path is checkered with | | | | * |
| drudgery, yet continues down the path unswervingly, | | | | Leaders are tough…yet tender. |
| confident that there will be a reward at the end. | | | | * |
| The entrepreneur also knows that the side roads | | | | Leaders inspire learning by setting the example. |
| along the way may appear appealing at first glance, | | | | * |
| but will quickly become as checkered with drudgery | | | | Leaders celebrate. |
| as the originally chosen path and likely lead to a dead | | | | My Experiences |
| end. | | | | I’d like to say a few words about my own |
| Focus is power. It creates a powerful perception of | | | | experience as a CEO. I cultivated a very |
| resolve in the minds of your customers, employees | | | | vision-driven organization into a tightly-focused |
| and competitors. | | | | company whose employees all knew precisely what |
| Courage is a defining trait of entrepreneurs. To | | | | was expected of them, and always delivered exactly |
| understand the odds against success and still forge | | | | what they promised. I gave people at all levels |
| ahead, knowing many battles will be lost en route, | | | | specific tools and metrics, and enforced fact-based |
| requires a certain amount of fearlessness. | | | | decision-making. Managers at all levels in my |
| Entrepreneurs are purposeful in their tactics and can | | | | company honored these commitments, engaged in |
| think on their feet. Yet they regularly face daunting | | | | disciplined meetings, focused on decisions and |
| challenges whose failure to overcome will spell certain | | | | measured progress against stated objectives. I |
| disaster for their business ventures. Their ability to | | | | surrounded myself with some great performers who |
| face these challenges without fear enables | | | | delivered results. |
| entrepreneurs to succeed where others cannot. | | | | Thank you for giving me the opportunity to speak |
| Entrepreneurs also are leaders. Contrary to the | | | | with you today. Thank you for your time, and for |
| popular belief that entrepreneurs are mavericks who | | | | your commitment to make a difference in the lives |
| prefer to be lone wolves, entrepreneurs are | | | | of others through entrepreneurship. I wish all of you |
| visionaries that can inspire and lead their colleagues. | | | | continued success in the future, and look forward to |
| There are few things more compelling than people | | | | when our paths cross again. I am confident you will |
| who are passionate about their work, have the | | | | achieve your goals. I am sure you will rise to the |
| discipline to achieve success, and are fearless in their | | | | challenge, and transform you passion into profits. |
| outlook. An entrepreneur builds teams and instills | | | | Always remember, that no matter how steep the |
| confidence in others. | | | | pass, or how discouraging the pace, I implore you to |
| And, of course, an entrepreneur always is thinking | | | | never give up on your goals. |
| ahead, perpetually in motion towards well-defined | | | | So there are many facets of leadership that you |
| goals. Diligent pursuit of progress is a hallmark. | | | | must embrace as a young entrepreneur, in addition |
| How Can a Student Get on The Path of | | | | to the hard work of living the life of an |
| Entrepreneurship? | | | | entrepreneur. This is not an easy path, but almost |
| As discussed, the fundamentals of entrepreneurship | | | | anything worth having is worth fighting for. I |
| can be learned. But like anything else, it takes | | | | encourage all of you to consider entrepreneurship and |
| discipline and practice. That means training your | | | | show that Montgomery College can continue |
| mind to consider the various problems you face as a | | | | producing the great companies of tomorrow. I hope |
| student and instead of focusing on the downside, | | | | for some of you, the path begins today. |