Starting Your Own IT Company

1
Starting Your Own IT Company

• Nathan Burk
• Brian Middendorf
• Sarah Middendorf
• Vince Tuley
• IS 6800 December 4, 2003

2
Agenda

• Entrepreneur Characteristics Overview
• Class Survey
• Case Study SSE
• Case Study Internet Solutions
• Case Study eBay
• Conclusion

3
What is entrepreneurship?

• A context-dependent social process through
  which individuals and teams create wealth by
  bringing together unique packages of resources to
  exploit marketplace opportunities.
• This definition suggests that gaining access
  to a variety of resources and knowing how to
  leverage them creatively are two core
  entrepreneurial functions.

4
IT Entrepreneur Statistics

• 30 of business start-ups survive more than 5
  years.
• Every year, approximately 1million people take
  action to start a new business.
• Only half of these people start a company and
  only half of those companies survive.
• 98 remain small with low revenues and few
  employees.
• 90 of failed businesses did not have a written
  business plan.

5
Causes for Business Failure

• Lack of Skills
• Sales Problems
• Financial Control
• Lack of Funds
• Marketing Issues

6
Entrepreneurs vs. Dreamers
More than half of Americans polled dreamed of
owning their own company some day, while 10
already have a business, and a third have no
interest in stepping out on their own.
7
Why do IT entrepreneurs start their own
businesses?

• Family history
• . . . the entrepreneurial instinct was in my
  genes . . . - Dan Bricklin, inventor of the
  first electronic spreadsheet and entrepreneur who
  started four companies
• A way of achieving goals
• I also became an entrepreneur because I felt
  like I couldnt achieve my goals through any
  other means. Dan Bricklin
• To have a better environment for creativity
• Studies often show that significant innovative
  technology comes primarily from entrepreneurs and
  small businesses rather than larger business.

8
Why do IT entrepreneurs start their own
businesses?

• Desire to contribute to society
• We are not passive observers but active
  participants in making the world a better place.
  That sense of individual responsibility the
  need to ask, How will I participate? Dan
  Bricklin
• To combine learned skills and passions
• There had to be a profession that would
  merge his Ron Antinoja passion for learning
  systems and baseball statistics . . . Today
  Antinojas young company, Tendu, is aiming to
  develop software for . . . Major-League
  Baseball.

9
Do you have what it takes to be an entrepreneur?

1. Are you comfortable stretching the rules?
2. Are you prepared to make powerful enemies?
3. Do you have the patience to start small?
4. Are you willing to shift strategies quickly?
5. Are you a closer?

10
Have you thought about being an
entrepreneur?Lets take a survey . . .
11
Leadership

• Which best describes you?
• A) You are someone that others look to for ideas
  when starting a new project.
• B) You are someone that can be counted on to
  finish a project for your boss.

12
Management

• If there is a disagreement between two people at
  work, would you rather . . .
• A) Help them come to a compromise.
• B) Be content to let them work it out on their
  own.

13
Passion

• If you are in disagreement with someone, are you
  more likely to . . .
• A) Communicate your feelings to convince them to
  agree with you.
• B) Quickly compromise to keep the relationship
  positive.

14
Risk-Taking

• If you had an extra 1000 to invest in the stock
  market, would you . . .
• A) Invest in a speculative start-up stock?
• B) Invest in a blue-chip stock or bond?

15
Creative

• What really gets your adrenaline pumping?
• A) Conceiving an idea for a project.
• B) Planning and completing a project.

16
Characteristics of Successful IT Entrepreneurs

• Leadership Skills?
• Management Traits?
• Passion?
• Risk Taker?
• Creative/Innovative?
• Planning?
• Marketing?
• Need for achievement?
• Timing?
• Luck?

17
Case Studies
18
Susan S. Elliott- SSE Inc.
19
Elliotts Background

• Born in St. Louis, MO in 1937
• Married with two daughters,
• Katherine and Elizabeth
• Education Smith College,
• BA in American Studies

20
Elliotts Background

• 1958 - Graduates from Smith College and is hired
  by IBM as a systems analyst
• 1966 - Becomes pregnant and is required by IBM to
  start maternity leave after 6 months
• 1966 - Incorporates SSE, starts programming for
  First National Bank and has her first daughter
  Katherine
• 1969-1973 - Relocates several times, continues
  consulting, and has her 2nd daughter Elizabeth
• 1983 - Attends her 25th reunion at Smith College
  where she wins an IBM PC at auction

21
Elliotts Character Traits

• Driven
• Passionate
• Tenacious
• Stubborn
• Motivated
• Committed
• Hard-Working
• Possessing High Integrity

22
SSE Services

• SSE is an Information Technology Solutions
  Provider with nearly 20 years of experience
  delivering application development, network
  design, eLearning, computer training, and
  technical staffing services. By bringing together
  the best of business, people and technology, we
  develop solutions that empower and enable new
  levels of performance across the enterprise. Our
  goal is to measurably and substantially improve
  your business.

23
SSEs Mission and Vision

• Mission - We create value for our clients by
  applying Information Technology to solve their
  business challenges.
• Vision - By building on our values and blending
  our services to deliver complete IT solutions,
  SSE will see significant revenue growth with
  sustainable profits.

24
SSE Profile

• Privately held
• 40 Employees
• 10 Million annual revenues
• 5-Time Winner of the St. Louis Regional FAST 50
  Technology Award
• Ranked 2nd largest software training company in
  the 2001 Book of Lists

25
How was SSE funded?
Susans husband was a successful attorney.
He was able to support them financially, which
allowed her to put all of her earnings back into
the company. She did not initially take a salary.
26
How did SSE acquire customers?

• Elliott attached herself to well known companies
  to help pull SSE through
• IBM Example
• Educational Opportunities
• Ladue School board contacted her about teaching
  computer classes -- She traded training for
  advertising space in the school directory.
• Direct Sales

27
Success Factors

• SSE developed and maintained 3 core competencies
  at a time when many other companies were focusing
  on just 1 area. This ensured their survival
  during tough times.
• 3 Core Competencies
• Infrastructure
• Application Development
• Learning
• Elliott hires only the most talented and skilled
  employees. In the last few years, she has not
  been familiar with the latest technology, but she
  makes sure her employees are.

28
Challenges

• Rapid change in the industry
• Deciding what type of software to use -
  mainstream or client-specific
• Challenges common to women werent as much as
  difficult for her. She leveraged the opportunity
  and used it to her advantage.
• Recessions and slowdown of spending on technology

29
Clients
Lutheran Church Missouri SynodMallinckrodtMaritz
MasterCard International, Inc.MetaPhaseMissouri
Botanical GardenMonsantoMortgageBid.comPharmac
ia PremcorQwest CommunicationsRalcorpRalston
Purina CompanySmurfit StoneSolutiaSouthwestern
BellSSM Health CareStLouisBestJobs.comUnity
Health PlansU.S. Army

• Anheuser-BuschArch Coal Inc.Arthur J.
  Gallagher CompanyAstarisBJC Health
  SystemBKDBlish-MizeBoeingBridge Information
  SystemsCharter CommunicationsCitiMortgageDot
  Foods, Inc.
• Drury InnEmerson Electric Co.Enterprise
  Rent-a-CarFisher RosemountGeneral
  AmericanHaystack ToysHOKIndoffInner Circle
  Logistics

30
Susan S. Elliott

• "Excellence - technically, professionally, and
  personally - means continuously bringing value to
  our client relationships we must conduct
  ourselves with impeccable integrity in all
  aspects of our work life. To that end, we commit
  our full support to our employees and their
  future with SSE.
• Impeccable integrity is absolutely essential.
• When the customers are demanding the very
  latest technology, you have to be able to
  deliver what your sales reps are selling. And if
  you cant, youre not going to survive.

31
Brad Suddath - The Internet Solution
32
Suddaths Background

• Born in Springfield, Mo 1978.
• Lived in Mt. Vernon, MO.
• Lived on farm. Disliked farm chores.
• Attended a high school with only 400 students.
  There were limited activities
• Spent time playing sports and reading
• Graduated high school in 1996. Ready to leave
  the small town.
• Started University of Missouri - Columbia.
• Possessed an Entrepreneurial Spirit through
  college.

33
Suddaths Background

• Started a car dealership with roommate in
  college.
• Obtained necessary certification to attend
  auctions.
• Involved with on campus activities
• Delta Sigma Pi
• Graduated Summa Cum Laude, December 2000, Finance
  Real Estate.
• Excelled in academics and on-campus activities
• Invited to do an assistantship through the MBA
  program.
• During the MBA program, started independently
  studying IT.
• Thought IT was fascinating.
• Enhanced Technical skills and built sites for
  fun!
• Started bidding on small projects as a side job.

34
Suddaths Background

• Devoted long hours to the design process.
• In time, the process became tedious.
• Envisioned coordinating projects.
• In 2000, the Bubble was bursting.
• Believed in his own potential.
• Started networking with programmers overseas.
• Began outsourcing web site design to Canada,
  Russia, and India.
• Low cost of labor enabled high returns.
• 2,000 project, outsourced and completed for
  300.

35
The Internet Solution Services

• Incorporated early 2001
• Privately Held
• Web Site Design
• E-Commerce hosting
• Content Site Management
• Store Front and Shopping Cart

36
The Internet Solution

• Recently profit margins have decreased
  significantly.
• Restructured to offer a package deal at a low
  monthly rate.
• Auctions projects to overseas technical doers.
• Posts jobs to a virtual auction room
• Programmers competitively bid
• Project awarded to best sample and price

37
The Internet Solution Profile

• 2 Employees with the company.
• Suddath and a database manager
• Hiring 2-3 individuals that will add value
• Revenues Low 6 Figures
• Profitability Profitable enough to justify not
  working for someone else

38
How was the Internet Solution funded?

• The Internet Solution was self-funded.
  Suddath paid 5,000 for software design.

39
Challenges

• Financial Uncertainty
• Social Interactions
• In the corporate world, your part is defined and
  you have a sense of certainty. In the corporate
  world, when you are assigned a project, the
  project could generate significant value to the
  company, however, your reward has already been
  defined. In the entrepreneur world, you are the
  puzzle, and you are fitting the pieces together.
  
• Referenced Atlas Shrugged, Ayn Rand
• Dagny Taggart has a mind of her own and stakes
  her future on her own judgment.
• Suddath believes he can create something
  prosperous and successful.

40
Suddaths Character Traits

• Hardworking
• Decisive
• Innovative
• Ambitious
• Open-minded

41
How did The Internet Solution acquire customers?

• word of mouth
• referrals
• mass advertising
• pay-for- performance search
• 1.1 Billion in 2002, expected to be 4.3 Billion
  in 2008. 6

42
Clients

• Great Falls Swim and Tennis Club
• Wild Rush Seafood
• M S Enterprises
• Loose International Inc.
• American Coach Company

43
Pierre Omidyar
44
Omidyars Background

• Born in Paris, France to an Iranian couple who
  moved the family to the US when Pierre was 6.
• First programming experience was developing a
  card catalog system for the school library while
  in high school
• B.S. in Computer Science from Tufts University in
  1988
• Started career working as a developer for Claris,
  a subsidiary of Apple Computer, shortly after
  graduating

45
Omidyars Background

• Co-founded Ink Development in 1991, which was
  later named eShop and purchased by Microsoft.
• Joined General Magic in 1991 as a software
  engineer
• Created eBay in September 1995
• -Pez Story

46
Omidyars Background

• Created eBay in September 1995
• Incorporated eBay in May 1996
• Left General Magic in mid-1996 to work on eBay
  full-time
• Ranked 2 on Fortune magazines 40 richest under
  40 in the Sept. 2001, 2002, and 2003 issues.

47
Omidyars Personality

• Answers to these questions as of 10/9/01 per WSJ
• Current Reading Dalai Lama, An Open Heart
  Robert Heinlein, Stranger in a Strange Land,
  uncut version.
• Favorite Tech Gadget TiVo
• Trip He Would Like to Take Gotta go to Space
  Campbeen wanting to go there since I was 15.
• Favorite Item bought on eBay Pez bride
  dispenser for my wife as a wedding present.
• Favorite Item sold on eBay Broken laser
  pointer, sold as-is broken for 14.
• Hobbies/Sports Racquetball, reading, backgammon

48
eBay Profile

• Headquartered in San Jose, California
• Publicly held company- traded on the Nasdaq under
  ticker EBAY- currently trades at 55.89 and had a
  21 stock split on Aug. 29, 2003
• Online person to person trading community.
• Buyers can browse and bid on auctions free of
  charge.
• Sellers are charged in a few different ways
• Insertion fee - between 0.30 - 3.30
• Additional listing fee - optional
• Final value fee - 1.25 - 5 of final sales price
• eBay notifies buyer and seller at end of a
  successful auction and buyer and seller finish
  transaction independently of eBay.

49
How was eBay funded?

• Omidyar sold Ink Development to Microsoft as
  eShop and became a millionaire
• eBay was immediately profitable which helped fund
  itself and require only one round of venture
  capital

50
Success Factors

• Immediately profitable
• Self-sustaining system
• Using suggestions of customers
• Feedback Forum
• Partnerships formed with large companies such as
  AOL, Sun, Disney, and General Motors

51
Challenges

• Competition (Yahoo Auctions, Amazon, City
  Auction)
• Buyer and Seller comfort
• Transition of new management

52
5 Essential Values used to start eBay

• We believe people are basically good.
• We believe everyone has something to contribute.
• We believe that an honest, open environment can
  bring out the best in people.
• We recognize and respect everyone as a unique
  individual.
• We encourage you to treat others the way that you
  want to be treated.

53
Jeff Skoll

• MBA from Stanford University
• BS from University of Toronto
• Co-founded eBay
• Brought on to solidify the business foundation
• First President and full-time employee of eBay
• Left company in 1999 to found Skoll Foundation
• Ranked 3 on Fortune magazines 40 richest under
  40 in the Sept. 2001 and 2002 issues and 4 in
  the 2003 issue.

54
Meg Whitman

• MBA from Harvard Business School in 1979
• BA in Economics from Princeton in 1977
• Brought on by Omidyar and Skoll in 1998 to
• be President and CEO
• Known for her ability in brand building
• Worked for companies such as Hasbro, Disney,
  Keds, and Proctor Gamble

55
Financials
56
Income Statement
2003 estimated based on first 3 quarters actual
information.
57
Sample List of Clients

• Nathan Burk (sold Mike Matheny bobblehead for
  150)
• Brian Middendorf (bought 300 motorcycle jacket
  for 150)
• Sarah Middendorf (bought 2 vintage posters for
  30)
• .

58
Conclusion
59
Case Studies Vs. Research
60
Leadership Skills

• Our case studies show that while leadership is an
  important characteristic for IT entrepreneurs, it
  is not always essential for success, as in the
  case of Omidyar.
• "Those who can lead not just in one environment
  but in multiple, changing environments over time
  are the really spectacular leaders. - Roger
  Conway, manager at the Center for Creative
  Leadership in Greensboro, N.C

61
Management Traits

• Our case studies show that management traits are
  not essential for IT entrepreneurs.
• Successful IT entrepreneurs hire good managers to
  run their companies.
• Example of Elliots recent hiring of President
  for future growth of SSE.
• Example of Skoll and Whitman from eBay.

62
Do Founders make the best CEOs?

• More often than not, founders are not the best
  CEOs of their companies.
• Its abnormal to have the guy from Day One who
  has the ability to grow and morph. Chad Waite,
  OVP Venture Capital partner
• In 200 or so companies he Dick Strayer,
  start-up consultant has advised, fewer than 40
  of the founder-CEOs made it past the second round
  of venture financing.

63
Do Founders make the best CEOs?

• Mr. Strayers job is to help founder-CEOs see the
  difference between 1) their job and 2) the
  investment in the start-up. He also performs a
  gap analysis between the founders management
  skills and the skills necessary to make the
  company successful. Some can close the gap.
  Many cant.
• Even today at Trellix, the company I founded . .
  . , my title isnt president or chief executive
  officer. Its chief technology officer, a role I
  planned to hold from the very beginning . . .
  sometimes founders have to forgo the CEO title
  for the sake of the business. - Dan Bricklin

64
Passion

• All 3 entrepreneurs profiled exhibit passion.
• Entrepreneurs work long hours. Vacations are not
  often needed.
• Example of Michael Dell.
• More passionate about his business then
  socializing as far back as high school
• Dropped out of college.
• Why have I survived all of these years? One,
  Im having fun. Two, I think Ive always
  approached my job by asking what the company
  needs to be successful. Whatever it is, Im
  going to do it. Michael Dell

65
Risk Taker

• Our case studies have not conclusively shown that
  IT entrepreneurs are bigger risk takers than
  other business professionals.
• Palich and Bagby said, Entrepreneurs do not
  necessarily embrace risk-taking more than
  non-entrepreneurs rather, they tend to view
  risks more optimistically and are thereby more
  willing to undertake entrepreneurial efforts.

66
Creative/Innovative

• All 3 entrepreneurs profiled exhibit creativity
  and innovation.
• Important to have the ability to produce
  solutions in new situations. Attributes attained
  through experience and training.

67
Planning

• All 3 entrepreneurs profiled used effective
  planning in developing their business models.
• Getting started might be easy, but long-term
  success depends on changing with technical and
  market conditions while remaining true to the
  original mission.
• Entrepreneurs create value by combining
  resources to exploit an opportunity.

68
Marketing

• Our case studies show that marketing is not
  essential to be a successful IT entrepreneur.
• Entrepreneurs may need to ensure that a certain
  amount of marketing competence exists in the
  company before introducing a new product or idea.
  
• Need to understand products, services, and ideas
  do not sell themselves.

69
Need for Achievement

• In all 3 case studies, the entrepreneurs
  possessed the need for achievement.
• Entrepreneurs want to complete tasks that involve
  a sense of accomplishment.
• Example of Elliott wanting to work after she had
  to leave IBM.

70
Timing

• In 2 of the case studies, timing contributed to
  the success of the entrepreneur.
• Economic Timing studies show that firms are
  more likely to succeed during an expansion
  period.
• Product/Service Timing Firms that select
  products/services in the growth stage are more
  likely to succeed.

71
Luck

• In all three case studies, luck contributed to
  the success of the entrepreneur.
• Chance occurs more frequently than one may think
  in the entrepreneurial process.
• Chance may occur in all stages of the
  entrepreneur process both positively and
  negatively.

72
Entrepreneurial Characteristics from Recent
Studies

• Recognize (as opposed to seeking)
  opportunities.
• Exhibit their most risk-averse behavior when
  they are either in control of their venture but
  lack market skill, or without control of the
  venture but have technical skill.
• Proactive personalities, scan for opportunities,
  show initiative, take action, and persevere until
  they reach closure by bringing about change.
• Time from start of business to delivery of
  product is often quicker for IT start-ups than
  for other start-ups.

73
Entrepreneurs

• Feel in Control of their Destiny
• Believe they can make a difference.
• Have extreme amounts of determination.
• Focus for long periods of time on making the
  idea, product, or service a success.
• Example of Akio Morita, Founder of Sony
• America said it would be impossible to sell under
  the name Sony.
• Morita invested millions in an American
  Subsidiary.
• Succeeded when most thought he would fail.

74
Resources available for start-ups

• Government aid
• States are setting up programs to nurture
  entrepreneurs with the zeal they used to reserve
  for courting the Fortune 500.
• Small business incubators
• Nationally, about 80 of new businesses fail in
  their first five years, but in this incubator
  (City Venture in Charleston, SC) about 87 have
  so far survived.
• Venture Capital money

75
Proactive Personality Profile

1. I enjoy facing and overcoming obstacles to my
   ideas.
2. Nothing is more exciting than seeing my ideas
   turn into reality.
3. I excel at identifying opportunities.
4. I love to challenge the status quo.
5. I can spot a good opportunity long before others
   can.

76
Many IT Entrepreneurs top the 40 Richest under 40
List

• Michael Dell, Dell Computers, Net Worth 17.12
  billion
• Pierre Omidyar, Ebay, Net Worth 7.06 billion
• Jeff Bezos, Amazon.com, Net Worth 4.85 billion
• David Filo, Yahoo, Net Worth 1.45 billion
• Jerry Yang, Yahoo, Net Worth 1.28 billion

77
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