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| Amber Gartung |
“It’s a gamble, double down or don’t.
Step out if you want to, stay in if you’re
bold, and roll.” Lines like this, from
Hot Water Music’s “Wayfarer,” have
always been the mantra of gamblers
and mavericks alike, and the idea
of wagering safety and security
for the chance to strike it rich is as
tempting as it is intimidating. Life’s
uncertainty is often its most alluring
quality, and in the pursuit of reward,
risk often holds us back and keep
us from pursuing our passions. And
in these daunting days of economic
uncertainty, few gambles stand out
like rolling the entrepreneurial dice.
Starting your own successful business has never
been — and will never be— a half measure. It’s
not just an investment of time and resources,
it’s an investment of self. Your ideas, passions,
and convictions have to stand up to constant
criticisms, practical limitations and the ebb and
flow of the free market tide. To ensure success,
nothing can be left to chance, and your vision
must be fully realized idealistically and practically. No half measures.
This is perhaps what makes entrepreneurship so exciting: the idea that
you can jump in with both feet and surface with not only a career, but
an identity.
So what are the secrets to hitting it big? Can the ins, outs, dos and don’ts
be tailored to your ideals? What risks are worth taking and which ones
aren’t? If you’re at the table and thinking of anteing up, you’re going to
have to go up against the big casino house that is the free market. Having
solid preparation can give you a remarkable edge, though — just like
counting cards in blackjack. It’s a numbers game with a strong human
element. Hit me.
Many young entrepreneurs look at the idea of a business plan the way
many of us look at root canals; they’re long, painful, and, if you put it
off, maybe you can get away without them. But having a well-written
business plan is crucial for two main reasons. First, it gives faith to people
who plan on investing time, money or energy into your company, who
now know that you’ve taken the time to streamline your vision into
something that can readily be executed. Second, it lets you know that
you’ve taken the time to streamline your vision, and that you’ve thought
through the details of how to proceed with your business.
Your business plan is your Bible, but it doesn’t have to be anywhere near
as long. A good mission statement, which explains why your business
is doing what you’re doing, should be a maximum of 25 words and
encompass the value of your business to the industry. Run your statement
by several people and see if the concept and wording interests them.
Your statement should include short and long term goals, a list of
top projects to implement to make your business more affective and
an “elevator speech” statement that succinctly answers the question, “So
what do you do?” Include a marketing plan that lists the things that
you can do practically to get people to reach out to your business. This
could include having early customers give testimonials for your website,
creating a Facebook page, or making surveys and polls to see how people
feel about your direction.
“Serial entrepreneur” Dr. Delmonize “Del” Smith is an assistant
professor at the Saunders College of Business and has rolled the
entrepreneurial dice as well as any faculty member at RIT. The founder
and CEO of D.A. Smith and Associates, LLC, Smith got his first taste of
self-reliance watching his father run a construction business. Then, at the
age of 23, he was the third hire at a fast-growing technology-consulting
upstart. His background education in management, coupled with this
experience, led him to start technology solutions provider Technetium
Group, Inc. at the age of 25. The company was one of only a handful of
minority-certified companies recognized as a Microsoft Certified Partner
and Cisco Premier Partner. Since then he’s racked up years of invaluable
experience in management working for the Fortune 500 firms and the
US government. The Rochester Business Journal recently recognized
him as a part of their “Forty Under 40” award, which recognizes young
professionals who have served their industries.
So where do you start? “A source of passion and the propensity to be ok
with taking risks immediately come to mind,” Smith says. Believe in what
you’re doing and take the time to understand how to best implement
your ideas in the real world. According to Smith, a basic foundation of
business principals can be as important as knowledge of the field your
company will focus on. Classes in finance, accounting, marketing and
entrepreneurship are an excellent start. “These are core skills that you will
call upon continuously at every level, so it’s best to have a good handle
on them,” Smith advises.
Next is being prepared to adapt. “Many young entrepreneurs believe
that the business plans and models in their head will work out exactly
as they expect. Therefore, they execute with this assumption, which
unfortunately is incorrect most of the time,” Smith says. “The market has
tremendous pressure over what business plans and models are accepted.
Young entrepreneurs should be ready to make adjustments based on the
feedback from their market.”
There are also resources available here at RIT to help get your business
off the ground. If you’ve got a plan worth proposing, check out the RIT
Student Business Development Lab. In association with the Albert J.
Simone Center for Entrepreneurship, the Lab can offer course or co-op
credit for up-and-coming student business ventures, as well as exposure
and promotion.
Smith admits that finding people to share in your venture is one of
the toughest parts of the process. Just being at RIT can help surround
you with like-minded individuals. “Two of my full-time employees are
former students of mine. One has worked for me for three years now
and is quickly developing into the type of person that has the potential
to carry the torch down the road,” Smith says.
In the age of apps, making money off of software, websites and blogs
is the new black. Some argue that there is less to lose because building
a website costs far less than opening a storefront, but it could also
be argued that the ease of these new mediums makes for a saturated
market exploding with competition. But without competition you can’t
show others the value of your service. The industry and the markets
that you’ll find yourself in dictate the level of risk, and in turn, the
level of rewards. “You have to be the person you want your business to
be,” Smith says, stressing that the attitude you bring to your venture is
paramount. So wager what you’ve got and try your hand. The house is
always taking bets.
