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EntrepreneurshipWhat is the real meaning of

entrepreneurship?

Presented by William Seippel

Chief Financial OfficerMIVA, Inc.

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Majored in Economics and Accounting.

Learned how to think. Learned I hated accounting. Had to payoff my parking tickets to

graduate. Was a local kid, that only the Mason

business school dean was willing to give a chance.

Will Seippel – Mason Class of 1978

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Bojangle’s Nightclub in D.C. Digital Equipment Corporation’ s PC line United Air Lines Reservation System Landmark Graphics Soros’ European Telecom Properties Liquidation and Sale of United

Messaging Sprint Wireless Franchises MIVA Media

Will Seippel Track Record – A History of Turnarounds

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Digital Commerce

Will Seippel’s “Singular” Non-Success

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Re-launch of LMRK AirGate Debt for Equity Swap GTS Billions

Private equity Pre-public Convertible Bonds 2 IPO’s First ever Euro denomination

bonds

Completed Many Financing Initiatives

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Lessons LearnedYeah, Finally!

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Structure has its place. Creative people hate structure, and

structure hates creative people. Integrity is critical in fixing a

business. Focus on business that you can

increase revenue and reduce costs. Focus on quality of people, not

quantity.

What I Learned from the WINS

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A smart person cannot run a Company from their head that generates more than $100 MM in revenue.

Manage for cash flow, it gives you options.

A so-so idea with great management is better than a great idea with so-so management.

Focus, focus, focus. …and, I am an entrepreneur!

What I Learned from the WINS

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It hurts to lose your own money. It hurts more to lose someone else’s. Humility. Timing. Do not fall in love with your own ideas. A leopard does not lose it’s spots. Market momentum. Success is more fun than losing.

What I Learned from the LOSSES

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Universities & Academicians need a closer tie to businesses if they want to receive our support.

I do not know many peers that have a subscription to the HBR.

How do I link my needs to a school that wants to do the research I need?

I would love to get a good pipeline into analytical students.

What We Can Learn from the Academicians

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What I learned about entrepreneurs

Most religions have taught us there is an afterlife.

(I learned that with my Philosophy minor at Mason.)

We all have a different vision as to what Nirvana means.

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As much as everyone has a different view of Nirvana…

We all have different opinions as to what an entrepreneur is.

What I learned About Entrepreneurs

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I do not know what that means, exactly. Who are they?

They are the greedy ones, right? So, the only good entrepreneur is a dead one. (Andrew Carnegie, John D. Rockefeller, J. P. Morgan… .)

I think I met one here, once upon a time, but can not quite remember who or when it was. (Now excuse me, I have to get back to my routine.)

Let’s put them on a pedestal and worship them. They will deliver us to Nirvana. (Wherever that is.)

Organizational Opinions of Entrepreneurs

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Have you ever met one? Would you know a successful one if she

stepped on your foot? How would you describe one? And, can they exist in Corporate

America?

Corporate America’s Thinking On Entrepreneurs

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A cowboy that learns that American Indians are O.K. people, and so promises not to shoot them (anymore).

Will’s Definition of a Corporate Entrepreneur

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A successful entrepreneur is someone that can go out there

and be creative, but stay within the defined bounds.

Translation of Will’s Definition

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A Corporate Cowboy Entrepreneur

                               

            

El Presidente and CMO

                                       

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… of Healthy Entrepreneurship in a Corporate environment …

Will’s Super Secret Definition …

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Give the entrepreneurs a chance to be creative, but cull out those that insist on shooting the Indians.

It is great to have them involved in the turnaround as they tend to get more focused.

Translation of Will’s Definition

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Korey failed film school when he chose to go to movies

over going to class. His movie going habit became so

expensive that he was forced to find a cheaper way to see

films. After having been almost arrested by one theatre

manager for sneaking in too many times, Korey decided

to find a legitimate but inexpensive way to watch movies.

Upon learning that doing a cable access show would

officially grant him legitimate press status allowing him

to watch movies for free, he immediately broke into the

local newspaper offices, stole a press badge, and created

THE REEL DEAL.

MIVA Case Study

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For example, from “Flags of Our Fathers:”

http://www.reeldealreviews.com/

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Although it’s difficult to generalization, one statement can be made:

These companies failed to understand what true entrepreneurship is.

Why Do Strong, Successful Companies Fail?

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Most newly birthed entrepreneurial Companies fail to understand the value of structures that lead to further creativity.

Established Companies die because they fail to allow entrepreneurs to survive – and thrive – within their Company. (DEC, as an example.)

Size does not determine which of the above groups you fall into.

Why Companies Fail

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Does management understand what entrepreneurship should be?

Is entrepreneurship permitted to survive?

Is entrepreneurship encouraged to thrive?

Is entrepreneurship rewarded as good behavior?

Lessons of An Entrepreneur in a Turnaround

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Disrespect for labor. Failure to change. Organized bargaining. Disdain for structure. Lack of tolerating differences. A need for feeling we have to be

different. Unwillingness to change.

Signs of a Failing Environment

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New ideas are openly encouraged and rewarded.

Change is a constant, and expected, and held up as good.

There is Chaos – but it is organized.

Signs of Successful Entrepreneurial Environments

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True Entrepreneurship is an Oxymoron

Success

Structure Creativity