The founders of four successful American companies spoke to about 35 people last night about how to start a business and make it succeed. The event was the inaugural event for Dartmouth Entrepreneurship Society.
The discussion, titled "Stories of the Start-Up: From Survival to Success" took place last night in Room 100 of the Thayer School of Engineering. The four entrepreneurs -- Brad Feld, Warren Katz, Michael Sheehan and Steven Ransom -- discussed commitment, personal and financial investment, creativity and service as tools for success.
Philip Anderson, associate professor at the Amos Tuck School of Business Administration, opened with a speech about preparing for an entrepreneurial career.
He said would-be entrepreneurs should obtain experience working in a firm before going out on their own.
"The basic thing great M.B.A. programs do is teach how to be a general manager," Anderson said.
Brad Feld, founder of Feld Technologies and the New England Regional Director of the Young Entrepreneurs Organization, was the first of the panelists to speak.
The members of the YEO must be younger than 35 years old and have a company that produces an annual revenue of at least one million dollars, he said.
Warren Katz helped start MaK Technologies, which develops virtual reality technology.
Katz originally worked for the company that first developed virtual reality for the U.S. Army. But he said since the company was unwilling to expand into other industries, he branched off on his own successfully.
Presently MaK is making licensing arrangements with telecommunications companies.
Michael Sheehan, a founder of Alpine Computer Systems, a network engineering service, stressed the need for goals, creativity and the willingness to take risks.
"To succeed, you cannot be overly sensitive to what other people think of you," Sheehan said.
Sheehan offered other tips for entrepreneurs including the importance of taking care of customers by providing comprehensive service and treating employees with respect and praise.
Alpine's president, a computer genius, was able to design a system that night on a napkin immediately after the meeting, Sheehan said. As a result, IBM now often contracts Alpine to solve computer system problems.
Stephen Ransom, the founder of Ransom Technologies, an environmental consulting firm said the four words to remember in running a business are: persistence, balance, mistakes and passion.
The four panelists agreed that starting a business requires sacrifice and innovation. But they were also very positive about the results of their hard work and seemed eager to expand their companies.
