A panel of local entrepreneurs presented encouragement and advice to students interested in starting their own businesses last night in Collis Common Ground.
About 30 students attended the discussion, whose panelists included Bob and Denby Coyle, proprietors of Bagel Basement, Ryan FitzSimons '96, founder of numerous businesses including RoadRunner Express and Wheelock Books owner Whit Spaulding '89.
Despite the long hours and self-sacrifice, the panelists said they are satisfied running their own businesses. It offers types of rewards other than monetary, including the pleasure of being one's own boss, the panelists said.
"You never work harder for anybody than yourself," Coyle said. A particularly encouraging point for prospective business owners was that anyone, with enough determination and heart, can set up his or her own business.
FitzSimons said, "You can do anything you want ... The only thing stopping you is hesitation."
The panelists stressed that courage and the willingness to fail are important characteristics for new entrepreneurs to acquire.
For FitzSimons -- who has several now-defunct businesses -- and his partner, "there is no fear of failure. There is a huge personal rush for what we do," he said. "The only quality [needed] is not to be afraid of anything."
Spaulding said it is "absolutely critical" to have a mentor, and all of the panelists agreed that experts can be invaluable in helping new owners avoid common mistakes.
Good financing is also important, as is selecting a good location, the panelists said. Coyle said he spent many hours watching traffic flow in various areas to determine a successful spot to open his store.
In addition, risk is often an important factor, the panelists said. Even with good financing, an entrepreneur must be willing to take chances to achieve success.
The panelists listed several qualities required to be a good entrepreneur. "Do whatever it takes to get the job done," Coyle said.
They also agreed that a balance should be maintained between firmness and understanding in employer/employee relations.
