Yesterday I talked with an JU MBA student interested in starting a new venture. She said, “I like what I am doing now or who I am working for now…it’s a really great opportunity to learn the business I love from the ground up”.

My recommendation: Learn everything you can from your current employer and practice “intrapreneur” skills. while you have less risk of losing your own capital, you can try out your techniques, passion, and creativity on someone else’s dime.

Intrapreneurs make things happen with small and large companies and are often the champions of key projects and strategic initiatives in both small and large companies. Intrapreneurs don’t usually own the company or risk their own capital, but put their careers at risk everyday doing what they think will generate positive movement forward and achieve success.

Intrapreneurs drive the adoption and implementation of new ideas. Because the timing in starting your own small business is critical, you can always practice those skills while working for someone else. It is a much safer enviornment to prove your skills. Deciding to go out on your own should be based on market conditions, competitive intensity, the availability of capital (financial and human), and lastly your own personal preference, it is not always the best time to quit the day job and begin your start-up. Knowing when to launch a new venture is a combination of experience, smarts, and luck.

What is the difference between an intrapreneur and a entrepreneur? Entrepreneurs are skilled at listening carefully to their customers and readily take suggestions from any level employee. However, the entrepreneur thinks he can be part of the solution of practically any problem. Plus entrepreneurs are known to bring their idiosyncrasies into the workplace and be impossible to satisfy.

Conversely, when the intrapreneur is constantly aware he/she needs assistance, or lacks the necessary capital (financial or otherwise– under the control of others) to achieve his/her goal, they know how to reach out and engender confidence and trust with their colleagues. One title often heard associated with intrapreneurs is the word “champion.”

To champion something denotes an emotional attachment to a cause that the intrapreneur believes in and takes risks to achieve the goals laid out [to bring that product or service to market]. This trust operates both laterally and with top executives in the firm. Often the peer relationships are the most important resource the intrapreneur can depend on. To succeed, he/she must win over their peers and influence people to bend the rules. Empathy is also a critical skill entrepreneurs often lack with their internal staff thinking that “if I need to work 14 hours today, then my staff should too”.

Clayton Christensen of the Harvard Business School wrote the following about the challenge for Intrapreneurs in his book The Innovator’s Dilemma, “My primary thesis is that management practices that allow companies to be leaders in mainstream markets are the same practices that cause them to miss the opportunities offered by disruptive technologies.” In other words, most people who can drive the creation of a “better mousetrap” may not be the best person to take a good company to excellence.

Summarizing, good intrapreneurs may not be great entrepreneurs and the opposite is likely to be true. However, if you find yourself in a good situation working for someone else, you have the time and resources to practice your intrapreneur skills. You are likely to need these skills as an entrepreneur and the more you can do the less likely you will need to go out and buy that talent.

It allows you to soften the hard edges that make most entrepreneurs hard to work for.

Most people think that top management makes all of the tough calls on which new ideas or markets should be funded. Christensen makes the point that in “enlightened” organizations like Scandinavian Airlines or In and Out Burger the real power lies with the people deeper in the organization who decide what problems can be solved directly with the customer at the time/level of the break-down. .These same “foot-soldiers” drive creation of new processes and products to respond to customer needs and requests. The genesis of new ideas is often found in the process of continuous improvement, made famous by Edward Deming and his Japanese followers. The Japanese intrapreneur used the Kaizen or continuous improvement model to drive new product development and change within the organization.

“In order to be successful in venturing today, new corporate models and management practices are needed that nurture initiatives that do not show immediate profitability” (Christensen, 268-269). When the market shifts, those small companies practicing kaizen will be prepared to refine and improve profitability at a rapid pace. My hats off all of you entrepreneurs biding your time for the day when you can launch your own venture. Take advantage of the opportunity to play the role of intrapreneur in your organization. She wants to run her own show but has the patience to learn how to persuade others and get results without the “hammer”.

Flying holds a special fascination for many of us. You pilots have a procedure you follow for leaving the ground confidently, traveling about the earth or even exploring it from outer space securely, and then landing safely. Whether flying a single-engine aerosim airplane you have become so familiar with or commanding a spacecraft circling the world every ninety-two minutes, each pilot carefully goes over a checklist to ensure that every system of the aircraft is working properly. Whether we speak of a jet fighter screaming into the sky from an aircraft carrier deck, a crop duster skimming over citrus farms, or the new Boeing 787 Dreamliner for American Airlines, it is the same process. Each pilot and crew member goes through a detailed checklist before taking off to make sure that everything is in proper order.
Because each of you is more important than the operation or maintenance of any aircraft, you would be wise to contemplate and go through your own personal checklist before you take off into the balance of your lives. Can I suggest four areas that you should check often as you fly towards a happy forever? Many of you have seventy or more years to live! Think of it! What a promising future you have if you prepare properly and keep focused.
First checklist item: Develop healthy habits. You are embarking on a mission to start your career. Keep your body and mind healthy by developing habits that like a pre-flight checklist will help you know you are prepared for whatever challenges your future employer throws at you. The two assets you already possess are your physical and mental health. Both need to be regularly exercised for you to have the stamina you will need to excel. Consider a daily exercise regime and read, study and even consider pursuing a graduate degree to stimulate and keep your brain healthy. A leading doctor from the Mayo Clinic recently revealed results of a recent study that the two biggest contributing factors leading to pre-mature dementia was lack of engagement with colleagues, friends and extended family along with stimulating and challenging mental tasks. Of course poor eating habits won’t help either so quit eyeing your neighbor’s dessert! Don’t be a victim to all of the pressures and stress by withdrawing or losing your mental and physical stamina. When treated properly, your body and mind can be your prosperity machine.
Second checklist item: Make Family and friends your priority. Always remember the importance of your home, your parents, other family members, and your friends. They are your ground crew. Do not expect your parents, girlfriends, or spouses to do things for you that you now can do for yourselves. It is now your turn to begin taking more responsibility. You should want to mentor and help others to be a good person and contributor rather than just taking, but the reality is giving of yourself helps you in the long run be more successful. Others will watch you to see if you are willing to share the great knowledge you have amassed. Every successful career is based on developing mentoring relationships. Usually those relationships start as a simple friendship. Nurture those friendships because it is the basis of the network that will propel your career. Many of you have invited your parents here tonight. Mom and Dad, this is a proud moment for you, and a relief, right? Your parents want the best for you and have proved that time and again. It’s now your turn to honor them by keeping in touch and looking for ways to help them and others.
When I was thirty years old, I started Above The Rim Hoopwear with my brother. My father thought we were crazy trying to sell t-shirts and shorts with a basketball theme. As a former advertising executive, he later criticized me for how I was running our Southern CA ad agency. One day this criticism went to the extent that I felt as if I was doing nothing right. Finally I said something like, “Dad, get off my case. Don’t you understand this is the first time I have run an agency?” He looked at me and contemplatively said, “Don’t you know this is the first time I have ever been both retired and the father of a CEO?” I grew wiser that day because I realized we all are learning in each stage of our lives. We cannot expect our parents to be perfect but my dad got smarter every year of my life until he passed away. I miss his council and experience every day of my life. He taught me to know and acknowledge what I didn’t know, it that has made all of the difference.
We cannot expect our parents or friends to be perfect any more than we can expect ourselves to not make mistakes. Be patient and understanding. Learn empathy and demonstrate it.
Be eager to forgive when problems arise at home. Help with your younger brothers and sisters when needed. You are their hero as a graduate of JU. As you assume more responsibility at home and as a mentor, you will find additional opportunities popping up in other areas in your life.
Choose your friends carefully. Associate with men and women who are good hearted, honest, and will assist you to be responsible. Be the kind of friend you would want as an asset. Be someone everyone wants in their network because you care and demonstrate it.
Third checklist item: Take Calculated Risks
Fourth checklist item: Education and Networking. Make good use of your JU education. The bible (see Eccl. 3:1–8) tells us that there is a time for every purpose under heaven. Now is the time for you to leverage and extend your career preparation. The direction you are flying now will determine where you will land in your mid-career. For those of you in AVO, it will likely be in the left seat of a commercial aircraft. AVM’s can do so many things that it’s hard to predict what opportunities will be available. Head in the direction you want to fly.
We “old guys” remember that not all that goes on in school or work is pleasant, nor does it all seem useful and necessary. Be patient “in the right seat” and your turn will come. Be excited about your career opportunities and develop the habit of going the extra mile. This habit will assist you in crossing continents successfully when you are older. Through study and hard work, you will be prepare for a life of emotional, and economic self-reliance. Build a foundation now that will support your future. Feel the excitement of accomplishing difficult tasks.
Hardworking JU grads of a few years ago are now the productive and respected leaders in the airline industry today. Many of them worked several jobs when they were here. They have been mentoring others ever since. Reach out to them and other likeminded colleagues. Establish a strong network of those that can recommend and support you.
So there you have it: a checklist that can keep you flying in the right direction. A pilot must have the support of a skilled ground crew to succeed, and by following this checklist, of healthy habits, solid friends, taking calculated risks, along with networking you will have the support you need for a successful life flight-your flight through these key years of your life. A wonderful future is yours if you stick to a personal checklist. We have high aspirations for you, care about you, and stand by to help you.

At the Davis College of Business, our graduate programs are focused on building leaders that use evidence-based data to make recommendations and create solutions. The only way to see opportunity when others see only problems is inspiring high aspirations and practicing the tools needed to collect, analyze, and focus on the “things that really matter”.  Over time their academic experiences along with internships, work experience, and colleague suggestions create informed intuition. As we examine the available data sources for the information that matters most, we can “scope” these data inquires to make data analysis more efficient and effective.

As our May graduates prepare to start their new careers as alumni of JU, we are more optomistic than ever that their newly found business intuition will be the internal “compass” that leads them towards much greater opportunity and prosperity. In addition, they are  now better prepared to determine what really matters and what does not.

Congratulations to the class of 2013!

Matt Rapp came to JU recently and presented 7 cases specific to the success of the PLAYERS championship. He was positive, energentic and connected well to the students in attendence at the Davis College of Business. Below are comments from various students who were in attendence.

Comments from Trevor Alfredson:
Matt Rapp is the Executive Director of The Players Championship. He realizes the potential impact that The Players could have on the city of Jacksonville. The Players Championship is known for its rigorous course and its beautiful location in Ponte Vedra Beach Fl. The tournament plays host to some of the most elite golfers in the world and because of that it is nationally televised and has attendants from several different countries every year.
The course isn’t the only challenging thing about The Players. Mr. Rapp has been the Executive Director for about 2 years and has been working diligently on making the tournament a more integral part of the city of Jacksonville. One of the biggest challenges Mr. Rapp faces in trying to get the attendance of the tournament up is the heat of the event. In Florida in the spring and summer it gets to be very hot and very humid and makes it difficult to stand in the sun all day to watch golf. The heat and humidity makes it difficult for anyone to stay there all day, which is the goal of the executives. In response to this they have made a lot of the tents around the course air conditioned or have some kind of mister to keep people cool, and keep them there. Another challenge that they face at the players is the complaints about the restrooms and their cleanliness. That has been addressed and they have already been replaced with better facilities.
One of the problems that The Players Championship faces in terms of attendance is a relatively selective group of likely customers. The typical tournament attendant would be a middle aged male. Mr. Rapp and the rest of the people working for The Players are working on how to get more people from different age groups and genders to attend the tournament. They would like to get younger people to go, preferably college students because they have a bit more understanding of the game and they can end up coming back for years to come.
The thing that Mr. Rapp has personally taken upon himself is to get the city of Jacksonville more involved with The Players Championship. Since Mr. Rapp has been Executive Director, sales of tickets and sponsorships have gone up, giving The Players more readily available capitol to advertise and promote more attendance for people in the Jacksonville community. The biggest challenge he and the tournament face is trying to get more people to go to the tournament. Mr. Rapp has made extensive improvements to the course and tents around them. The food has improved and it is a much more inviting atmosphere. The restaurants that are selling their food at the tournament also want more citizens of Jacksonville to attend. If the tournament goers try their food there and are pleased they are much more likely to go there throughout the year. I predict in the very near future members of the Jacksonville community will flock to attend The Players.
The tournament itself is a Unique Selling Proposition because the Jacksonville area doesn’t have any golf tournament that comes close to one of this magnitude. If a spectator in the Jacksonville area wants to watch a golf tournament with elite golfers this is the only tournament to go to. It allows companies in Jacksonville to be a part of this tournament and expose themselves and their brand to a typically more desirable white collar audience. The tournament helps the Jacksonville economy with attendants playing rounds of golf at other courses throughout the week, eating locally, and booking hotel rooms.
Another success factor of the tournament is all the big names that are usually playing. People are much more likely to come to The Players if their favorite player is playing, or the top players in the world are going head to head, no one wants to see a bunch of people they’ve never heard of struggle through this notoriously problematic course.
A few recommendations I would make to Mr. Rapp and The Players as far as attendance would be to do some more promoting at the colleges in Jacksonville. Personally, I only knew about The Players because my parents are avid golf fans. I think if the tournament is advertised more on campus and they had some sort of shuttle service to eliminate the hassles of parking there would be more young people attending and be there all day, spending more money. Student involvement in getting a free ticket could work, for example use the golf hole on JU’s campus and see if one of the students can get closer to the pin than one of the pros. I also think that to get more members of the Jacksonville community to attend they need to do a little more advertising locally, like a commercial on some local news channels or advertise in local restaurants.
Matt Rapp has been the Executive Director of The Players for only a couple of years but he has made serious improvements to the tournament while he has been there. With the progress the tournament as a whole is making I see no reason why there won’t be a bigger Jacksonville following and eventually become one of the premiere events in the Southeast.

Comments on Matt Rapp’s presentation by Jordan Heylock
Matt Rapp started off the hour by giving this quote… “All things being equal, people want to do business with friends, all things unequal-people still want to do business with friends.” His differential advantage is understanding the significance of relationships and how much they truly matter. Putting effort and constant nurturing into your business relationships will only bring loyalty and recognition for yourself and what you’re working to achieve.
With the majority of the reason he came to talk to us being to explain The Players and the background we need to know. He made it clear that in terms of broad scale, golf attracts business decision makers, and influentials make up the demographic of the golf population. The most important part of The Players Championship being in Northeast Florida is the economic impact, business impact, and charitable impact on our area. The economic impact is $150 million to Northeast Florida, the business impact is money to the community and businesses, and the charitable impact has been $52 million to local charities. It was extremely respectable of Matt to be so open about the mistakes they’ve made in the past-the main one being forgetting about the local concentration because they were focusing so much on being international.
Matt made it clear that they are trying to revamp the championship to have the differential advantage of the “ultimate fan experience” above other golf tournaments, to become even more than just a golf tournament. My analysis is that he’s doing everything in his power to achieve this. He really wants to get more people engaged, and it’s admirable that he’s willing to push the envelope. He’s clearly trying to push The Players Championship into the entertainment industry and to dominate it any way that he can.

Comments from Vikash:

I’m will be discussing Matt Rapp, who is the Marketing Director for TPC Sawgrass and The Players Championship. Matt Rap  gave a presentation regarding the history behind the player tournament and explained to us what the organization was about. The Players Club is a community centric organization that celebrates great players and the fans that support them. This was surprising to me, as I admit I had some preconceived notions about the T.P.C. and it being an exclusive club that was about finding the most elite golf players and pitting them against each other just for the sake of the golf experience. This, however, was not the full story as Mr. Rapp clarified and reeducated me on the roots of The Player Championship.  It was to say that their roots lie in a experience that should be called the fan entertainment experience due to their dedication to hosting the championship in honor of the fans of golf.

Matt Rapp  explained to us that he faced challenges  as the Director because he is tasked with developing interest in the T.P.C. through various marketing efforts. He stated that one of the biggest challenges was that he did in fact have to educate people on how the TPC is very community centric and was established and is able to run every year strictly because of the fans. The T.P.C. event directly involves that community and every year that it runs it gives back to local charities in the community as a significant portion of the revenue is generated for them. Another issue he was faced with is that there was problems generating interest in a larger portion of the Jacksonville community. He said that fans travel from all over the world to come to the championship and yet a large portion of the community doesn’t know Jacksonville is home to the TPC.

Matt is doing a really good job. I say this in spite of him having severe restrictions on the TPC logo and ability to market promotional efforts. Price Water Coopers has secured exclusive partnerships rights to The Player Club and poses a significant hindrance to the marketing efforts when it comes to partnerships . His method involves doing  marketing research while mixed in with practical thinking, which is the key to succeeding in a community/fan driven businesses. By focusing on the fans and their experiences he is able to better develop marketing strategies to continually draw a crowd to their events. I think his direction with becoming more involved with students across the universities here in Jacksonville is key to his future success as it’s important to engage fans early and grow to meet their needs.

Key Success Factors:

1.      Getting greater community involvement

2.      Providing a unique experience to customers

3.      Maintaining engagement throughout the year

Analysis:

1.)      It is necessary for the TPC to focus on getting greater community involvement especially in the areas of volunteering and community participation.

2.) In order to keep up retention and instill growth in the community it is important to provide a unique experience while catering to the needs of the community.

3.) By keeping up engagement and community interaction it would portray TPC to be a part of the community not just once a year when the TPC rolls around.

Recommendations:

I believe if TPC makes a continuous effort throughout the year and participate in other activities through partnerships with other events/organization that already have a great community involvement they would be able to develop a following.  Utilizing sponsorship and co-branding they would add significant value to their brand as well. Social media engagement and attendance other community events would help them bolster their community involvement. They should also provide an experience at the event that cannot be rivaled to other events by focusing on the unique attributes of TPC such as the participants and the course.

Matt had an incredible inpact on the 18 students at the presentation

Success Strategies for Entry Level Employees
Are you a millennial going to work full-time for the first time? Are a few pointers as you start your new job:
1. Be patient-opportunities to be promoted don’t come every day and your supervisor will see your patience and enthusiasm as virtues
2. See people in person whenever possible the first time you begin a business relationship. Face to face contact is more important than ever in starting things off on the right foot. When you have big misunderstandings, get over to their office and work things out in person.
3. Try and take responsibility and calculated risks-resist the temptation to get every last instruction dictated by your boss via text or voice just because you can. The initiative you show to “handle things yourself” will set you apart from other millennials.
4. Join your trade association and network with alumni in your same industry. Many companies eliminated their middle managers during the downturn. Without internal mentors you will need to rely on relationships and experiences from those in your same industry often working at competitive firms.
5. Use your advantage in social media connections to create or find insights or information on trends, customer’s tastes, and hot product categories your company might explore for new products.
6. Tell the truth when good and bad things happen. Take responsibility and you will earn a reputation for trustworthiness.

The January issue of The Economist featured the famous figure of the “thinker” on the toilet with (see prezi visuals to see the presentation graphics http://prezi.com/otdgahhq7t3q/startup-weekend/?kw=view-otdgahhq7t3q&rc=ref-29268541) a headline claiming “Will we ever be as Innovative as this?”
Why I don’t believe the doom and gloom predictions? I know something about monetizing ideas after twenty years studying and consulting others about innovation. I am the dean of business with a Ph.D. in entrepreneurism and a veteran Silicon Valley entrepreneur. I organically grew my own company, Above the Rim larger than I could have imagined. We sold it to Reebok at a time when my brother and I determined we could not wait any longer to see it become a global brand. Despite my best efforts to learn from others mistakes and my own, I now know how much good luck, timing, and capital it takes to successfully launch your own venture. Looking and talking with all of my students inspires me and in the few minutes I have I will tell you why. Over my career, I learned a 5-6 things from that I hope you will find useful as you start this incredible weekend experience.
Reality over Rainbows-we’ve all heard it before “follow your passion”. If you want to work for NFL-go for it, you dream about being a brand manager for P & G –go to great MBA program. You want to write code for EA Video Games-do your own games and self-publish. These circuit speakers say “everything you can dream can really happen if you believe it”. Well, some of that advice may be motivating for you, but following your passion is very expensive. The opportunity cost of following any of the “gigs” I described are considerable. The reality is you will need to get lucky and meet the right people or qualify in extrodinary ways. It also means you will pass over other more lucrative opportunities for waiting in line for any one of these “dream” jobs. I prefer to live in a world of reality. Chasing rainbows is not advisable, when you can build something that is in a less crowded market, you will be in position to gain experience, clients and even more money is much less time. I have seen this over and over with my students at JU and elsewhere
Where is the Pain? When thinking about your new business… There is an inverse relationship between the economic opportunities in an industry that sounds the most fun or hip to work in vs. less-sexy industries where the probability of succeeding with your start up soars. Ask those familiar with the industry where the pain is. I wish we had done this with sports apparel industry where the barriers to entry are low and the margins are too. We succeeded by timing and luck more than choosing the right business. Find solutions for the pain points and you will be more likely to succeed. It is not just building a better mouse that makes a great new venture but balancing your venture’s product development, fund raising efforts, brand management, employee recruitment and sales activities into a coordinated bursts with burning yourself of key employees out before you can taste success. When I helped launch Netcentives we thought the pain was incenting consumers to buy books, music CD’s, and computers online. Although this was a challenge, the real pain for e-commerce platforms in 1998 and 1999 was attracting and retaining talent so our exclusive mileage contracts to distribute airline miles online was most successfully sold as employee bonuses and rewards for exceptional achievements. This market melted when the IRS caught on to the opportunity to tax these bonuses and the internet bubble imploded. But how many of you, without raising your hands, would like to take your company public as I did with Netcentives? It was an exhilarating experience.
Building a better mousetrap is not an individual sport-find friends, mentors, advisors, and confidants that will be there when the credit cards are maxed out, the deadline to meet payroll is next week, and the new clients are slow to pay. When the storm is over and you can celebrate, you will not want to be little red hen with a fresh, warm loaf of bread to no worthy mates to share it with. Everyone here is talking about business opportunities or technology solutions to circumvent expensive processes or increase productivity, but without outside partners and good vendors your execution will suffer. The best sources help will go elsewhere if you are not patient or willing to learn from others; even those less smart or energetic. Maintain family relationships and you will not lose out on some big opportunities to expand your network and reach higher plateaus.
My story can be your story-but a career and reputation is built like a jigsaw puzzle, not a chronological or sequential line. How your colleagues, partners, and competitors will view you five years from now depend not only what you do, but who you choose to partner with, what communities you choose to embrace, the friends you make, and the mentoring and coaching you willingly offer to others. Imagine a puzzle coming together in sections and the true you is finally viewable to others and yourself (images include ATR stuff, Cape and I, USD basketball, Visa Check Card, Netcentives logo, Leo Burnett building in Chicago)
My dreams are to see your companies bring prosperity to millions. This process you’re engaged in, along with your peers all over the world will do more for positive change than any philosophy or political scheme imaginable. Entrepreneurism is the most powerful catalyst that lifts us out of hunger and allows us to create families, prosperous communities, and refine and improve educational systems. It allows us the time and energy to explore spirituality and greater meaning for all of our lives. The central characters are all of you. You are the star actors and actresses, not in a make-believe movie or play, but growing value your investors, communities, and making institutions like Jacksonville University or UNF possible. You are capable of providing a future for hundreds of families, and relieving or taking the “edge off” of the pain that every company experienced before your innovation make that industry or process just a little better. In my interviews with hundreds of entrepreneurs and business owners I feature in my blog Southeast Entrepreneurs, I found the greatest thrill entrepreneurs experience is helping others become financially independent and prosperous. Sadly, the greatest frustration is the onerous governmental redtape thrown in front of entrepreneurs that is unproductive and time-consuming. They now complain about the prospects of even higher taxes.
What keeps me you up night? Well my entrepreneurial adventures are far from over, but I am risking only what others might call “play money”. I don’t tear through the mail for client checks like I used to or worry about making next month’s payroll. I have my hands full driving growth in the disruptive business education market as the head of the Davis College at JU. What about you? What keeps you awake at night? If you are working smart, sweating the little stuff, and recruiting friends, employees, and customers simultaneously then you’re likely to be on the right path.
Why I believe in all of you. I have been meeting with Jacksonville CEO’s as part of JU’s effort to engage with the business community. Theses CEO’s are concerned about their company’s future because new employees your age don’t care enough to sweat the details. They need to see you here, at Startup Weekend, seating all the details. That will give them the confidence that I have that you all are the reason to have faith and confidence that innovation will indeed grow and increase in meaningful ways. From your initial business plan to the SharkTank, this entrepreneurial journey can be a dream or a nightmare. I am privileged to have been around long enough to see both. The future is indeed bright when you combine your passion for venture concepts and business ideas, that relieve the pain and provide valuable solutions, meet actual needs and answer what the market demands I know you can do better than I by following some of my advice.

Allen Rittscher spoke to JU students yesterday about his “second stage” (definition:profitable and hiring employees) company called Virtual C-I-O. Virtual C-I-O designs, develops and implements advanced information technology strategies and solutions that help organizations better manage their operations.  They rely on a group of technology business partners supporting our IT solution roadmaps in many specialty areas. Allen graduated with a MBA from JU with a focus on managing technology and applications. http://www.virtual-c-i-o.com/about-us/business-partners/

Students asked Allen and his wife Patti (Patti is the Office Manager and CFO)  numerous questions about why he left a stable job as a CIO of a Fortune 1000 company to go off on his own. They both love Jacksonville and wanted more flexibility and the challenge of helping small and mid-sized businesses.

His clients work with Virtual CIO on a wide range of information technology projects — from cloud optimization and managed services to comprehensive organization IT assessments and strategically-aligned solution roadmap implementations.  Allen said “Virtually all Virtual C-I-O partners achieved distinction in their fields for outstanding IT value, problemsolving using technological tools and customer service”.

Comments by JU student Kris Sterzin

Virtual C-I-O designs, develops and implements advanced information technology strategies and solutions that help organizations better manage their operations.  We rely on a group of technology business partners supporting our IT solution roadmaps in many specialty areas.

As we discussed his Virtual CIO Company I found three key factors that drives success. The first key factor is that Allen has kept his focus on helping small companies with their IT while keeping the prices down. This is huge for success because in order to keep the prices down for the smaller companies Allen must work with larger companies to help fund it. The second factor is that they are not just helping companies located in Jacksonville, they are helping companies as far out as California. This allows the opportunity to grow and increase the client list. The third and final key success factor is something that the Dean always says, which is finding the “pain” for companies. Allen has to look at it from technology needs standpoint.

To keep the prices down for the small companies Allen has had to work with larger companies. By doing this he has also opened up his client list but still able to focus on his goal, small companies. The larger the company the more Allen can charge to do the Virtual CIO. There are 90,386 companies with 100-500 employees calculated by the census bureau. Allen only has to work with a small amount of these companies to keep him on track and profitable.

If we analyze the small companies that are in the United States we will see that Allen has unlimited potential with his Virtual CIO company. The United States census bureau has calculated the amount businesses with employee numbers ranging from 5-99; there are a total of 2,203,513 businesses. With these numbers you can see how many potential clients there are for Virtual CIO.

According to the Wall Street Journal, the “pain” for most companies in IT usually includes maintenance costs upfront in the business case. Maintenance and upgrade costs can account for a significant portion of an IT project’s budget. This “pain” that small and large companies face is perfect for Allen because Virtual CIO takes care of this problem.

After hearing from Allen and analyzing the key factors I have a few recommendations that might help push Virtual CIO’s success even further. The first recommendation is that Allen should keep increasing his large company mix instead of having mostly small companies. This will increase his profit greatly and allow him to expand his company to more employees. The second recommendation is that Allen should market the Virtual CIO more. Whether it’s getting on all the social medias and spreading the word of Virtual CIO or if it’s through business magazines, marketing is key in increasing the knowledge of your company. If the marketing aspect of the company increased Allen will see increases in the number of clients he has along with the credibility of his company.

http://deloitte.wsj.com/cfo/2013/01/09/getting-the-cfo-cio-relationship-right/

http://www.census.gov/econ/smallbus.html

problemsolving using technological tools and customer service”.

What makes entrepreneurs so vital to job growth? They take risks most others avoid, spend investment capital without immediate payback prospects, and hire new employees that stimulate the economy. What will President Obama say in the upcoming State of the Union address  about job creation? It is likely he will talk of infrastructure improvements, middle class tax credits and incentives for manufacturing jobs here in the US. But the President continues to focus on stimulus that is inefficient. He misses what is the key catalyst for growth- the entrepreneur.

What proof do I offer that entrepreneurs drive job creation? Israel Kirzner (1973, 1999 http://www.nyu.edu/econ/dept/vitae/kirzner.htm) along with Grebel, Pyka, and Hanusch (1987) focused their lifetimes of research on entrepreneurs as catalysts for market change. Many believe their work proves that entrepreneurs are the essential ingredient in any successful economy; that entrepreneurs are the only business people willing to take enormous risks and quickly adapt to changing circumstances. Infrastructure improvements and more benefits for the poor do not keep economic activity at its highest level. Entrepreneurs fill the gaps in the job market- a market that would otherwise suffer huge market gyrations and downturns.

These modern scholars built upon the Schumpeter foundation. They provide the data to show how entrepreneurs add real value to products and services. Most importantly, entrepreneurs buoy financial markets because their high returns entice investors into new areas that spawn innovation. Entrepreneurs are vitally important because they are willing to risk capital training and paying for new workers who are not immediately productive. If you want to put your finger on the leading indicator for job growth, take a look at the % of new hires for small companies who added more than five employees in 2012 vs. the % of employee growth from the large ones.

International entreprenuerism involves the added risks and complexity of adapting a product or service to new markets or cultures. International entrepreneurs face many more numerous challenges and barriers. Those barriers add complexity to any venture. They include trade barriers, legal constraints, distribution limitations, and human resource issues not found in their home country.

Today, Entrepreneurs and Intrapreneurs recognize international opportunities and are willing to take significant risks to seize the opportunities. Why? The ROI is so much greater today and the political risks mitigated in many parts of the world.

Based on my experience at three start-ups ventures, Netcentives (1997-2000), Capener Advertising-San Diego (1987-1992), and Above the Rim (1988-1993), we spent a significant amount of time finding, interviewing, and training new employees. Those new employees that could deal with ambiquity and change thrived. Those that were willing to change and adapt as we uncovered market opportunities found working in a start-up a thrilling ride. Many hesitated or became scared watching the changing landscape. The speed required to seize these opportunities seemed to be similar to the metaphor of the train pulling into an intermediate stop and the passenger chooses to get aboard or watch the train leave the station as fast as it pulled in. Successful entrepreneurs know when to jump on to (the train) something and when to get off in a hurry.

Block and MacMillan wrote, “The entrepreneurial drive to pursue [opportunities] is a combination of many factors, chief among them motivation and attitude. These attributes in turn, affected by childhood influences, role models, and later workplace environments. Providing they work hard, those with more talent will clearly do better than those with less; entrepreneurial ability can be directly influenced by education, training, and experience. In other words, entrepreneurs are made, not born” (Block).

Intrapreneurs do what entrepreneurs on their own, but do it while remaining in larger firms. These leaders must be able to influence others to succeed. In a company environment, many policies, controls or cultural norms become large barriers to change and undermine [continuous] improvement for intrapreneurs. These barriers prevent intrapreneurs from succeeding unless they can persuade their colleagues to follow them or provide them with resources, so they tend to be skilled at negotiation, diplomacy and mediation.

From my experience in both corporations and start-ups, entrepreneurs act more like “Bulls in a China Closet” when it comes to building esprit-de-corps, negotiation or corporate politics when compared to intrapreneurs. Entrepreneurs can run ruff shod over people who do not have thick skin. One example of this behavior is a successful entrepreneurial relative of mine who  said, “I have no patience or time for these corporate bozos”.

So governors, mayors, and city council members, if you set corporate policy or work in government, make sure you don’t put up barriers in front of the intrapreneurs or small businessman that are willing to invest, take risks, and add employees. Both entrepreneurs and intrapreneurs are engines for our countries economic prosperity. Its all about how prosperity comes from more jobs, right?