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Welcome to the WISE newsletter, a program of
The Falcone Center for Entrepreneurship at Syracuse University
 

Thursday, April 12, 2007

WISE2007: Three Keys to Entrepreneurial Success

  • Doreen Garrett, Founder & CEO, Otis Technology Inc.
  • Ÿ Patience Brewster, Founder, Patience Brewster Inc.
  • Ÿ Victoria MacKenzie-Childs, Founder, Mackenzie-Childs (1983) and Victoria & Richard Emprise (founded after the cessation of the genuine MacKenzie-Childs)

Mike Morris – Entrepreneurship is not a job. It is a mindset. It is about values. Values matter.

Courage & Will – Doreen Garrett (Lyons Falls, NY) – She started her business when she was 15 years old (22 years ago). It has grown tremendously with clients around the world. Her success has allowed her to contribute to the community. She recently had a daycare center built in the community (September 2006).

Are entrepreneur and courage the same?

She did her first trade show in Houston when she was 16. (She had to look 18 in order to get in, even though she was the president of the company.)

Don’t always listen to the first person you turn to for advice. The first patent attorney she talked to thought they had nothing to patent. She didn’t listen and now they have 30 patents.

She reminded us that if it sounds too good to be true, it probably is.

Up until two years ago, they never have a facility that was truly built for what they did. She took the risk of building the facility in Lyons Falls (and not move the business elsewhere), and has paid off.

Passion & Integrity – Patience Brewster (Skaneateles, NY) – she has done many things including illustrating and writing books. She now does gift cards and other items in her own business.

Entrepreneurs have ways of doing things – even at a young age – that are different.

She got frustrated being edited by others. She wanted complete creative control. She heard, “I love what you do, but I don’t think anyone will understand it.” Companies didn’t understand that consumers are smart.

At her first trade show, she received enough order to ensure the success of her business plan.

An entrepreneur loves her business and is not just doing it for money. Remember why you started doing what you’re doing.

Being an entrepreneur is a lot of work but there are tremendous rewards.

Imagination – Victoria MacKenzie-Childs (Aurora, NY) –

Mike Morris – Entrepreneurship is where discipline meets imagination. Imagination is the life blood.

Imagination is innate. We all have it.

Inspiration = breathing.

Entrepreneurs have a short memory. We forget how hard our work is.

She believes there is a point when entrepreneurs want to work out of being entrepreneurs. There is a beginning of entrepreneurs. At some point, you want the idea to live on without your personality. A desire to help others. Realize that the work is a joint venture between you and your employees/partners.

The entrepreneurs may start something, but it is others who must finish it.

The creation of “Mild Zanie Checks” is how they raised initial funding for their new business. It was a way of bringing investors onboard.


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