Always, Always, Always Opportunity
Did you know that 90 percent of new products fail? Discovery is human nature, so it's no wonder that RIT’s sixth annual Entrepreneurs Conference brought many together but served one purpose: how to effectively profit from our creations.
Tim Wagner, president of Direct-to-Market Sales Services, explained his logic to leave a company to start his own. “If I could do it for someone else, I knew I could do it for myself,” Wagner said. He attempted to build his own company and vouched that “the third time’s a charm!” Wagner spoke of common mistakes that he’s seen others make and mistakes he’s made himself. “A customer today is not the customer tomorrow,” Wagner stated in the context of how to locate your customer.
Wagner was also avid on teaching the audience that creativity is what makes a successful entrepreneur. His advice is to surround yourself with good people, never burn a bridge, and learn from your mistakes.
“Judgment comes from experience and experience comes from bad judgment,” said Tom Robinson, EVP Sales and Management for Odyssey Software. Robinson explains that the problem with most entrepreneurs is actually quite logical: They start out with what they think the customer wants. In his opinion it isn’t the way to start out, so he gives useful alternatives.
Most entrepreneurs don’t have the extra cash lying around to do research, so Robinson opens the door on a simple, often overlooked, way to improve on an idea from the beginning--study your competition. He also emphasizes that just because entrepreneurs have no credibility to begin with, price reduction is not the way to get you and your product recognized. Key consumers are those who look to invest, so if a product is priced cheaply just to be recognized, an essential consumer might overlook it. “You won’t win the business by giving it away,” Robinson testified. For all future entrepreneurs, don’t be discouraged. “There is always, always, always, opportunity,” Robinson added.
Howie Jacobson, managing partner for Dixon Schwabl, brought examples of products that entrepreneurs have brought to him and critiqued them for the audience. He emphasized their success and went in depth about what failed, if anything. “Don’t fall in love with your product based on your first idea,” warned Jacobson. There is always tweaking that needs to be done.
Jacobson also shared stories of how some entrepreneurs came to him and couldn’t explain what their product did. He emphasized that if you couldn’t summarize what you’re all about on the back of your business card, you have lost those valuable few seconds when people decide whether they’re interested or not.
“I got a lot of ideas and was most impressed when they said that you shouldn’t worry about the cost issues as much as you should worry about your focus on the marketing,” said Tyler Moroz of Batavia, New York, and student at Genesee Community College.
The panel cautioned that becoming an entrepreneur is harder than having a regular job, but with confidence, the possibilities are endless.