Archive for July, 2015

Tom Heuer, Miami University Center for EntrepreneurshipRecently, I was thinking about the people who really made a difference in my life. A few mental pictures popped into my mind. As I remembered these individuals, one very important ingredient emerged – humility. All were individuals of the highest character. Their personal character was why I listened intently to and believed their message. As I matured, character was also the reason why I chose not to be mentored by certain people. It was difficult to embrace their message when I experienced their self-serving attitude in every situation. Their life motto was “my way is the right way.”

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Think Big and Change the World

Posted: July 12, 2015 by Bill Cunningham in Innovation, Planning, Startup

bill-cunningham-sc“Whatever you are thinking, think bigger” – Gaye Crispin

Entrepreneurs love to think big. Go big or go home. Life is too short to think small things. And so on.

Of course the first spark, that twinkle in your eye may be small at the start. Taking your idea to a full-blown entrepreneurial rocket ride to Mars requires big, big thinking. Look back at “really cool” ideas that have changed the way the world works.

The music business has gone through tumultuous change since Edison figured out how to record sound and play it back. From the first 78 rpm record which begat the LP Vinyl record which begat the infamous 8-track tape player which begat an even more convenient cassette player which begat the CD and DVD revolution all leading up to a totally digital downloading economy. And now this is birthing the streaming economy so that you can have 14 million songs at your fingertips.

Did Edison even have a clue of what was to come. Of course not, but he imagined great futures with his technologies.

Uber is transforming the transportation (and logistics) business in many ways. Whenever a discussion about Uber occurs, people talk about how they ambushed the taxi companies — they had no clue that competitive force was growing. Look deeper into how Uber is becoming part of our urban fabric and you will find more industries for which Uber is becoming a competitor. First of all, there is the automobile industry — many Uber riders say they leave their car home on weekends and party on down to Over-the-Rhine so they don’t have to worry about having that extra drink. So if you use your car two fewer days a week, your car will last longer — and you won’t buy as many cars in your lifetime — completely changing the car industry forecasts.

Many Uber drivers earn a decent living driving revelers back to their cars the morning after a wedding reception or big night on the town. So the number of DUI’s and police required go down. There are fewer life threatening injuries — so emergent health care population reduces. Fewer court dates, attorneys and doctors out of work and safer roads are all a result of Uber’s enabling people to be more responsible — and it is economical — so the market forces are driving this new-found responsibility! Imagine that.

As Uber expands it reach into new markets, (now funded by Google to the tune of $225M investment last year) more changes will proliferate naturally through these market forces. Buying groceries, picking up kids after school, and filling up space on tractor-trailers will benefit from Uber and Uber-like startups. The impact gets magnified and duplicated across many market segments.

One of the key elements to success in your startup is the belief that you can create big ideas. If you are not creating big ideas, then you won’t get the time of day from investors. Dean Kamen, inventor of the Segway, raised the first part of a $100 million round without showing anyone a business plan. Why did those investors invest? Because Dean Kamen  was a big thinker — he had a track record to doing big things (Like inventing the mobile insulin pump when we was a sophomore in college — and that was before he dropped out.)

Swing for the fences, throw the long ball, skate to where the puck is heading and go for the gusto!

 

An Entrepreneurship Revolution

Posted: July 5, 2015 by Chuck Matthews in People, Startup

Dr. Chuck Matthews“I wish to have no connection with any ship that does not sail fast; for I intend to go in harm’s way.”

                     — John Paul Jones

On a recent trip to Philadelphia as I toured Independence Hall and stood in the very room considered to be the birthplace of the United States, I was reminded of the inseparable connection to commerce and the inevitable revolution at hand. In 1775, a host of economic, policy, and political issues fermented and festered until the colonists clamored for independence from the United Kingdom. It culminated in a secret vote by the Continental Congress declaring independence from Great Britain on July 2, 1776, quickly followed by the formal publication of the Declaration of Independence on July 4th with delegates stepping up to boldly sign their “treasonous” intentions on August 2nd. Commerce in the colonies was under attack often embodied in repressive taxation that limited both business and individual freedoms.

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