David Bookspan – Serial Entrepreneur, Founder, DreamItVentures

Background: started first company 1997, was previously a lawyer at a law firm. MarketSpan – court docket information, parceled out data, built research and notification services. Sold company in 2000.  People thought he was insane to leave successful firm/partnership to start a business.

DreamIt Ventures, co-founded in 2007. DreamIt is a 3 month camp that helps entrepreneurs and small businesses get to the next level. First class in 2008. Blake Jennelle is an alum. The entrepreneurs are given a little money, legal services, etc. After the 3rd month, whether they are either up and running or not, they are out.

Monetate, co-founded 2 years ago. Help online retailers use segmentation to personalize shopping experience. QVC is a client.

Highlights: Different niches have different reasons for failure. Common element is under-capitalization. Small businesses can (and should) bootstrap when they can. Build organically. Get it to market as fast as you can. The market will tell you if it’s good or not. Push. Iterate. Don’t be afraid to be embarrassed. Just be willing to LISTEN and adjust.

Blake Jennelle, Entrepreneur, Director of Marketing of TicketLeap

Background: started first company in 2007 called Anthillz. It was a website for freelancers to find work. Anthillz did not work, though. It was impossible to raise money in the economy. From then he started the Philly Start Up Leaders. A community for people starting up. He is currently working for TicketLeap (self-service box office) which was previously a startup, but is now growing & working. (”Learning how to take this company from 20 miles an hour to 60 miles an hour”)

Highlights: Get traction! Focus 80% of energies on getting customers. Don’t only release product, but sell a product! Get everybody involved to sell it if you need to. If you’re not comfortable selling then find someone who is!

Skip Shuda, Serial Entrepreneur, CEO of Team and a Dream

Background: Serial entrepreneur since 1983. Destiny Websolutions, was a software company that created e-commerce platforms for financial institutions. Team and a Dream, is a growing marketing company providing Internet marketing and Social Media solutions for small and growth-minded businesses, as well as market testing and competitive market analysis to well-funded startups.

Highlights: Create a business model with a monetization strategy or something close to it. Also: understand yourself. Understand what you’re naturally good at. Know what you’re passionate about. Know your “sweet spot”.  Understand what role you might want to play.

Lessons learned:

1. What’s in a name? Pick a name that people will remember.
2. Follow the market. Listen to the market. Adjust to the marketplace.
3. Make sure you have a market. If you have a great product, but no market, it won’t work.
4. Don’t think too small. Think big!
5. Stay on top of marketplace developments. Be prepared to respond.
6. A niche focus can serve you well.
7. Test your market!

GET HELP! There are services in your community that can help. Use them!

Moderator Question: Worse attributes you’ve seen in others starting a business.

Blake: First time entrepreneurs have no idea what they are doing. That’s actually OK. A fork in the road eventually does happen… they either figure it out or never do. Overconfidence or being too arrogant is a bad trait. Humility, coachability, and curiosity are good attributes to have.

Skip: Thinking you don’t have any competition. Entrepreneurs need to understand their marketplace in a deep way. Which includes their direct and in-direct (or perceived) competition.

David: Worrying about failure too much. Don’t spend a lot of time and worry on “worse case scenario”. Know you will live through it. Once you accept that, you can get through it and it won’t block you from success.

Tags: Blake Jenelle, David Bookspan, entrepreneurial advice, entrepreneurial business plans, entrepreneurial lessons learned, entrepreneurial tips, Skip Shuda