Entrepreneurship

1. Entrepreneurship What is the realmeaning of entrepreneurship? Presented by William Seippel Chief Financial Officer MIVA, Inc.

2. Majored in Economics and Accounting. Learned how to think. Learned I hated accounting. Had to payoff my parking tickets to graduate. Was a local kid, that only the Mason business school dean was willing to give a chance. Will Seippel – Mason Class of 1978

3. Bojangle’s Nightclub in D.C. Digital Equipment Corporation’ s PC line United Air Lines Reservation System Landmark Graphics Soros’ European Telecom Properties Liquidation and Sale of United Messaging Sprint Wireless Franchises MIVA Media Will Seippel Track Record – A History of Turnarounds

4. Digital Commerce Will Seippel’s “Singular” Non-Success

5. Re-launch of LMRK AirGate Debt for Equity Swap GTS Billions Private equity Pre-public Convertible Bonds 2 IPO’s First ever Euro denomination bonds Completed Many Financing Initiatives

6. Lessons Learned Yeah, Finally!

7. Structure has its place. Creative people hate structure, and structure hates creative people. Integrity is critical in fixing a business. Focus on business that you can increase revenue and reduce costs. Focus on quality of people, not quantity. What I Learned from the WINS

8. A smart person cannot run a Company from their head that generates more than $100 MM in revenue. Manage for cash flow, it gives you options. A so-so idea with great management is better than a great idea with so-so management. Focus, focus, focus. …and, I am an entrepreneur! What I Learned from the WINS

9. It hurts to lose your own money. It hurts more to lose someone else’s. Humility. Timing. Do not fall in love with your own ideas. A leopard does not lose it’s spots. Market momentum. Success is more fun than losing. What I Learned from the LOSSES

10. Universities & Academicians need a closer tie to businesses if they want to receive our support. I do not know many peers that have a subscription to the HBR. How do I link my needs to a school that wants to do the research I need? I would love to get a good pipeline into analytical students. What We Can Learn from the Academicians

11. Most religions have taught us there is an afterlife. (I learned that with my Philosophy minor at Mason.) We all have a different vision as to what Nirvana means. What I learned about entrepreneurs

12. As much as everyone has a different view of Nirvana… We all have different opinions as to what an entrepreneur is. What I learned About Entrepreneurs

13. I do not know what that means, exactly. Who are they? They are the greedy ones, right? So, the only good entrepreneur is a dead one. (Andrew Carnegie, John D. Rockefeller, J. P. Morgan… .) I think I met one here, once upon a time, but can not quite remember who or when it was. (Now excuse me, I have to get back to my routine.) Let’s put them on a pedestal and worship them. They will deliver us to Nirvana. (Wherever that is.) Organizational Opinions of Entrepreneurs

14. Have you ever met one? Would you know a successful one if she stepped on your foot? How would you describe one? And, can they exist in Corporate America? Corporate America’s Thinking On Entrepreneurs

15. A cowboy that learns that American Indians are O.K. people, and so promises not to shoot them (anymore). Will’s Definition of a Corporate Entrepreneur

16. A successful entrepreneur is someone that can go out there and be creative, but stay within the defined bounds. Translation of Will’s Definition

17. A Corporate Cowboy Entrepreneur El Presidente and CMO

18. … of Healthy Entrepreneurship in a Corporate environment … Will’s Super Secret Definition …

19. Give the entrepreneurs a chance to be creative, but cull out those that insist on shooting the Indians. It is great to have them involved in the turnaround as they tend to get more focused. Translation of Will’s Definition

20. Korey failed film school when he chose to go to movies over going to class. His movie going habit became so expensive that he was forced to find a cheaper way to see films. After having been almost arrested by one theatre manager for sneaking in too many times, Korey decided to find a legitimate but inexpensive way to watch movies. Upon learning that doing a cable access show would officially grant him legitimate press status allowing him to watch movies for free, he immediately broke into the local newspaper offices, stole a press badge, and created THE REEL DEAL. MIVA Case Study

21. For example, from “Flags of Our Fathers:” http://www.reeldealreviews.com/

22. Although it’s difficult to generalization, one statement can be made: These companies failed to understand what true entrepreneurship is. Why Do Strong, Successful Companies Fail?

23. Most newly birthed entrepreneurial Companies fail to understand the value of structures that lead to further creativity. Established Companies die because they fail to allow entrepreneurs to survive – and thrive – within their Company. (DEC, as an example.) Size does not determine which of the above groups you fall into. Why Companies Fail

24. Does management understand what entrepreneurship should be? Is entrepreneurship permitted to survive? Is entrepreneurship encouraged to thrive? Is entrepreneurship rewarded as good behavior? Lessons of An Entrepreneur in a Turnaround

25. Disrespect for labor. Failure to change. Organized bargaining. Disdain for structure. Lack of tolerating differences. A need for feeling we have to be different. Unwillingness to change. Signs of a Failing Environment

26. New ideas are openly encouraged and rewarded. Change is a constant, and expected, and held up as good. There is Chaos – but it is organized. Signs of Successful Entrepreneurial Environments

27. True Entrepreneurship is an Oxymoron Structure Creativity Success