Starting Your Own
IT Company
Nathan Burk
Brian Middendorf
Sarah Middendorf
Vince Tuley
IS 6800 December 4, 2003
Agenda
 Entrepreneur Characteristics Overview
 Class Survey
 Case Study: SSE
 Case Study: Internet Solutions
 Case Study: eBay
 Conclusion
2
What is entrepreneurship?
A context-dependent social process
through which individuals and teams
create wealth by bringing together unique
packages of resources to exploit
marketplace opportunities.
This definition suggests that gaining
access to a variety of resources and
knowing how to leverage them creatively
are two core entrepreneurial functions.
Reference 42
3
IT Entrepreneur Statistics
 30% of business start-ups survive more




than 5 years.
Every year, approximately 1million
people take action to start a new
business.
Only half of these people start a
company and only half of those
companies survive.
98% remain small with low revenues
and few employees.
90% of failed businesses did not have
a written business plan.
References 7, 8 & 44
4
Causes for Business Failure
 Lack of Skills
 Sales Problems
 Financial Control
 Lack of Funds
 Marketing Issues
Reference 7
5
Entrepreneurs vs. Dreamers
“More than half of
Americans polled
dreamed of owning
their own company
some day, while 10%
already have a
business, and a third
have no interest in
stepping out on their
own.”
Reference 37
6
Why do IT entrepreneurs start
their own businesses?
 Family history
“ . . . the entrepreneurial instinct was in my genes
. . . “ - Dan Bricklin, inventor of the first electronic
spreadsheet and entrepreneur who started four
companies
 A way of achieving goals:
“I also became an entrepreneur because I felt like
I couldn’t achieve my goals through any other
means.” – Dan Bricklin
 To have a better environment for creativity:
“Studies often show that significant innovative
technology comes primarily from entrepreneurs
and small businesses rather than larger
business.”
References 39 & 41
7
Why do IT entrepreneurs start
their own businesses?
 Desire to contribute to society:
“We are not passive observers but active participants
in making the world a better place. That sense of
individual responsibility – the need to ask, How will I
participate?” – Dan Bricklin
 To combine learned skills and passions:
“There had to be a profession that would merge his
[Ron Antinoja] passion for learning systems and
baseball statistics . . . Today Antinoja’s young
company, Tendu, is aiming to develop software for . .
. Major-League Baseball.”
Reference 39 & 40
8
Do you have what it takes to be
an entrepreneur?
1.
2.
3.
4.
5.
Are you comfortable stretching
the rules?
Are you prepared to make
powerful enemies?
Do you have the patience to start
small?
Are you willing to shift strategies
quickly?
Are you a closer?
Reference 37
9
Have you thought about
being an entrepreneur?
Let’s take a survey . . .
10
Leadership
 Which best describes you?


A) You are someone that others look to for
ideas when starting a new project.
B) You are someone that can be counted on to
finish a project for your boss.
11
Management
 If there is a disagreement between two
people at work, would you rather . . .


A) Help them come to a compromise.
B) Be content to let them work it out on their
own.
12
Passion
 If you are in disagreement with someone, are
you more likely to . . .


A) Communicate your feelings to convince
them to agree with you.
B) Quickly compromise to keep the
relationship positive.
13
Risk-Taking
 If you had an extra $1000 to invest in the
stock market, would you . . .


A) Invest in a speculative start-up stock?
B) Invest in a blue-chip stock or bond?
14
Creative
 What really gets your adrenaline pumping?


A) Conceiving an idea for a project.
B) Planning and completing a project.
Reference 4
15
Characteristics of Successful IT
Entrepreneurs
 Leadership Skills?
 Management Traits?
 Passion?
 Risk Taker?
 Creative/Innovative?
 Planning?
 Marketing?
 Need for achievement?
 Timing?
 Luck?
16
Case Studies
17
Susan S. Elliott- SSE Inc.
Reference 47
18
Elliott’s Background
 Born in St. Louis, MO in 1937
 Married with two daughters,
Katherine and Elizabeth
 Education: Smith College,
BA in American Studies
Reference 47
19
Elliott’s Background
 1958 - Graduates from Smith College and is




hired by IBM as a systems analyst
1966 - Becomes pregnant and is required by
IBM to start maternity leave after 6 months
1966 - Incorporates SSE, starts programming
for First National Bank and has her first
daughter Katherine
1969-1973 - Relocates several times,
continues consulting, and has her 2nd daughter
Elizabeth
1983 - Attends her 25th reunion at Smith
College where she wins an IBM PC at auction
Reference 47
20
Elliott’s Character Traits
 Driven
 Passionate
 Tenacious
 Stubborn
 Motivated
 Committed
 Hard-Working
 Possessing High
Integrity
Reference 47
21
SSE Services
 SSE is an Information Technology Solutions
Provider with nearly 20 years of experience
delivering application development, network
design, eLearning, computer training, and
technical staffing services. By bringing
together the best of business, people and
technology, we develop solutions that
empower and enable new levels of
performance across the enterprise. Our goal
is to measurably and substantially improve
your business.
Reference 48
22
SSE’s Mission and Vision
 Mission - We create value for
our clients by applying Information
Technology to solve their
business challenges.
 Vision - By building on our
values and blending our services
to deliver complete IT solutions,
SSE will see significant revenue
growth with sustainable profits.
Reference 48
23
SSE Profile
 Privately held
 40 Employees
 $10 Million annual revenues
 5-Time Winner of the St. Louis Regional
FAST 50 Technology Award
 Ranked 2nd largest software training
company in the 2001 Book of Lists
Reference 48
24
How was SSE funded?
Susan’s husband was a
successful attorney. He
was able to support them
financially, which allowed
her to put all of her
earnings back into the
company. She did not
initially take a salary.
Reference 47
25
How did SSE acquire customers?
 Elliott attached herself to well known
companies to help pull SSE through

IBM Example
 Educational Opportunities
 Ladue School board contacted her about
teaching computer classes -- She traded
training for advertising space in the school
directory.
 Direct Sales
Reference 47
26
Success Factors
 SSE developed and maintained 3 core
competencies at a time when many other
companies were focusing on just 1 area.
This ensured their survival during tough
times.
 3 Core Competencies:
 Infrastructure
 Application Development
 Learning
 Elliott hires only the most talented and skilled
employees. In the last few years, she has
not been familiar with the latest technology,
but she makes sure her employees are.
Reference 47
27
Challenges
 Rapid change in the industry
 Deciding what type of software to
use - mainstream or clientspecific
 Challenges common to women
weren’t as much as difficult for
her. She leveraged the
opportunity and used it to her
advantage.
 Recessions and slowdown of
spending on technology
Reference 47
28
Clients
Anheuser-Busch
Arch Coal Inc.
Arthur J. Gallagher & Company
Astaris
BJC Health System
BKD
Blish-Mize
Boeing
Bridge Information Systems
Charter Communications
CitiMortgage
Dot Foods, Inc.
Drury Inn
Emerson Electric Co.
Enterprise Rent-a-Car
Fisher Rosemount
General American
Haystack Toys
HOK
Indoff
Inner Circle Logistics
Lutheran Church Missouri
Synod
Mallinckrodt
Maritz
MasterCard International,
Inc.
MetaPhase
Missouri Botanical Garden
Monsanto
MortgageBid.com
Pharmacia
Premcor
Qwest Communications
Ralcorp
Ralston Purina Company
Smurfit Stone
Solutia
Southwestern Bell
SSM Health Care
StLouisBestJobs.com
Unity Health Plans
U.S. Army
Reference 48
29
Susan S. Elliott
"Excellence - technically, professionally, and
personally - means continuously bringing value
to our client relationships; we must conduct
ourselves with impeccable integrity in all
aspects of our work life. To that end, we
commit our full support to our employees and
their future with SSE.”
“Impeccable integrity is absolutely essential.”
“[When the customers are demanding the very
latest technology], you have to be able to
deliver what your sales reps are selling. And if
you can’t, you’re not going to survive.”
Reference 47
30
Brad Suddath - The Internet
Solution
Reference 49
31
Suddath’s Background
 Born in Springfield, Mo 1978.
 Lived in Mt. Vernon, MO.
 Lived on farm. Disliked farm chores.
 Attended a high school with only 400




students. There were limited activities
Spent time playing sports and reading
Graduated high school in 1996. Ready
to leave the small town.
Started University of Missouri Columbia.
Possessed an Entrepreneurial Spirit
through college.
Reference 49
32
Suddath’s Background
 Started a car dealership with roommate in college.
Obtained necessary certification to attend auctions.
Involved with on campus activities
 Delta Sigma Pi
Graduated Summa Cum Laude, December 2000, Finance &
Real Estate.
Excelled in academics and on-campus activities
 Invited to do an assistantship through the MBA program.
During the MBA program, started independently studying IT.
 Thought IT was fascinating.
 Enhanced Technical skills and built sites for fun!
 Started bidding on small projects as a side job.





Reference 49
33
Suddath’s Background
 Devoted long hours to the design process.
 In time, the process became tedious.
 Envisioned coordinating projects.
 In 2000, the Bubble was bursting.
 Believed in his own potential.
 Started networking with programmers overseas.
 Began outsourcing web site design to Canada,
Russia, and India.


Low cost of labor enabled high returns.
$2,000 project, outsourced and completed for $300.
Reference 49
34
The Internet Solution Services
 Incorporated early 2001
 Privately Held
 Web Site Design
 E-Commerce hosting
 Content Site
Management
 Store Front and
Shopping Cart
References 49 & 50
35
The Internet Solution
 Recently profit margins have decreased
significantly.

Restructured to offer a package deal at a low
monthly rate.
 “Auctions” projects to overseas technical
doers.



Posts jobs to a virtual auction room
Programmers competitively bid
Project awarded to best sample and price
Reference 49
36
The Internet Solution Profile
 2 Employees with the company.
Suddath and a database
manager
 Hiring 2-3 individuals that will
add value
 Revenues: Low 6 Figures
 Profitability: “Profitable enough to
justify not working for someone
else”

Reference 49
37
How was the Internet Solution
funded?
The Internet
Solution was selffunded. Suddath
paid $5,000 for
software design.
Reference 49
38
Challenges
 Financial Uncertainty
 Social Interactions
“In the corporate world, your part is defined
and you have a sense of certainty. In the
corporate world, when you are assigned a
project, the project could generate
significant value to the company, however,
your reward has already been defined. In
the entrepreneur world, you are the puzzle,
and you are fitting the pieces together.”
 Referenced Atlas Shrugged, Ayn Rand
 Dagny Taggart – has a mind of her own and
stakes her future on her own judgment.
 Suddath believes he can create something
prosperous and successful.

Reference 49
39
Suddath’s Character Traits
 Hardworking
 Decisive
 Innovative
 Ambitious
 Open-minded
Reference 49
40
How did The Internet Solution
acquire customers?
 word of mouth
 referrals
 mass advertising
 pay-for- performance
search
 $1.1 Billion in 2002,
expected to be $4.3
Billion in 2008. 6
Reference 49
41
Clients





Great Falls Swim and Tennis
Club
Wild Rush Seafood
M & S Enterprises
Loose International Inc.
American Coach Company
Reference 49
42
Pierre Omidyar
Omidyar’s Background
Born in Paris, France to an Iranian
couple who moved the family to the US
when Pierre was 6.
First programming experience was
developing a card catalog system for
the school library while in high school
B.S. in Computer Science from Tufts
University in 1988
Started career working as a
developer for Claris, a subsidiary of
Apple Computer, shortly after
graduating
References 15, 24 & 33
44
Omidyar’s Background
 Co-founded Ink Development in 1991,
which was later named eShop and
purchased by Microsoft.
 Joined General Magic in 1991 as a
software engineer
 Created eBay in September 1995
-Pez Story
References 22 & 33
45
Omidyar’s Background
Created eBay in September 1995
Incorporated eBay in May 1996
Left General Magic in mid-1996
to work on eBay full-time
Ranked #2 on Fortune
magazine’s 40 richest under 40 in
the Sept. 2001, 2002, and 2003
issues.
References 18, 19, 20, 21, 22 & 33
46
Omidyar’s Personality
Answers to these questions as of 10/9/01 per WSJ:
Current Reading: Dalai Lama, An Open Heart; Robert
Heinlein, Stranger in a Strange Land, uncut version.
Favorite Tech Gadget: TiVo
Trip He Would Like to Take: Gotta go to Space
Camp……been wanting to go there since I was 15.
Favorite Item bought on eBay: Pez “bride” dispenser for my
wife as a wedding present.
Favorite Item sold on eBay: Broken laser pointer, sold as-is
“broken” for $14.
Hobbies/Sports: Racquetball,Reference
reading,
backgammon
25
47
eBay Profile
Headquartered in San Jose, California
Publicly held company- traded on the Nasdaq under ticker EBAYcurrently trades at $55.89 and had a 2:1 stock split on Aug. 29, 2003
Online person to person trading community.
Buyers can browse and bid on auctions free of charge.
Sellers are charged in a few different ways:
Insertion fee - between $0.30 - $3.30
Additional listing fee - optional
Final value fee - 1.25% - 5% of final sales price
eBay notifies buyer and seller at end of a successful auction and
buyer and seller finish transaction independently of eBay.
Reference 22
48
How was eBay funded?
 Omidyar sold Ink Development to Microsoft as
eShop and became a millionaire
 eBay was immediately profitable which helped
fund itself and require only one round of
venture capital
Success Factors
 Immediately profitable
 Self-sustaining system
 Using suggestions of customers
 Feedback Forum
 Partnerships formed with large companies such as
AOL, Sun, Disney, and General Motors
Reference 27, 28, & 33
50
Challenges
 Competition (Yahoo Auctions,
Amazon, City Auction)
 Buyer and Seller comfort
 Transition of new management
Reference 26 & 33
51
5 Essential Values used
to start eBay
We believe people are basically good.
We believe everyone has something to
contribute.
We believe that an honest, open environment
can bring out the best in people.
We recognize and respect everyone as a
unique individual.
We encourage you to treat others the way that
you want to be treated.
References 14 & 28
52
Jeff Skoll
MBA from Stanford University
BS from University of Toronto
Co-founded eBay
Brought on to solidify the business foundation
First President and full-time employee of eBay
Left company in 1999 to found Skoll Foundation
Ranked #3 on Fortune magazine’s 40 richest under 40
in the Sept. 2001 and 2002 issues and #4 in the 2003
issue.
References 18, 19, 20, 21, 25, 29 & 30
53
Meg Whitman
MBA from Harvard Business School in 1979
BA in Economics from Princeton in 1977
Brought on by Omidyar and Skoll in 1998 to
be President and CEO
Known for her ability in brand building
Worked for companies such as Hasbro, Disney,
Keds, and Proctor & Gamble
References 22, 31, & 32
54
Financials
Reference 34
55
Income Statement
Net Sales
Cost of Sales
Gross Profit
GP %
SG and A Exp
Other Items
Net Income
Income %
2003*
2,022.3
400.9
1,621.4
80.2%
808.5
409.2
399.3
19.7%
2002
1,214.1
213.9
1,000.2
82.4%
525.5
275.6
249.9
20.6%
2001
748.8
134.8
614.0
82.0%
361.7
271.3
90.4
12.1%
2000
431.4
95.5
335.9
77.9%
242.1
193.8
48.3
11.2%
1999
224.7
57.6
167.1
74.4%
140.2
130.6
9.6
4.3%
*2003 estimated based on first 3 quarters actual
information.
References 16 & 17
56
Sample List of Clients
 Nathan Burk (sold Mike Matheny bobblehead for $150)
 Brian Middendorf (bought $300 motorcycle jacket for $150)
 Sarah Middendorf (bought 2 vintage posters for $30)
 …….
Conclusion
58
Case Studies Vs. Research
Leadership Skills
Management Traits
Passion
Risk Taker
Creative/ Innovative
Planning
Marketing
Need for achievement
Timing
Luck
Susan Elliot Brad Suddath Pierre Omidyar
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
59
Leadership Skills
 Our case studies show that while leadership
is an important characteristic for IT
entrepreneurs, it is not always essential for
success, as in the case of Omidyar.
 "Those who can lead not just in one
environment but in multiple, changing
environments over time are the really
spectacular leaders.” - Roger Conway, manager at the Center
for Creative Leadership in Greensboro, N.C
Reference 53
60
Management Traits
 Our case studies show that management
traits are not essential for IT entrepreneurs.
 Successful IT entrepreneurs hire good
managers to run their companies.


Example of Elliot’s recent hiring of President
for future growth of SSE.
Example of Skoll and Whitman from eBay.
61
Do Founders make the best
CEOs?
 More often than not, founders are not the
best CEOs of their companies.
 “It’s abnormal to have the guy from Day One
who has the ability to grow and morph.” –
Chad Waite, OVP Venture Capital partner
 “In 200 or so companies he [Dick Strayer,
start-up consultant] has advised, fewer than
40% of the founder-CEOs made it past the
second round of venture financing.”
Reference 38
62
Do Founders make the best
CEOs?
 Mr. Strayer’s job is to help founder-CEOs see the
difference between 1) their job and 2) the investment
in the start-up. He also performs a gap analysis
between the founder’s management skills and the
skills necessary to make the company successful.
“Some can close the gap. Many can’t.”
 “Even today at Trellix, the company I founded . . . ,
my title isn’t president or chief executive officer. It’s
chief technology officer, a role I planned to hold from
the very beginning . . . sometimes founders have to
forgo the CEO title for the sake of the business.” Dan Bricklin
References 38 & 39
63
Passion
 All 3 entrepreneurs profiled exhibit passion.
 Entrepreneurs work long hours. Vacations
are not often needed.
 Example of Michael Dell.



More passionate about his business then socializing as far
back as high school
Dropped out of college.
“Why have I survived all of these years? One, I’m having
fun. Two, I think I’ve always approached my job by asking
what the company needs to be successful. Whatever it is,
I’m going to do it.” –Michael Dell
Reference 4 & 5
64
Risk Taker
 Our case studies have not conclusively
shown that IT entrepreneurs are bigger risk
takers than other business professionals.
 Palich and Bagby said, “Entrepreneurs do
not necessarily embrace risk-taking more
than non-entrepreneurs; rather, they tend to
view risks more optimistically and are
thereby more willing to undertake
entrepreneurial efforts.”
Reference 46
65
Creative/Innovative
 All 3 entrepreneurs profiled exhibit creativity
and innovation.
 Important to have the ability to produce
solutions in new situations. Attributes attained
through experience and training.
Reference 1
66
Planning
 All 3 entrepreneurs profiled used effective
planning in developing their business models.
 “Getting started might be easy, but long-term
success depends on changing with technical
and market conditions while remaining true to
the original mission.”
 “Entrepreneurs create value by combining
resources to exploit an opportunity.”
References 45 & 46
67
Marketing
 Our case studies show that marketing is not
essential to be a successful IT entrepreneur.
 Entrepreneurs may need to ensure that a
certain amount of marketing competence
exists in the company before introducing a
new product or idea.
 Need to understand products, services, and
ideas do not sell themselves.
Reference 51
68
Need for Achievement
 In all 3 case studies, the entrepreneurs
possessed the need for achievement.
 Entrepreneurs want to complete tasks that
involve a sense of accomplishment.
 Example of Elliott wanting to work after she
had to leave IBM.
Reference 52
69
Timing
 In 2 of the case studies, timing contributed to
the success of the entrepreneur.
 Economic Timing – studies show that firms
are more likely to succeed during an
expansion period.
 Product/Service Timing – Firms that select
products/services in the growth stage are
more likely to succeed.
Reference 8
70
Luck
 In all three case studies, luck contributed to
the success of the entrepreneur.
 Chance occurs more frequently than one may
think in the entrepreneurial process.
 Chance may occur in all stages of the
entrepreneur process both positively and
negatively.
Reference 4
71
Entrepreneurial Characteristics
from Recent Studies
 “Recognize (as opposed to seeking) opportunities.”
 “Exhibit their most risk-averse behavior when they
are either in control of their venture but lack market
skill, or without control of the venture but have
technical skill.”
 Proactive personalities, “scan for opportunities, show
initiative, take action, and persevere until they reach
closure by bringing about change.”
 Time from start of business to delivery of product is
often quicker for IT start-ups than for other start-ups.
Reference 43 & 46
72
Entrepreneurs
 Feel in Control of their Destiny
 Believe they can make a difference.
 Have extreme amounts of determination.
Focus for long periods of time on making the idea,
product, or service a success.
 Example of Akio Morita, Founder of Sony
 America said it would be impossible to sell under
the name “Sony”.
 Morita invested millions in an American
Subsidiary.
 Succeeded when most thought he would fail.

Reference 5
73
Resources available for startups
 Government aid
“States are setting up programs to nurture
entrepreneurs with the zeal they used to
reserve for courting the Fortune 500.”
 Small business incubators
“Nationally, about 80% of new businesses fail
in their first five years, but in this incubator
(City Venture in Charleston, SC) about 87%
have so far survived.”
 Venture Capital money
Reference 35
74
Proactive Personality Profile
1. “I enjoy facing and overcoming obstacles to
2.
3.
4.
5.
my ideas.”
“Nothing is more exciting than seeing my
ideas turn into reality.”
“I excel at identifying opportunities.”
“I love to challenge the status quo.”
“I can spot a good opportunity long before
others can.”
Reference 13
75
Many IT Entrepreneurs top the
40 Richest under 40 List
 Michael Dell, Dell Computers, Net Worth
17.12 billion
 Pierre Omidyar, Ebay, Net Worth 7.06 billion
 Jeff Bezos, Amazon.com, Net Worth 4.85
billion
 David Filo, Yahoo, Net Worth 1.45 billion
 Jerry Yang, Yahoo, Net Worth 1.28 billion
Reference 24
76
References
1. Littunen, Hannu, “Entrepreneurship and the Characteristics of an Entrpreneurial
Personality” International Journal of Entrepreneurial Behaviour & Research,
Vol. 6, Issue 6, 2000, p. 295.
2. Gallanter, Joanna Rees, “Leveraging the Power of Relationships” Sales and
Marketing Management, New York, Vol. 155, Issue 8, August 2003, p. 56.
3. http://www.fortune.com/fortune/40under40/richest/9,18384,,00.html, viewed
November 13, 2003.
4. Bouchikhi, Hamid, “A Constructive Framework for Understanding
Entrepreneurship Performance” Organization Studies, Vol 14. Issue 4, 1993,
p. 549.
5. http://www.fortune.com/fortune/fsb/specials/innovators/dell.html, viewed
November 27, 2003
6. http://www.time.com/time/poy/bezos6.html, viewed November 26, 2003.
7. http://www.omidyar.org/founders.html, viewed on December 3, 2003.
8. Lussier, Robert, “Startup Business Advice from Business Owners to Would-Be
Entrepreneurs” SAM Advanced Management Journal, Vol. 60, Issue 1, Winter
1995, p. 2.
9.http://www.startbusiness.co.uk/site_index/business_plan/body_business_plan.html
, viewed November 25, 2003.
10 http://www.bizhelp24.com/small_business/business_failure_causes_of.shtml,
viewed November 6, 2003.
77
References
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