MBAM

Author: Jordan Rockwell

Last Friday, November 7th, many of us were lucky enough to attend an all-day event called, “The Entrepreneur’s Journey: Finding, Launching and Growing the Next Big Thing.”  Several panels, lots of networking, pretty decent food (I went back for seconds), and me working on only three hours sleep.  No excuses; play like a champion, I always say.  Let’s dive in.

The Keynote Address

After a few introductory speeches by some of our professors, we were treated to a talk by Rodrigo Veloso, co-creator of the “ONE” line of coconut water drinks that are poised to take the nation by storm.  I certainly hope so because I’m a fan; they are really tasty, and really good after a night out of “networking!”

The big takeaway: a purpose and passion are what make an entrepreneur successful.  No doubt this fella (and his wife, who is his business partner) have so much passion for their products that it is nothing short of inspirational.  There was a lot of that going around that day.

The four big panel talks consisted of the following:

Great Idea, Now What?

Several successful Entrepreneurs discussed what makes them tick and what makes them succeed.

Big takeaway: Be flexible with your ideas, but be attached to the problem that you are trying to solve.  What we are learning in the entrepreneurship concentration (Shout out to Dean Livingstone for the quote) is to “be a creative problem FINDER and creative solution BRINGER.”  All this time I thought starting a business was all about solutions.  Nope.  Not the case.  The way that my brain is being re-trained (shout out to Larry Cox, my 662 professor) is nothing short of, well, mind changing.  Thanks Larry!

Oh, and one other thing; someone in the audience asked the question of transitioning from an employee to an Entrepreneur.  The panel’s answer?

SAY IT: I AM AN ENTREPRENEUR!  SAY IT LOUD AND OFTEN!

A dream is one thing.  But if you have a dream, only to decide to jump on the couch and play Nintendo instead of getting out there and kicking some tail and taking some names, you are wasting all of our time.

The Business Plan: Write it for the Right Reasons

Various business folks discussed the importance of writing an effective business plan.

Big takeaway: To paraphrase General Eisenhower, “in preparing for battle, plans are useless, but planning is indispensable.  Once the first shot is fired, the plan goes out the window… but have a plan.”  The point here is that a business plan is a fluid, ever-changing thing. But you better have one, and craft it from the point of view of who will be reading it (i.e. someone who will give you money).

The Legal Landscape – Navigating Start Up Issues

Several lawyers (including our own Gia Weisdorn) discussed the legal issues that we all face as entrepreneurs starting our own businesses.

Big takeaway: The devil is in the details.  Do your research.  Friends and business shouldn’t necessarily mix.  Forming a partnership is like getting a prenup. Yeah, you’re hoping for the best, but you’re preparing for the worst.  The form of business depends on your initial strategy.

Okay that’s just the tip of the iceberg.  I only have 1000 words.  They are lawyers, what do you want?  They love to talk.  And these ones talk well.

Access to Capital: The Investor Perspective

Near the end of the event, some Venture Capitalists discussed, well, what they do. By this point, we were all running on fumes.  It was 4:30 and most of us had been there since 8am.  And they were VC’s. They know dollars and cents, not stand-up comedy.

Big takeaway: They did have a few good points. Mainly that they look at 500 ideas a year and they pick about ten to actually fund.  THINK ABOUT THAT.  Once again, you must never forget the mindset of the investor!

But I must also not forget:

NETWORKING

Let’s admit it; it can be a drag.  It seems phony to many of us.  It seems like we are only buttering the person up because we want something from them.  And now for the good news: That’s how the world works.  Barack Obama is where he is today because he networked the living heck out of Chicago, and then Washington.  Remember: No one gets ANYWHERE in life without networking.  Ever.

Watching all of the successful Entrepreneurs up on stage, especially Rodrigo, they know how to pull this off.  We stress it so much here at Pepperdine, perhaps we should have a required class dedicated to it, hint hin… oh the heck with it WE NEED AN ENTIRE CLASS DEDICATED TO THIS SKILL.  Dean Livingstone, you listening?

In Closing

Learning about Entrepreneurship and what it takes to be a successful Entrepreneur has taught me more about life and how I am meant to live it than any other educational endeavor.  As I drove home that night, exhausted but alert, sleep deprived but excited, I realized then that this just might be my true calling in life.  Maybe it’s yours too.  If you attended this event, it probably is.

And if I can leave you all with one big takeaway, it is this: don’t worry about money.  Find your passions, follow them with a healthy dose of logic and reason, and the money and the happiness will follow.  Find out what drives you and don’t waste any time getting behind the driver’s seat and driving IT.

One last thing: my name is Jordan Rockwell, and I am an Entrepreneur.  I can even spell “Entrepreneur” now without spell check smacking me on the wrist.

Onward and upward we all go.  Let’s follow our passions into the sky, pass through the clouds, touch the stars, and never look back.

Special thanks to Rimas Silkaitis for putting this wonderful event together.  Like I said before, you did a man’s job sir!  Well done!