8.0 Visit with an Entrepreneur Exercise

Based upon exercise found in Timmons, J.A., and Spinelli, S.(2007). New Venture Creation: Entrepreneurship in the 21st Century. McGraw Hill Irwin, New York, New York, 7th edition.

Exercise Overview

While there is no right way to structure an interview, the format below has merit because it is chronological and has been used successfully in the past.

Select the entrepreneur about which you would like to learn the most. This could be someone you see as an example or role model in a field to which you aspire, or which you know the least, but are anxious to learn. Do not interview relatives or close friends.

The deliverables for this assignment are as follows:

1)Typed two page paper that discusses the topics suggested in Step 4 below.

Step 1

Make contact, set up an appointment and be sure to explain why you want the appointment and give a realistic estimate of how much time you will need.

Step 2

Identify specific questions you would like to have answered and the general areas about which you would like information. (See sample questions below)

Step 3

Conduct the interview. Only record the interview with permission in advance from the subject. Remember that you will likely learn the most if you are an interested listener.

The Interview

Questions for gathering information

1)Would you tell me about yourself before you started your first venture?

  1. Who else did you know growing up that owned a business; did they influence you, anyone currently?
  2. Were your parents, relatives, close friends entrepreneurial?
  3. Did you have role models?
  4. At the time of your startup what was your education and job experience? In hindsight was it helpful and, if so, in which ways?
  5. In particular did you have any marketing or sales experience? How important was that, or the lack thereof?
  6. When, under what circumstances, and from whom did you become interested in entrepreneurship and learn some of the critical lessons?

2)Describe how you decided to create a job instead of take a job by starting your venture?

  1. How did you spot the opportunity? How did it surface?
  2. What were your goals? What were your lifestyle needs of other personal requirements? How did you fit these together?
  3. How did you evaluate the opportunity in terms of the critical elements for success? The competition? The market? Did you have specific criteria you wanted to meet?
  4. Did you find or need partners? What kind of financing did you start with?
  5. How much capital did it take? How long for you to reach a positive cash flow and break even sales volume? If you did not have enough money at the time how did you keep going, what type of bootstrapping did you undertake?
  6. What outside help did you get? Did you have experienced advisors to fall back on, lawyers, accountants, tax experts? How did you develop these experts and how long did it take?
  7. How did outside advisors make a difference in your business?
  8. What did you perceive to be the weaknesses and strengths of your venture?
  9. Describe your most triumphant moment? Your worst moment?
  10. Did you want to have partners or go it alone? Why?

3)Once you got going:

  1. What were some of the most difficult gaps to fill and problems to solve as the business began to grow?
  2. When you looked for key personnel, either employees or partners, were there any personal attributes or attitudes you desired because you knew that criteria would fit with you and were important to the future success of the firm? How did you find these individuals?
  3. Are there any attributes or attitudes that you would avoid when looking for new employees or partners?
  4. Do you spend more, less, or about the same amount of time with your business now than you did early on?
  5. In terms of the future, do you plan to harvest, to maintain, to expand?
  6. In your ideal world, how many days do you want to work? Explain.
  7. What are some keys that you learned from both success and failure?
  8. What were / are some of the most difficult tradeoffs you face (e.g. tradeoffs between business, family, hobbies, community)?
  9. Describe a time when you ran out of cash, what pressures did this create, how was the issue resolved and what lessons were learned?
  10. Can you describe a venture that previously did not work out and how that might have prepared you for this one?

4)Questions to conclude;

  1. What do you consider your most valuable asset - the thing that enabled you to make it?
  2. If you had it to do over again, would you do it again, in the same way?
  3. As you look back, what do you feel are the most critical concepts skills, attitudes, and know-how you needed to get your company started and grown to where it is today? What will be needed for the next five years?
  4. Some say there is a lot of stress in being an entrepreneur, what have you experienced? How would you say it compares to other hot seat jobs such as running a big company or partner in large law or accounting firm?
  5. What have you found personally rewarding and satisfying as an entrepreneur?
  6. Who should attempt to enter entrepreneurship as a career and who should not? Can you give me any ideas there?
  7. Are there any other questions you wished I had asked, from which you feel I could learn valuable lessons?

Step 4

Evaluate what you learned.

1)Summarize the most important observations and insights you have gathered from these interviews. Contrast especially what patterns, differences and similarities exist between lifestyle and high potential entrepreneurs. Who can be an entrepreneur? What surprised you the most, what was confirmed about entrepreneurship? What new insights emerged? What might be the implications for you personally, your goals and / or career aspirations?

Step 5

Write a thank you note. This is more than a courtesy; it will also help the entrepreneur remember you favorably should you want to follow up with him or her at a later time.