Posts Tagged ‘entrepreneurs’
Startups.ie will be exhibiting at Out On Your Own 2011!
We at Startups are delighted to announce that we will be exhibiting at the ‘Out On Your Own’ conference run by the Sunday Business Post on Thursday October 20th. continue reading
Startup Networking Event with Bizspark + DCU
Calling All Startups. . . . Upcoming Free Event for Start-ups in association with Bizspark and DCU
Full-Time Employee To Full-Time Entrepreneur
Making the transition from full-time employee to full-time entrepreneur is no mean feat. Keeping on top of a full-time job, while starting up a new business, is exhausting work. For those of you who find yourself in this situation, continue reading
New Business Startup Idea. Where do I start ??
All Businesses start with an idea!, How do you find the right one??
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Importance of living Your Brand
Yesterday I had an interesting experience in Heathrow airport that made me realize just how much everyone in your organisation needs to live your brand.
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Pierre Omidyar’s Success Story – Famous Entrepreneurs
“I never had it in mind that I would start a company one day and it would really be successful. I have just been motivated by working on interesting technology.”
Growing Up
Omidyar was born in Paris in 1967. He moved to Baltimore when his father began his term of residence at Johns Hopkins. Omidyar became captivated by computers while at high school and skipped his gym classes in order to use it. Noticing the boy’s keen interest, the principle gave him the job of creating a program that would produce catalog cards for the library. He was paid $6 an hour.
At Tufts University, Omidyar worked on a program to assist Macintosh programmers with computer memory problems. His request that users of this shareware file pay on the honour system did not bring many replies; the cheques that should have been going to fund his years as a computer science undergraduate went solely to paying for the post office box.
In 1991, Omidyar went to work with three friends to create pen-computing programs. Though Pen computing was a dismal failure, the e-commerce site (eShop) on the Web site that Omidyar introduced and operated enticed Microsoft to buy the company.
Starting The Business
Omidyar went to work with General Magic, a software company, in 1994 and made extra money designing Web pages on the side. The girl he was dating at the time, Pamela Wesley, who would later become his wife, collected Pez dispensers and often complained how difficult it was to meet others passionate about her hobby on the internet. Thoughtfully, Omidyar appended a small online auction to his personal website so Pamela would make contacts with other collectors as well as buy and sell.
eBay (electronic Bay, as in the San Francisco Bay area), as it was when it first appeared in 1995, operated merely as a forum for people to sell and bid on various items. Omidyar did not back goods, mediate conflicts, or get involved if there were accusations of dishonesty or abuse of the system. Almost immediately, collectors of Barbie dolls, Beanie babies and the like flocked to eBay.
Three months after its launch, Omidyar had to ask his friend Jeff Skoll, also a programmer, for help. In order to cover the new costs involved with the growth of the business, Omidyar began charging small change to list an item on the site and took a small commission if the item was bought.
Building An Empire
Omidyar was surpised by his continued success and had to hire someone to open the large number of cheques that were being sent in. He was also surprised that people were not simply using the site to buy and sell, but also as a meeting place where relationships were made over common interests.
After qutting his day job, Omidyar worked along with Skoll to improve eBay. They felt that if a sturdy framework was in place, business would generate by itself. After just under two years of operation, eBay was one of the most popular internet sites, 1,50000 users bidding on 794,000 items daily. And the company was now doubling every three months.
At such a rate of growth, Omidyar and Skoll sought venture capital assistance and a management team that would further move the company forward. Benchmark Capital gave the partners a $4.5 million cheque for 22% of the company. Benchmark also found a CEO for eBay, Margaret Whitham, an executive from Hasbro, and with her leadership, the business became a slick corporate entity. With a new look, better publicity, and greater organization, eBay went public on September 24, 1998. Within four months of trading, the stock, which started at $18 per share, was worth $300. Omidyar became a billionaire.
Now selling far more than just Pez dispensers, eBay has completely changed e-commerce. Despite increasing competition, eBay continues to grow. Omidyar recognized and seized the opportunity that essentially fell into his lap and revolutionized internet use.
Company: AscenTrust Limited
Website: www.ascentrust.com
Founders: Conall Lavery & Perry Ram
Age: 55 and 43
Based: Ireland with back office in India
Staff Number: 22
Date started: November 2008
Tell us what your business does?
AscenTrust helps small companies reduce the cost of producing accounts without any degradation of accuracy or timeliness. AscenTrust’s management accounts help organisations make better business decisions. The low cost of AscenTrust’s back office in India is passed onto its clients, however the client only works with AscenTrust’s Irish based accountants. Services include; bookkeeping, payroll, budgeting and management accounts. The client can keep their existing accounting software, or they can change to an online accounting system. Excellent management accounts facilitate timely decision making.
Where did the idea for your business come from?
Perry and Conall attended a business program in Harvard Business School in 2000 and talked a lot about how small businesses were going to have to change to meet the challenges ahead. We both agreed that strategic outsourcing was going to be an important component. We kept in touch over the years, and both of us sold our companies in 2006. When Perry decided to relocate back to Ireland (his previous business was in the USA) he contacted Conall to see if he would like to start an outsourcing business with him in Ireland.
Have you always wanted to run your own business?
Both of the founders had founded and sold previous business – so I suppose the answer is, yes.
What planning did you do before you started up?
The initial contact was in December 2007 and we spent a good deal of time in 2008 researching and planning. We carried out some research into a number of different functions that we would serve with an outsourced business and settled on accounting services. We obtained global reports on outsourcing, we met outsourcing companies in the USA in our sector, we spoke to accountancy firms and potential end users. We then developed a business plan and registered the business on 7th November 2008. The business is funded by the founding partners.
Which Irish Entrepreneurs do you admire?
All of them but Eddie O’Connor of Mainstream Renewable Power and previously Airtricity stands out amongst them. It is hard not to admire Denis O’Brien.
What challenges have you faced how have you overcome them?
Our biggest challenge is the cost of sales to win new clients. The cost of our service is such that sales and marketing costs can eat up the first year to two years of contribution from each client, so we need to be smart about how we win customers. We are exploring partnerships with other organisations and looking to marketing to solve these problems. In the short term we need reference sites for each business segment we enter.
Have you promoted your business?
Yes, we have. We started in January 2009 with a “soft launch” as we needed reference clients. We started promoting the company in July 2009. We have two websites www.ascentrust.com and www.payrolls4u.com. We have done mailshots, placed advertisement in business and sector specific magazines and we have done a great deal of business networking.
What has your growth been like?
Initially we had some quick wins from the business development / research done in 2008, we then focused on developing the service and in the last quarter of 2009 we started to reap the rewards.
What’s the impact on your home life been like?
As I worked for myself in the past the home impact has been low. Indeed, as I mostly use the office in my house, I am probably around more than I was before.
Company: A Sporting Chance Ltd.
Website: www.asportingchance.ie
Founders: Ursula Frawley
Age: 34
Based: Firhouse, Dublin
Staff Number: Just me officially employed! However, I have many freelance people working with me on design and printing.
Date started: 2008 and website launched in 2009
Tell us what your business does?We design and print personalised sports and novelty trading cards for children. We are the first and only company in Ireland to provide this unique product.
Where did the idea for your business come from?
The idea came from me! I came up with the design myself, although there are similar cards available in the US for baseball and other sports.
Have you always wanted to run your own business?
YES! I worked in the corporate sector in HR Management for over 10 years, but having my own business has always been a dream of mine. I’m delighted it is finally happening!
What planning did you do before you started up?
In the early stages, I planned in tandem with selling the product in small quantities. Because the business doesn’t require any real capital outlay, I could get started pretty much straight away. I would say that I am always planning, especially at the moment as I prepare for a huge launch of my product into the sports clubs in early 2010.
How did you raise the money?
Because of no capital outlay, there hasn’t been a lot of cash flow requirements.
What challenges have you faced how have you overcome them?
The biggest challenge I have is launching into a new market with a new product. People have no idea what this product is or what it can be used for. However, once they do figure it out, then they absolutely love it!! I think my passion for the product comes across when they talk to me as well!!
How have you promoted your business?
I have promoted through word of mouth, facebook, and contacts through market research connections.
What has your growth been like?
I launched the website in early 2009 and since then the response has been very positive. The real growth will be when we launch into the sports club market, where the benefits of the cards will really be apparent!
What’s the impact on your home life been like?
I work from home, and since starting the business, I have also had a third child. So far, I am able to balance the business and home life well, and I have great childcare to help! But I find I do a lot of work after hours to catch up. I enjoy it immensely, so that doesn’t bother me at all!!
Thanks Ursula, Best of luck with the venture….www.startups.ie
Company: Storage Plus Ltd
Website: www.storageplus.ie
Founders: Barry Rabbitt
Age: 29
Based: Ashbourne, Co Meath
Staff Number: 3
Date started: March 2009
Tell us what your business does?
We offer a range of logistical services. Our most popular is the fulfillment service for online sellers. We store our clients products in our fully racked and shelved 7000sq foot warehouse. When orders are placed on their sites we pick and pack each individual order and dispatch it the same day for delivery anywhere in the world. In most cases we can do all this for less than the customer was previously paying for carraige only, so its a no brainer really! By us handling all the fulfillment it leaves our customers to concentrate on other aspects of their business. We also improve delivery time in most cases, which helps to attract repeat business for our clients.
Our other services include general packaging requirements, for example a recent client asked us to pack 5000 units of a laptop accessory along with installation CDs and plugs into new packaging ready for sale.
We also offer a cross docking service for businesses who may not hold a quantity of stock but simply order from their suppliers ‘just in time’. The goods are delivered to us in bulk, we then break this bulk order down and send out the individual orders.
Where did the idea for your business come from?
Due to my background in the logistics industry and access to warehousing space and good courier rates I started thinking that I should open an online store as I had the delivery aspect of the business sorted. Then one day I thought to myself that I should let someone else worry about the selling, and I would simply create a service that took all the logistical headaches away from these sellers, who in a lot of cases run their ecommerce sites as a sideline. After talking to a friend who described the packaging and shipping end of his ecommerce business as the most hassle, I knew I was onto a good idea.
Have you always wanted to run your own business?
Yes, other than packing shelves of the local supermarket while in school I have pretty much always worked for myself in a sense. Being involved in the family transport business www.deliverance.ie meant that I was to a greater or lesser extent my own boss.
What planning did you do before you started up?
I did some tests to evaluate how long it would take to pick, pick and prepare for shipping an average order. I divided that time into a fair hourly rate and that determined the labour charge I should apply along with courier and packaging charges per box. This figure came up as €8.50 which I felt was a great value price for the complete service I was providing. I ran the idea past some non biased people who mostly thought it was both a good idea and a fair price. So, apart from that basic research I didn’t go into too much detail, I feel that too many people think about things far too long – go with your gut feeling, there is nothing wrong with failing once you try and try again!
Which Irish Entrepreneurs do you admire?
I have a lot of time for Michael O Leary, though I wouldn’t like to come up against him in negotiations – which is probably a compliment in itself!
What challenges have you faced how have you overcome them?
Probably generating sufficient finance! I approached a number of banks for very modest business loans and they just aren’t available so I have used my own limited savings….and made sure they went as far as possible. My next biggest challenge was juggling setting up Storage Plus alongside running the family business.
How have you promoted your business?
I have done limited promotion so far, in fact most of my customers have come to me despite not having a very well indexed website. In the last few weeks I have set up a google adwords campaign which is generating some leads. Promotion is at the top of my list for the new year! We have everything running smoothly now so we’re in a good position to sell our service.
What has your growth been like?
Steady but controlled. We are currently shipping approx 40-50 orders per day, but already we have had to move to a new warehouse as we have filled our old unit to bursting point. Come the new year I would hope to grow the business at a consistent steady rate.
What’s the impact on your home life been like?
I suppose thats a question that would be better pointed towards my partner, Andrea! From my point of view it has had limited impact other than being there less. I think its important to try keep both aspects of your life seperate.
Company: Kids in the Kitchen and Whip It Up
Website: www.kidsinthekitchen.ie and www.whipitup.ie
Founders: Victoria Mackechnie
Age: 29
Based: Dublin
Staff Numbers: 1
Date started: November 2008
Tell us what your business does?
My business involves providing cookery classes to children and adults. The Kids in the Kitchen constitutes the main part of my business through which I work with a number of primary and secondary schools as well community centres in the Greater Dublin Area to educate children about healthy eating and equip them with practical skills to produce tasty dishes for themselves. All of these classes are practical cookery sessions where children are involved in all aspects of cooking from beginning to end. Children then bring home their dishes to share with family and friends.
The Whip It Up business which was just launched in October 2009 aims to teach adults a number of tasty easy recipes and give them new culinary ideas. Each class has a different theme from Mediterannean to Mexican and shellfish to sinful desserts. These cookery classes are demonstration and take part mostly in chq, IFSC, Dublin 1. I work with Mitchell & Son Wine Merchants who teach participants about wine pairing and how to choose different wines to complement food flavours.
Where did the idea for your business come from?
I took a year out and lived in Sydney for a while and had the chance to run children’s cookery classes there. I have always been passionate about food and cookery though and did my first course when I was 9! Starting young stood to me. By acquiring this important life skill at a young age, I feel strongly that children are equipped to make healthy eating choices for themselves.
Have you always wanted to run your own business?
Yes always. In fact I wanted to launch this business when I finished college but felt the market wasnt yet ready. Since then, the obesity epidemic among children has exploded and I think as a nation we have become alot more aware of nutrition and healthy eating, while cookery has gained enormously in popularity, particularly now that people cant afford to eat out as much!
What planning did you do before you started up?
I had already tested the market by speaking directly with schools and also had the benefit of hands on experience from Australia. I was fortunate in that I didnt have a big capital outlay in order to start the busines so was in a position to start trading immediately after setting it up.
How did you raise the money?
I used savings to start the business. However the financial challenges ahead lie in the fact that these programmes are needed most acutely among schools in disadvantaged areas so I am constantly lobbying public and private bodies to fund these cookery programmes in these areas.
What challenges have you faced how have you overcome them?
Financial challenges are always going to be a feature of running your own business. Not having a consistent steady income stream is a big change and one that takes time to get used to. Obviously having a business degree and coming from a financial background helps. You have to become a lot more self disciplined and adept at financial planning. Another challenge for me has been adapting to working by myself. I miss working as part of a team and all the interaction with work colleagues.
How have you promoted your business?
Mostly it has been word of mouth and I have been lucky enough to get some good press coverage.
What has your growth been like?
The business has grown to incorporate a wider number of schools and has expanded to run adult programmes. I soon hope to turn this one woman show into a two person show!
What’s the impact on your home life been like?
I suppose my home life and work life are now very much intertwined. There is no longer a clear delineation between the two. However, I definitely have more flexibility which is something I really value.
