Impact of the Real World on Entrepreneurs:
Chicago Tribune Quotes Illinois Entrepreneurs and College of Business
According to an August 11, 2003, article in the Chicago Tribune by Ann
Therese Palmer, even the best-laid plans of an inventive entrepreneur
can be thwarted by the real-world challenges that await him.
Palmer reported on the efforts of several entrepreneurs in Illinois,
who discovered that a good idea and good idea with a prize-winning business
plan are not enough to guarantee entrepreneurual success. Such enterprises
also need a solid understanding of how to raise capital, the challenges
of sales, and the value and significance of early customer feedback. Most
entrepreneurs underestimate the time, effort, and staffing required for
these fundamental and difficult activities.
Mike Sandretto, MBA Program entrepreneuship advisor, was quoted on finding
the right sales staff, determining the appropriate compensation, and learning
the sales process. In addition, he suggested a creative way to raise capital
-- offering a manufacturing plant with excess capacity a percentage of
the company as payment for producing the product.
The full article is online on the Chicago Tribune website. Readers must
with the Tribune site to access the article.