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FEATURE STORY — March/April 2004
IN THIS ISSUE:
Formula for Success | Getting Started | Hall of Famers | The Right Stuff
Since 1984, the Institute of Entrepreneurial Studies' Chicago-Area Entrepreneurship Hall of Fame has paid homage to the entrepreneurial spirit by recognizing leadership, innovation and excellence in Chicago business.
Several UIC alumni in the Entrepreneurship Hall of Fame offer the secrets of their success.
Velma Butler '72 CBA, managing partner, Velma Butler and Company
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Q: What were the biggest challenges you faced?
Butler: Making sure that I had enough capital — and that I was marketing effectively. Beyond that, the challenge was to control growth and maintain a certain quality of service.
Q: What's the best thing about being an entrepreneur?
Butler: The challenge of closing the deal — and the satisfaction of doing a goad job, having people recognize that and want you back.
Q: What advice do you have for budding entrepreneurs?
Butler: Do the research and make sure this is really what you want to do. A lot of people want to be in business but don't understand what that means. You also have to realize that you are separate from the business. The money belongs to the business, not to you.
Michael Arrington '93 LAS, founder, Arrington Travel Center
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Q: What was your darkest moment?
Arrington: In the first six months, I had $7,000 in bills and $5,000 in the bank. I would stretch out payments to vendors and ask them for more time in hopes that I would generate more revenues to meet the expenses.
Q: When did you know that you had "made it?"
Arrington: I knew within the first year that we were going to make it. We were gaining acceptance in the marketplace, and we were generating sufficient revenues to meet our basic cost of operation.
Q: What's the best thing about being an entrepreneur?
Arrington: Having control of all aspects of the operation and being able to participate in it at all levels.
Q: What advice do you have for budding entrepreneurs?
Arrington: Have a complete and thorough passion for what you're doing. Also, don't be thrown off the path of your objective based on bumps in the road or criticism by others. Be confident that your objective is worth it and that you're capable of achieving your objective. Never quit — expect success.
Dean Mihas '88 CBA, co-founder, Delray Farms
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Q: What was your darkest moment?
Mihas: We faced significant challenges from different union organizations. They didn't get a lot of interest from employees to join, so they started using intimidation tactics to get us to negotiate with them — which we never did. We decided we would put up with it until they went away.
Q: When did you know that you had "made it?"
Mihas: You never quite do. But within the first two years, we had opened up about eight stores, so I think we knew our formula was working and we were onto something.
Q: What's the best thing about being an entrepreneur?
Mihas: It's exciting to see your organization and your team develop. Seeing it go from an idea to a functioning, complex organization where people are succeeding and delivering a valuable services to customers.
Q: What advice do you have for budding entrepreneurs?
Mihas: Do your homework on the kind of opportunity you want to go after. Understand the economics of the business. Find and hire high-integrity people who can make a difference in your business.
Joe Slawek '72 CBA, president, Flavors of North America
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Q: When and how did you get the "big idea" for your future enterprise?
Slawek: I worked at a flavor company through college. After spending 15 years in corporate life, I realized that I'd be far better off owning my own business. It offers greater opportunity for autonomy and growth.
Q: When did you know that you had "made it?"
Slawek: I'm not quite sure you ever really know. But we didn't start with much, and now we have more than 120 employees, and we sell our products to many of the largest food and pharmaceutical companies in the nation.
Q: What's the best thing about being an entrepreneur?
Slawek: It allows you to care about the things that are important to you, both personal and business-related, and you're able to make a difference in the things that you care about.
Q: What advice do you have for budding entrepreneurs?
Slawek: It can be done. Now is as good a time as any.
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