Entrepreneurial excellence
Speakers share life lessons with Lerner College class
1:15 p.m., Dec. 19, 2011--As the semester was winding down over the last few weeks, students in Matthew Terrell’s Introduction to Entrepreneurship class ended their fall course on a high note with a special visit from Dansko co-founder Mandy Cabot, who created a $125 million company that began out of the trunk of her car.
The class, which is designed to help students understand the concepts, tools and practices of entrepreneurship and to develop their skills in entrepreneurial thinking, featured a Founders Forum that brought in entrepreneurs throughout the semester who specialize in everything from medical services and information technology, to real estate and footwear.
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“Entrepreneurship is a way of thinking and acting,” said Terrell, a supplemental faculty member in the Department of Business Administration in the University of Delaware's Alfred Lerner College of Business and Economics. “This course encourages students to reevaluate their own views of entrepreneurship and the ways they are thinking and acting by bringing in entrepreneurs who share their own stories.”
Cabot, co-founder of Dankso, was one of the final entrepreneurs to share her story with the class.
She explained how a horse-buying trip to Denmark -- the home country of her husband and co-founder Peter Kjellerup -- over two decades ago turned into a clog-discovery trip, ultimately leading them to sign an exclusive agreement to distribute the shoes in America.
According to Cabot, the couple used $7,500 from the sale of a horse and invested it into the first shipment of clogs, which they then began selling at their farm and from the trunks of cars at horse shows.
“If you have something great, you share it, and if you have extra, reinvest,” said Cabot on how they got the company up and running.
Formally established in 1990, Dansko grew once Cabot realized the shoe’s potential popularity outside of farming, including the health care and food service professions.
Cabot shared with students how she has steered clear of potential buyouts by Brown Shoe Company and more recently by Timberland by catering to a niche audience and differentiating through reputation.
Recalling a Stephen Covey quote, Cabot also urged students to “begin with the end in mind.”
“Mission is at the heart of everything we do, and we pride ourselves on our customer service, loyal customers and happy employees,” said Cabot. “I always keep in mind how I want to be remembered and how I feel at the end of the day to run the company.”
Venture capital
Prior to Cabot’s visit, students heard from Wayne Kimmel, a founder and managing partner of Artists and Instigators with Marc Eckō and Tony Bifano, who talked about what it means to be a venture capitalist.
“Being a venture capitalist involves more than writing a check,” Kimmel told students. “The process of investing in a company is a cycle; you need to raise money from investors, make the investment into a startup company, help the business grow and become successful, and once the company gets to the end point, find another company to work with.”
On ways to fulfill goals, Kimmel suggested to students that they network, collect business cards and surround themselves with good people who have similar personal and professional values to their own.
Most importantly, Kimmel advised students to be fearless, to hustle more than anyone else and – using a Wedding Crashers poster to make his point – to jump into opportunities.
“When I was getting started in business, I used to go to fancy hotels like the Rittenhouse and the Four Seasons around breakfast time because I knew that CEOs of major companies would have their meetings there,” said Kimmel. “I wanted to try to introduce myself to them and someday try to do business with them.”
You might also say this was one way Kimmel created his own luck to make things happen – yet one more tidbit of advice he gave to students.
Founders Forum
“When students hear directly from entrepreneurs in the Founders Forum, we can strengthen their vision to recognize new opportunities, develop their confidence to acquire resources and encourage their commitment to pursue new ventures,” said Terrell.
Dan Freeman, director of UD's Entrepreneurial Studies Program, also noted the benefit to students outside of Terrell’s class.
“Matt has opened the doors to the Founders Forum to all entrepreneurship students,” said Freeman. “It is great to see the momentum the program and the entrepreneurship minor are gaining, and that he is able to get such an impressive roster of entrepreneurs to share their stories with students.”
In addition to Cabot and Kimmel, others joining the class this semester included: Brian Sowards (USeed); Steve Roettger and Wes Garnett (CoIN Loft); J. Miguez (Venture Partners); Greg Gurey (MySherpa); Rohan and Rohit D’Souza (D’Souza Associates); Ryan Sysko (WellDoc); Chris Buccini (Buccini/Pollin Group); and Bill Dugdale (Nine Holes Anywhere).
Article by Kathryn Meier with contributions from Danielle Brody
Photo by Evan Krape