After listening to Larry Sears and Scott Colosimo’s presentation and going over some basic rules about being an entrepreneur, I found a lot of similarities which have been briefly itemized here:
1. Cash is hard to get and easy to spend. Make it before you spend it
2. Gross margin is the most important number on the income statement
3. Identify your true competitors
4. A life plan has to come before the business plan
5. In reality there is no solid business plan. It has been written to convince investors.
6. No accounting skill is required. There is always an accountant to take care of it.
7. Hire right employees
8. Find proper location
Scott is a very young and creative entrepreneur who is smart enough to choose China as a manufacturing location, where everything is manufactured cheap and in a fast speed. Scot decided to use rapid prototyping instead of traditional machinery which is more cost effective. He was determined to fund a motor bike company that offers bikes with affordable price and unique designs. He never stopped learning from the experience of other people either from famil , father in law or parents, or big industry shots. He is wise in spending the money. In order to provide more budget for distributors, percentage of profit was offered instead of the share of the company. He also keep all the income and investments in US currency. This helps his company to stay away from the currency exchange complication in which US$ loses some of tis value.
On the other hand, Larry sears is another entrepreneur who has redesigned the current product in the market in the way that is easier and more applicable to use. He designed the remote reading meter. His product hit the market since more meters could be read in a shorter time with higher accuracy. On contradict with Scott, Larry decided to offer the %40 of company’s share when there was a need for