Tuesday, November 06, 2007

Success without Distress

My Financial Post column today focuses on an interview with Toronto technology entrepreneur Mchael Hyatt of BlueCat Networks. I met him at the dinner for the Deloitte Fast 50 a few weeks ago, where he challenged me to write a story about how he and his brother built two multi-million dollar companies without relying on venture capital.

As he complained in the interview, many company founders today are just "buying an employer... They give everything away because they don't have any money themselves. They give the reins of control to an investor that doesn't love the company, may not even understand the market space -- and will fire the founders as soon as the numbers aren't realized."

Hyatt's formula for success without bosses:

* Focus on the U.S. market from the start.
* Start cheap.
* Begin selling fast.
* Put your money into marketing: "Focus on doing fewer sales calls and more sales."

For the complete story, click here.

1 comment:

Anonymous said...

Those 4 bullet points really hit home for me. They are of course incredibly basic, but as the business idea takes shape, entrepreneurs tend to lose sight of the whole point...being profitable. Great post.