Contact: Public Affairs
NEW YORK – More than 85 percent of new businesses fail. But don’t tell American entrepreneurs the odds! With technological advances, growing opportunities on the Internet and the ever-enduring lore of Horatio Alger — more Americans than ever want to start and run their own business. Pace University’s Lubin School of Business launches an “Entrepreneur in Residence” program, to commence in September 1998, to provide entrepreneurs-to-be the chance to interact and learn from a successful self-starter.
Lubin’s Entrepreneur in Residence program will feature individuals who have created, financed and managed new business ventures. Three guest entrepreneurs per academic year will visit Lubin and share their knowledge with students and faculty. The program received funding from the Coleman Foundation, Inc., of Chicago. Randy Myer, founder of Best Friends Pet Care, a national chain of high quality boarding, grooming and veterinarian services, is the first scheduled entrepreneur for the 1998/99 school year. Myer has a Harvard MBA and, prior to founding Best Friends Pet Care, worked for Booz, Allen & Hamilton, Spalding and IBM.
Myer will interact with students on Pace University’s Pleasantville, White Plains and New York City campuses. Myer states that, “most business education has been geared to large corporate leaders of business, but the backbone of this country is really the small business owner.” In addition to teaching a graduate course on Entrepreneurial Policy, Myer will lecture to undergraduate and graduate marketing and management classes, conduct hands-on workshops, and help students to develop business plans and strategies for attracting venture capitalists. Myer also will participate in developing an Entrepreneurial Development Fund, which will invest in and provide resources to Pace students and alumni who have an idea for a new business. Myer comments, “Pace will not only offer students the educational wherewithal to start their own businesses but also assist them financially in getting started.”
Pace is a comprehensive, independent University with campuses in New York City and Westchester County. Nearly 14,000 students are enrolled in undergraduate, graduate and professional degree programs in the Dyson College of Arts and Sciences, Lubin School of Business, School of Computer Science and Information Systems, School of Education, School of Law and Lienhard School of Nursing.
Tips for Starting Your Own Business
NEW YORK – The psychology of a successful entrepreneur may be elusive, but there are several practical tips one can follow when embarking on a new business venture. Randy Myer, Entrepreneur in Residence at Pace University’s Lubin School of Business, provides some hands-on guidelines for strategic and successful entrepreneurship.
- Acquire Experience in Your Field. If you want to start a cookie company, try working as an apprentice in a leading bakery. Learn the business. See how the inside of your dream really works.
- Conduct Research. Determine the need for your product or service within your target population. For instance, before Myer started his company, Best Friends Pet Care, he discovered that pet owners were willing to spend a lot of money on their pets – especially for quality. And in 1990, when Myer set out, the pet care industry was seriously under-serving this population.
- Solve Consumer Frustrations. Successful companies solve consumer frustrations and correct market imperfections. You may not be able to build a better mousetrap, but you might be able to create something like the E-Z Pass, which eliminated many commuters’ frustration when waiting at the toll booth.
- Develop a Conservative Business Plan. Underestimate the “up” side in terms of product development, marketing and sales and overestimate the time it will take you to achieve that.
- Supplement Your Staff. Hire a team of people who possess skills and experience that you do not have. Do not hire individuals who will only clone your strengths.
- Develop a Working Model. If your business is multi-location, develop a model in one place to see how it works before you start expanding.
Randy Myer, founder of Best Friends Pet Care – a national chain of high quality boarding, grooming and veterinarian services – is available for interviews; please contact Public Affairs at (212) 346-1696 to schedule.