At 11:00am on Thursday, October 2, 2003, the Fall 2003 Founders Conference got off and running with a panel discussion co-sponsored by the Marriott School and the Center for Entrepreneurship. A packed house of over 70 students had the opportunity to ask questions and receive valuable advice from a panel of Founders and other experienced entrepreneurs. In attendance were Taylor Richards, Shandon Gubler, Stephen Gibson, Kirk Wilson, Don Livingstone, and Larry Linton.

Following brief introductions, each member of the panel was asked to provide at least one principle of business learned as an entrepreneur:

Taylor Richards: I would say one of the most important things is continuing education. Never reach the level of knowing everything. Do as much study after you finish school as you did while you were in school.

Shandon Gubler: Get all of the education you can get. The real tests are going to come later in life. Next, get experience with a solid, profitable company. Become the "go-to person," someone who can always be counted on to get the job done. Then, if you still want to run your own business, you can experience entrepreneurship on their nickel. The company will be more likely to fund your activities if you’ve already proven your dependability and reliability. Then you can go out into the real world and make it on your own having all that previous experience under your belt.

Stephen Gibson: [to audience] How many of you think that "idea" is the most important thing? [A few hands raise.] Okay. I tend to agree with those of you who didn’t raise your hands. "Idea" is overrated. How many of you think that "passion" is most important? [More hands raise.] Well, I think "passion" is overrated too. It all actually comes down to self-discipline. Self-discipline is best evidenced by avoiding credit cards, the brand-new houses and cars. Put your profits back into the business, then later on you can return to the community what you’ve gained in resources and experience.

Kirk Wilson: Learn from your peers.

Larry Linton: Think. Look for ideas. Ponder where the opportunities are. Resolve is critical; be determined! Most especially, have balance; keep the Lord first, then your spouse and family, then your business.

Q: What is the motivator for employees to become productive and self-reliant?
KW: Give them freedom. Be open and honest with them about what they’re doing right and where they can improve.
LL: Show them a lot of appreciation. Pay well; provide good benefits.
ShanG: Low salaries, high commission.
SteG: At the appropriate time, encourage them to invest in the company. Let them be and feel a part of the success you’re experiencing.

Q: Can you give any advice on calculating the negative risk of your business venture on the welfare of your family?
SteG: Risk is overrated. It’s far riskier working for corporate America (e.g., Arthur Andersen, WorldCom, Enron) than for yourself, since you never know when you’ll receive that pink slip. Work is going to make you sweat either way you go; why not invest that sweat in working to make your business successful rather than in fearing for your job security?
Don Livingstone: The risk is low, but the commitment [to the business] is great. There are "magical hours," especially in the early morning and late evening, that you can spend with your kids that will be so meaningful to them.
TR: I make it a point to eat breakfast with my kids each morning. Find a way to do the same amount of work every day—just as different times and different places.
LL: Always put priorities—like scripture study and prayer—first.

Q: How do you deal with the hard times?
TR: You just never give up. Don’t stop trying. Never quit. Exercise faith; expect miracles.
ShanG: Whether you’re a corporate employee or an entrepreneur, the mindset is the same: what can I do to best help this company?
LL: The key is money management. You can typically see the tough times coming before they arrive. Be frugal, frugal, frugal.

Q: Is it best to go it alone or as a partnership?
SteG: S-Corporations are fairly typical these days. LLCs are pretty popular, but I prefer S-Corporations. Partnerships aren’t eternal, so don’t divide things 50/50. Plan for what you will do once you part ways before you even begin.
LL: Start out 60/40 with the thought of maybe buying the other guy out later on.
DL: The biggest mistake people make is giving away too much of their company too fast. Bring partners in slowly.
LL: Go to trade shows. You’ll find manufacturers just looking for dealers to sell their product. Walk the floor and talk to those managers.

Q: How much should you give to your children?
LL: The worst thing you can do is spoil your kids. We told our kids not to expect an inheritance. We said, "We’ll help you out with buying a house, car, or supporting you on your mission, but you get to earn the rest yourselves."