Four successful entrepreneurs gave Bucks students advice for success at the “Entrepreneurship Panel Hollywood Style” event at the Newtown campus on Nov. 12.
The panel featured local entrepreneurs Rebecca Rescate, Andrew Abruzzese, John Cawley, and Angelo Greco. Rescate presented CitiKitty, a product that toilet trains cats, on the show “Shark Tank.” Andrew Abruzzese runs two restaurants, Big Q Barbeque and Pineville Tavern, and his snapper soup was featured on Diners, Drive-Ins, and Dives. John Cawley of Inspyr Socks is “selling inspiration” with motivational messages on socks. Angelo Greco is a pharmacist turned nutrition expert who runs Doc Bakers, an organic juice bar.
“If you want things go for corporate, if you want passion go from the ground up,” Greco declared. The speakers commented that they invest most of the money back into their businesses and leave a small sum for themselves. The consensus was that running a business is difficult and time consuming, but ultimately fulfilling. Cawley cautioned, “Don’t think you’re gonna’ start a business and not do it every day.”
“Take advantage of the things you’re naturally good at, focus on them. Sometimes they can even make up for the things you’re weak at,” said Rescate.
Rescate suggested testing markets, launching prototypes, and testing them out. The speakers agreed that the first run of a factory product is usually bad. Make sure to keep eye on the factory to ensure items aren’t defective.
Starting out will be difficult. “The younger your business is the more expensive it will be. It’s like a baby,” said Abruzzese. To stay relevant Greco said to, “Always be nimble and change with the market.”
An aspiring entrepreneur should look for opportunity in everything. Greco advised to “follow your passion and don’t pass opportunities by. There’s always opportunities…even if you don’t like what you’re doing you might find an opportunity in it.” Good entrepreneurs look for voids in the market, connections, and any other opportunity to climb the ladder.
Networking is the key. Cawley announced, “It’s all about networking. Networking is important. The more networking you do the more people you will know and you will find the answer (to obstacles).” Cawley learned how to run his business on the go and used social media “right out of the gate”.
Rescate “used the press as an outlet”. “Shark Tank” producers contacted her because of the media exposure she had gotten. She said the most beneficial part about her appearance on “Shark Tank” was not the money she received from the investors, but the exposure. Her appearance on “Shark Tank” established connections and exposed her product to national television.
Be aware of who you work with and how. According to Greco, “Employees are one of your best investments. Surround yourself by good people.” Abruzzese suggested hiring people to build your brand but, “Sometimes they will be wrong, sometimes they will be right. You have to believe in yourself.”
Cawley warned that it’s easy to trust someone who offers you help but those people can let you down. “Do your research on a person you want to trust, get references” he said. Rescate relayed a bad experience with a business partner and suggested learning things on your own before starting a partnership.
Abruzzese announced that you’re going to have failures, but you have to believe in yourself. “There are a lot of highs and lows. If your stomach isn’t ready for it take baby steps. Get down on one knee, but never fall, get back up,” said Cawley.