Hank [BS/MSEE,
MSM $$$, Ph.D. Mgmt] teaches Tim O’Malley’s Class Presentation
Yesterday, “TJ” made a presentation to the Maymester 2007 class. He started off with a little personal background (Purdue OLS/CPT), and then described how he got into the businesses he is involved with, one by one. A link to the first business he purchased with angel investment is here:
From your perspective, comment upon what you learned from TJ’s presentation, and how you intend to profit/employ same……….
Tim O’Malley’s presentation was most interesting out of all the guest speakers so far. We had been given many “cases†to read about but we never actually see it. However, with Tim’s presentation we were able to listen to the struggles and big steps that he took to become the person he is today. Two things I kept in mind were the two points that he mentioned; documentation and trust. Not only that, but I also plan to take advantage of all those networking opportunities out there with other people/potential investors/fellow entrepreneurs out there. Whilst Tim was making a presentation he mentioned a point that struck me as a potential business idea. He mentioned that there was tons of information out on the World Wide Web just floating, so much that it is often hard to summarize or organize, hence people turn to the site which aggregates all the information together. I believe this could be a small possibility to look forward to in future.
The point that TJ made on his VC conference site and internet video software possibly becoming more important or lucrative than he ever originally thought was excellent. He initially used both of these devices to primarily increase readership for his magazine when in fact they might end up being more lucrative than his magazine itself. TJ then related it to the way that Apple’s digital music has become much more profitable than their computer sales. I will keep in mind that it is always good to look for new ways to diversify and expand your business. Just because your business has a main emphasis or product to begin with doesn’t mean that it can’t change or adapt into something completely different.
The two most memorable points I took from Tim’s presentation were:
1.) You never know what part of your business will be the most profitable - I loved how he described how surprised he was that the video/link technology on AV tv may be the most profitable. I just really enjoyed how he talked about keeping an open mind throughout the life of the business.
2.) I also thought his points about taking money from family could potentially make for some awkward Thanksgivings, as he put it. Although I know we’ve been referring to taking money from the three F’s as an important source of funding, I appreciated that he mentioned the possible negative side of that sort of transaction.
I thought Tim O’Malley’s presentation was great. He was one of the most interesting speakers I’ve ever heard. After hearing about his many attempts at starting his own company, I’ve learned that perseverance is very important. I personally would become discouraged after a failed business attempt but after hearing Mr. O’Malley’s stories I learned that it is possible to rebuild and move on after a “failure.†I’ve always believed in learning from your mistakes and now I know this absolutely applies to business as well.
I also appreciated his focus on the importance of networking. Some people may under estimate the significance of networking but I have always found networking to be useful in school, work and my personal life. I can see myself crashing dinners and parties trying to gain contacts and useful insight for my career. It was great to hear personal experiences from a successful entrepreneur.
I gained a new perspective from his experiences about lack of documentation. When you are working with a friend or someone you trust it may not always seem necessary to get everything in writing. I now know just how important and valuable documentation can be. When you clearly have everything down in writing you don’t have to worry about if you are on the same page as someone else.
After hearing Tim O’Malley’s presentation I think I will be more likely to keep an open mind in the future. Sometimes a product you develop when you are starting your business to try to help your life out can become more valuable then your business. After hearing cases where this has happened I think I will be more likely to think outside the box from now on.
I learned a great deal of information from Tim O’Malley’s presentation. However, I found two concepts to be the
most interesting to me. The first thing I found interesting is that it is important to know
other individuals in other geographical areas. When he was first starting out he made sure to have connections with
people in South America, California, and other areas. Knowing individuals in other areas allows those individuals in
other areas to use their resources.
The second thing that I took away from Tim O’Malley’s presentation is the importance of following through with your ideas.
I don’t know if others knew it, but I did not previously know that inventing the light bulb
was not Thomas Edison’s idea. The main message that I took from this is that, one may have a brilliant idea, but
does not mean that the person will profit from their idea. To succeed one must be able to implement and market
their ideas.
a) Tim’s explanation of how his platform maybe more valuable than his entire business is a great of example, of why throughout the Computer Science curriculum, modularity, object-orientation, and design patterns are strongly advocated. Had Tim had these principles applied to his situation, he would have already been able to separate the platform from his specific implementation with very little effort as they would’ve been loosely coupled. If I develop any software in the future, I’ll be sure to ensure there as little coupling as possible between components.
b) Tim’s different businesses that spawned from his one business suggest that one’s brain should never get lazy. Just because you have one business already, doesn’t mean you should stop thinking of different streams of income. I’ll be sure to keep my eyes open for opportunities at all times before and DURING my start-up’s lifetime.
I agree with everyone in the fact the Tim was a very interesting guest speaker who
offered a lot of information to us. The ideas or advice that I will employ in any future
endeavor follows:
1) Always put everything in writing.
2) Always be in network mode and making contacts.
3) Take chances/risks (calculated)
Even his AV website is a great source for information on entrepreneurship.
I think that the biggest thing that I took from the talk was the importance of networking. I have been told this by my father for years and to always get a card with the person’s information on it after you talk to them. Getting into a habbit of doing this has two benifits. You will gain connections and these may help you in your buisness life later on. Also, the simple act of introducing yourself is a great skill to have both in the social and the buisness world. Not only will you gain buisness contacts, but you will be a polite and enjoyable person to talk to. Hearing how helpful and necessary connections are from TJ helps me to keep on doing it.
Tim O’Malley’s presentation changed my perspective on the nature of entrepreneurship.
Thereafter, I gathered that entrepreneurs are born not bred. This was made evident in
Tim’s ability to think beyond and pursue ambitions during his teenage years. As he grew
older his endeavors grew more elaborate. So much so, he obtained an angel investment for
American venture magazine. I found Tim’s trials and tribulations within the business
realm to be incredibly insightful. Especially when he emphasized the significance of
documentation instead of the “hand shake.†He also expressed the magnitude of networking
when trying to be established. Overall, we must face failure to taste success. Then,
it is how we respond to our blunders that gets us across the finish line.
I agree with everyone in that Tim O’Malley gave a great speach to out class. It was the best presentation yet and I took a lot out of it. One of the best points I took from his experiences came from his unfortunate event in which is learned to document things rather than a hand shake. The other big thing that stuck in my head was the idea of networking. If you think about it we have all networked throughout our lives in some way or another. I think this idea should come second nature almost but to really know how important it is and to focus in on what you need to accomplish could really get you somewhere. I really felt his attitude about not giving up and letting failures get you down is the biggest and most important advice/leason he gave us. As some of us venture out into that world it a great mind set to be in.
I also thought that the presentation was great and by far the most interesting that we have had yet. I was most impressed by his perseverance and courage to make some of the business decisions that he made, like cutting his salary to zero for the sake of his company’s success. I was also impressed by the fact that he failed before he achieved success. We have been hearing about how failing can sometimes be the best way to learn and it was nice to see someone who went through it. I also like how he stressed networking. My dad has told me before “It’s not the grades you make; it’s the hands you shake.†I like how he showed the importance of knowing the right people in the business world.
As some have stated I feel that Tim’s presentation was most impressive. I found his predictions about internet television to be futuristic, and realistic. Websites such as nbc have videos of their more popular shows online.
I also enjoyed hearing a personal experience of someone taking chances and them eventually paying off. His story of him going to South America and beginning a business is a bigger risk then most people, including myself can imagine. It was also fascinating to see the evolution of one entrepreneur and how his ideas and views have changed due to his family.
I didn’t really learn anything new, but the speech reaffirmed
two points that i believe are very important. One, i believe he
said thatbeing fired from his job is what motivated him to start
his business. I believe this is important because i feel that if
you truly want to be successful, you must give yourself no option
but to be successful. By him being fired, he had to be
successful, or get a shopping cart and find a nice bench.
secondly, he lost his idea after being fired from the company for
whom he worked. This is what has most influenced me to become an
business owner in the first place. he had an idea that was worth
lots of money, but he worked for a company. The company got the
profits for the idea and he got canned. if i have a profitable
idea, i’d rather be the one made rich. not my boss.
Tim’s presentation was very thought-provoking and gave a lot of interesting insight into entrepreneurial ventures. I think it was especially useful to our class being that we could obviously relate to him as he is a relatively recent graduate from our school. Having the opportunity learn from his mistakes is valuable, while also being able to hear about how he succeeded. His struggles showed that although great success can be attained in a relatively short period of time, more often than not it takes great sacrifice and extended periods of substandard living to grind a company into a large-scale money maker.
I am glad that TJ visited our class and offered the information that he did. It shows that through dedication and hard
work you can achieve your goals, and also being annoying to people!…lol. but learned a great deal from his informative
speech. He demonstrated that with persistence you never know where it could lead you. Also one of the more important
things that he conveyed in his message is that you do not necessarily have to make something but make it better and that
a simple idea thought can be answer to ones problems if pursued. I think that TJ is a great example of what it means to be
dedicated and persistent and where it may get you. I am sure that if we use his knowledge and experience along with
what we learn, there should be room for more advancement.
TJ’s presentation was captivating and motivating because he spoke from experience. He learned several things the hard way. Making a mistake is often the best education, albeit not the most comfortable way to learn.
I was impressed with TJ’s international awareness of opportunities to be found in such places as Argentina. That’s a good reminder to keep my eyes open (and do a lot of reading). I don’t just notice opportunities like that in a walk through the park.
It would be easy to be skeptical of TJ’s plan to sell conference tickets at a discount, because it is difficult to increase the scale of a venture like that. There are only so many conferences on venture capital that will give you tickets. But, the way TJ explained it, that idea turned out to be brilliant. Even very small niche markets can be profitable.
TJ’s Presentation was inspirational on many levels. I could relate to many of his comments. The idea about moving away after college, that is exactly what I wanted to do. Sure, I am most likely going to come back to Indiana, eventually. But not before I travel, meet people, network, and get a chance to become “worldly” and realize that there is more to this world than corn and racing.
Another huge point to bring up is the success he had, even with his majors being what he took. I’m in CGT, so I hear a lot of Technology majors “look down” on majors like CPT (Now CIT) and especially OLS. Some have a hard time justifying a major like OLS as a real major. That pisses me off, because there is a major for everyone and a way to be successful with that major. Tim proves that without a doubt. Now, anytime I run into a bitter college student that is just dissatisfied with their major trying to poke at OLS, I am going to show them Tim’s work and encourage them that anyone with determination and strong drive can be successful, no matter what your specialty is.
I’ve been waiting to hear a speech like the one TJ gave for a long time. It opened my eyes and really showed my that there is more to life to college and that even if things don’t go how I planned them, there is still another path open somewhere. I run Boilermaker Tae Kwon Do here at Purdue, and I’m going to apply a few things that TJ talked about in order to better market the club. He really put forth the importance of pushing ahead and making people listen.
I really enjoyed Tim’s presentation. I really connected with his two hardest lessons he’s learned from business. The second hardest lesson was to not trust people too much. Tim’s example dealt with talking to investors about a problem in order to get something changed in the company he was working for, which he was then fired from. I guess to add to Tim’s point, I would say in my limited experience, it is crucial to understand the politics of your organization before you try to rock the boat too much. The hardest lesson Tim said he’s learned in business was to get everything documented. As Samuel Goldwyn said, “An oral contract ain’t worth the paper it’s written on.” Since I’m inclined to trust people too much (see second-hardest lesson), I’ve gotten incredibly screwed by vocal promises, and by terms in written contracts that weren’t specific, or that I didn’t understand. The effects of a broken or unclear contract can last for a very long time.
I really enjoyed what Tim had to say. He connected many different idea with me which is why he had such a good presentation. He did a very good job trying to teach us lessons he’s learned from his own experience. It takes some big ones to move yourself out to California and create a whole new network of people just to get your business going. Also one of the interesting points he made was how the founder of “Lovshak” was able to create a tool that he used in his business that became more profitable than his business was itself. That idea interests me alot because I feel like people are creating tools to make their life easier in every job field, so it’s interesting to think about how someone in an unrelated job field could create something that could benefit lots of other people.
What Tim talked about on Tuesday really stuck with me after class. He has fought hard to become who he is today. Key Points to note on his presentation were DOCUMENTATION, TRUST, and NETWORKING, NETWORKING, NETWORKING!!! Networking gets you everywhere in life when you least expect it. Another point he made was getting out of Indiana after college with an idea, going somewhere else and proposing that idea, then possibly bringing it back. There is a lot of opportunity in the midwest where a lot of businesses have started somewhere else and relocated to the midwest after takeoff. I’m a firm believer that the coastal states is where small business mom and pop joints become big business new york stock exchange businesses. I stand behind everything Tim said!