Four young entrepreneurs shared their experiences with Tufts students last night at a panel discussion sponsored by the university's Young Entrepreneurs at Tufts (YET) group.
In the "Elevator Pitch Competition" following the panel, eight participating students each had 60 seconds to sell the panelists on an idea for a company.
Artem Efremkin, the junior who moderated the panel discussion, won the $100 cash prize after pitching a company that would deal with environmental information.
"The whole [idea of the] pitch [in] the elevator is, whoever you're telling that to, getting them to want to learn more," said panelist David Mesicek, cofounder and CEO of Common Soles, a company that sells footwear and funds community improvement initiatives.
Graduate student Annie Atubra, the runner−up, pitched a company that would assist college students in choosing their majors.
The students' pitches were rated on a scale of one to 10 in four categories: persuasiveness; scope, or how many elements of the company were conveyed in a brief time; style; and ability to communicate the purpose of the company.
Panelist Josh Bob, founder and president of Textaurant, said that one important factor in his judging was whether the competitor revealed the name of the company early on in the pitch.
All of the panelists agreed that when starting a new company, being passionate about the endeavor is essential. "If you're not passionate about what you're doing, you will fail," Bob said.
Panelist Lauren Celano, cofounder and CEO of Propel Careers, emphasized the importance of tireless, round−the−clock work.
"If you're someone who needs 12 hours of sleep a day, that's challenging," Celano said.
Mesicek discussed his difficulties getting other employees as passionate as the founding members who hold equity in the company.
"Why would Joe Schmoe, who we just hired, who gets a regular paycheck, get as fired up as us?" Mesicek said.
"Figuring out how to create that motivation artificially is difficult," Bob said. "It's something that you've got to craft very carefully."
Bob said it was necessary for leaders to take everyone into account when making decisions.
"The decisions that you make can't be your own," Bob said. "They have to come from the consensus of the company, even if you own 60 percent of the company."
Mesicek also shared some advice that would not be found in a traditional economics textbook.
"It's hard to start a business with your friend … Once you hit that first hard decision, it makes the friendship really awkward," he said. "Make sure you spend a great deal of time in the beginning setting the rules."
Bob said building one's own company cultivates a unique skill set.
"The skills that I gained during the past six months without a paycheck are much better than the ones I would have gained as a marketing manager at some firm," he said.
