Posted Under: Entrepreneurship, Our Heroes

So next in the “Our Heroes – those who broke the 9to5 jail” series is Jeffrey Weber, entrepreneur, author and business consultant who has dissected the words “Idea” and “Entrepreneurship” to find out what they really stand for and how they play out in an aspiring entrepreneur’s life. So, without further ado, here is what Jeff & I talked about…

DD: Jeff, who are you and what kind of corporate job were you at?

JW: I was at the top of my game back in 1994 working for the leading educational software distributor in the US, when I pitched to my boss an idea to expand into what was then an untapped market. I was all excited and had spent a lot of time researching it when I presented what I thought was sure to be my next big move within the company. I was quickly shot down, as it was stated that they had already considered this market in the past and they did not feel it was their space. I was devastated, since I knew in my heart it was the right move.

DD: So, what made you leave the job? When did you realize that you wanted to be an entrepreneur & why?

JW: This alone did not activate me to become an entrepreneur; the final catalyst was when my boss left the company opening up his position of VP Marketing. I had accomplished quite a few major undertakings which provided substantial revenue to the firm. My efforts and innovation were beyond my peers and I had my MBA. It seemed a “shoe-in” for me. To my surprise and disappointment they decided to hire from outside the firm and completely by-passed me. That was the final straw!
I had my ah-ha moment in what I now call the “Entrepreneurial Formula”. My idea to enter the new market, along with the market opportunity to reach this untouched space, finally merged with my own personal and professional situation – not getting a well deserved promotion.

Entrepreneurial Formula: IDEA + Opportunity + Situation = Entrepreneurial Activation

DD: How did you prepare yourself for the employee to entrepreneur transition?

JW: When I decided to make the leap into self employment it was not immediate. I worked at my job for nine months while I planned and built what would become my new company. Finally, it was clear that if my business was going to be viable I needed to go for it full time and so I quit my job in late 1995. The company took off! Those first few months were beyond a struggle as I bootstrapped the entire venture. I put in countless hours every single day and poured my every effort into it. My wife was drafted for administrative work and I provided an equity position to a key partner who opened up her house as our base of operations. Since I was a “replicative” entrepreneur, one who takes an existing business model and adds a pinch of innovation, I knew the industry and what had to be done. I just had to do it – all of it!

DD: What are your top tips for employees who want to be entrepreneurs but are hung up on something?

JW: As an aspiring entrepreneur, I tell people to look to what makes up their own entrepreneurial formula. What idea do they have that aligns with an opportunity and their own personal and professional situation? If you are having ideas that seem to fizzle, then it is likely your entrepreneurial formula is lacking one or more of its variables. If the stars look right, then prepare, plan and prepare again. Education, social status and age are irrelevant. It is your I.D.E.A. (innovation, desire, effort and ability) which will make the difference between success and failure.

That company of mine grew to become listed on the INC. Magazine top 500 fastest growing private US companies in 2001 and 2002. After achieving over $30 million in sales I sold the company to a Fortune 500 in 2006. Why? To launch my company to the next level I needed more capital after ten years of bootstrap cash flow growth with no debt. I also had planned for this to be my exit when I originally planned the business. As a technology oriented company I knew this would be my likely destiny if I was successful, as well as my method to create wealth. Though be it known, that wealth generation was NOT the reason I started my business! I had a passion that propelled me to be the entrepreneur that I was searching since childhood to become.

Today I am exploring entrepreneurial networks to get involved in my next big thing. There is no other way to live once you’ve been an entrepreneur!

DD: Thank you so much Jeffrey! It has been a pleasure talking with you. Thank you for your time and good luck with your ever-growing business!

JW: Thank you Devesh, it was great talking with you and good luck with your blog and your book. It’s nice to know I’m not the only one who chose to break free from the corporate jail.

Well folks, that was Jeffrey Weber, another escapee of the corporate jail, and a very successful one might I add. Remember what he said “Education, social status and age are irrelevant. It is your I.D.E.A. (innovation, desire, effort and ability) which will make the difference between success and failure.”

And make sure you grab a copy of his recently published book: I.D.E.A. to Exit: An Entrepreneurial Journey

Much success to all!!