On Monday, October 28th Delta Sigma Pi at LMU hosted an Entrepreneurship Panel with two Delta Sigma Pi Alumni in the Los Angeles area. This event was very informative about how to get involved and flourish in the entrepreneurial field as a young professional.
David Reynaldo is an Alumni from USC, who started his company College Zoom as a entrepreneurship project his senior year of college. His company helps high school students get into the colleges of their dreams through helping them write the “perfect” college essay. In the 6 years that his company has been operating, they have become a major leader in the college admissions consultation industry.
When asked about how to become a successful entrepreneur, David shared that starting your own successful business is not as hard as you might think. While having the right idea and finding a great team is important, he said that success comes down to if there is an opportunity in the market you choose. David imparted some wisdom with the group by sharing what three questions you should ask your potential customers to determine how successful you can be in a given industry.
- What do you want?
- How much are you willing to pay for it?
- How do you want it delivered to you?
By asking these questions you are able to avoid the mistake of serving the needs of a market that people are not willing to pay for or missing the need of the market entirely. By asking these three simple questions you put yourself in a better position to find that ideal group of people whose needs are not currently being met.
Our second panelist, Bryson Ishii was the Vice President of Operations at the startup manufacturing company Rigo International, Inc. He currently is one of the newest members of the Loyola Marymount Entrepreneurship program staff and is an Delta Sigma Pi Alumni from our chapter.
One of the key points that Bryson discussed during the event was the importance of creating a great team. While some would say to not go into business with friends, Bryson says that it is perfectly okay to go into business with friends as long as they are the right friends who share the same drive and passion you have for your venture. However, you do not want everyone on your team to think or act in the same way that you do, it is important to have a team with complimentary attributes to promote success. Furthermore, Bryson shared that the best way to get to know someone and how they would fit into your team is to talk to them on a personal level, get to know them, and do activities not related to the actual job in order to gauge relevant attributes and motives.
We want to thank both David and Bryson for agreeing to do an entrepreneurship panel with our chapter! It was a great experience to learn from both of them, and they are pretty fun guys too! Here is a before and after pic of the whole group after David insisted we take a jumping picture. David and our Vice President of Professional Activities Michelle Lai are front and center in the bottom picture.