Name: Joel Friedman | ![]() |
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Title: Chief executive | ||
Company: SurveyWriter Inc. | ||
Type of company: Provides businesses with market research capabilities through Internet surveys and other online tools. | ||
Founded: 1999 | ||
Employees: 5 |
At the beginning of 1998, I had just received my share as a
partner in the sale of Communications Workshop, a full-service market research
firm in Chicago. I was single, in my late 30s, and the Internet was already hot.
I was willing to take some business risks because working for other people and
companies had already become tedious.
I knew that I had a good idea, which was to provide companies of all sizes with
the ability to do market research online. I planned to take conventional
market-research methods and make them easy to use and affordable for most
companies, using Internet technologies. The centerpiece of this plan was the Web
survey engine, which was intended to handle sophisticated market-research
surveys over the Internet.
To start, I hired a consulting firm to develop the survey engine. Unfortunately,
I constantly ran into problems because the software designers I hired didn't
understand the nuances of market research. I kept expecting them to know things
that seemed completely obvious to me, the market research professional. And I
wanted them to anticipate where we needed to be with the program.
A project we had scheduled for two months to complete stretched into four months
without tangible results.
By the time the programmers were done, I had spent most of my original money,
and I had an application that didn't work for the market that I wanted to reach.
I was out of work, out of the $85,000 I had exhausted during the development
process, and really had no viable product to show for it.
The consulting company added insult to injury by eventually billing me an
additional $6,000 for their work. My relationship with the owner of the
consulting firm, a longtime friend of mine, was beginning to fray. Eventually, I
had to dip into my retirement account to handle living expenses and continue
this "dream" of starting my own company.
My big mistake was not clearly defining for the people that I had hired exactly
what I wanted them to do. I wasn't able to do this because I hadn't clearly
resolved these issues in my own mind.
What I've learned is that the execution of my business ideas is solely my
responsibility. I've also learned that the inability to clearly articulate my
vision and my plans is not the fault of other people.
It's something that I must work on every day, so that people around me
understand my goals for my business. As an entrepreneur, I neither have the time
nor the resources to rely on other people to figure out what is going on in my
mind.
When I was able to secure additional funds, I started the development process
over. This time around, it went markedly smoother because I was able to define
and articulate, up front, the subtleties of market research that I wanted to
include in the application. I made sure doing so was a priority and not an
afterthought.
It's a costly lesson that took a long time to learn: If I am not clear about
what I want to accomplish, I do not invest the money and effort to let someone
else do that disciplined thinking for me.
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