Internships for future Wharton Entrepreneurs
Demetris Tsingis, WG'06
Issue date: 9/26/05 Section: Insider
Through the Entrepreneurship at Wharton series, the Entrepreneurship Club is hoping to highlight some of the entrepreneurial dynamism in the MBA student body at Wharton by interviewing both former and aspiring entrepreneurs. The following is a conversation with Colin Pan (CP), James McGarvey (JM) and Joel Wooten (JW) following their summer internships in entrepreneurial ventures.
Questions:
1) Employer's name, location, and business description:
CP: LoungeSleep Hotels, New York, an entrepreneurial hotel company.
JM: Benton Properties, Florida, an entrepreneurial mixed use developer.
JW:Tommy Gunn's BBQ, Pennsylvania, a new restaurant group and NuTrax, Massachusetts, a nutrition startup.
2) How did you find the job?
CP: I stayed in touch with a speaker we brought in to the Entrepreneurship Club. When I called to ask him if he knew anyone
who was building a boutique hotel, he responded: "Actually, I am. Let's talk." My job was finalized late April, but it was well worth the wait.
JM: By deciding what I wanted to do and then keeping an open mind and listening to all opportunities. In the end, a friend, who is now a first year (thanks Jed), hooked me up with a contact.
JW: I met Tommy (of Tommy Gunn's fame) through a class here at Wharton. I corralled him into sponsoring a Rebuilding Together fundraiser and the rest fell into place over a few beers. For NuTrax, I attended the wedding of Melissa Manczak and James Burke (amazing wedding), reconnected with some old friends, and agreed to help with their budding project.
3) What were your responsibilities?
CP: Following the construction of my own IKEA desk, I was involved in a range of projects for both their current hotel (Crescent Hotel, Beverly Hills) and their new development in Manhattan. These ranged from financial analysis, real estate analysis, an equity refinancing proposal, a construction financing proposal, design issues, rate pricing, industry research, competitive research, technology and IT issues, etc.
JM: Performed market research, land planning, financing, and strategy for 94 acres my company had an option to purchase and develop. The land had already doubled in value, allowing several alternatives.
JW: For the BBQ, I basically ran the joint; I am from Georgia after all. Actually, I played the role of consultant. I developed an algorithm to project revenue for potential locations based on demographic data. I also got involved in real estate and financing negotiations. At NuTrax, I did everything you might imagine at a 2-3 person company. I helped develop a new product, I fought with the founders, and I tried like crazy to attract publicity and market awareness.
4) What were some challenges you faced?
CP: I missed the perks of consulting or of larger companies. Another challenge was working in a much less structured environment, a good learning experience.
JM: Made coffee several times, shared an office, and helped move furniture as Hurricane Dennis approached. The biggest challenge was lack of structure. Without layers of managers, I was told to simply figure it out. Also, living in a small town can be difficult during pub hours.
JW: Working alone was tough. Without the resources of a large company, you struggle to accomplish what should be easy. For instance, dealing with technical problems falls onto the combined shoulders of you and Google.
5)What did you enjoy most?
CP: The entrepreneurial environment, my officemates, and the fact that my recommendations and analysis had an impact. It was fun understanding how entrepreneurs think and execute. My employers, close to our age, were definitely a source of inspiration and mentorship. Believe it or not, some MBA classes came in handy - thank you Professors Netessine and Borghese!
JM: The entrepreneurial environment, the responsibility and the flexibility. There was no bureaucracy and I was given far more responsibility than I deserved. It made life fun and interesting.
JW: I enjoyed the freedom the most. It was definitely exciting work, and being able to work while traveling (i.e. at the beach) was fantastic. It really tests your ability when you have no one to answer to and no one to lean on.
6) What was your main takeaway from the internship?
CP: I took a chance this summer to work at something completely different, and it was really worth it, helping me to focus on my career goals. I'd encourage students to be more creative in their job searches and not rule out the great learning experience from an abundance of smaller companies.
JM: I decided to try something interesting,
but totally different than my former life...in every possible way (work, lifestyle, geography). I learned a ton about real estate development, but also about being an entrepreneur. I also discovered a lot about my career aspirations.
JW:I went out on a limb and did something that most students don't. Part of my compensation package was paid out in BBQ, for goodness sake! But I loved it. It was a great experience and one that I wouldn't trade. I'm planning on something small-scale and entrepreneurial next fall, so it was invaluable in terms of preparation.
7) Has it changed your perspective of entrepreneurship, and if yes how so?
CP: It has reinforced my desire to be an entrepreneur. Entrepreneurship is not rocket science- everyone here is very capable of starting their own business. It's about getting comfortable with risk, unstructured environments and oneself. Though I cannot predict future financial rewards, the personal rewards are invaluable.
JM: It has not changed my perspective, but given me new things to think about. It is a different lifestyle and risk/reward profile than many other career paths. It also confirmed that owning equity is ultimately where you want to be if you believe in yourself and your abilities. It does not take a brilliant mind. In fact, a simpler approach has many advantages.
JW: Entrepreneurship is really all about execution. The ability to perform in that setting, scrapping and kicking until your business is a reality, is key. To those students who were former entrepreneurs, congratulations - few people realize your accomplishments. To those who are aspiring, we should grab a beer; who knows what job you'll walk away with.
Questions:
1) Employer's name, location, and business description:
CP: LoungeSleep Hotels, New York, an entrepreneurial hotel company.
JM: Benton Properties, Florida, an entrepreneurial mixed use developer.
JW:Tommy Gunn's BBQ, Pennsylvania, a new restaurant group and NuTrax, Massachusetts, a nutrition startup.
2) How did you find the job?
CP: I stayed in touch with a speaker we brought in to the Entrepreneurship Club. When I called to ask him if he knew anyone
who was building a boutique hotel, he responded: "Actually, I am. Let's talk." My job was finalized late April, but it was well worth the wait.
JM: By deciding what I wanted to do and then keeping an open mind and listening to all opportunities. In the end, a friend, who is now a first year (thanks Jed), hooked me up with a contact.
JW: I met Tommy (of Tommy Gunn's fame) through a class here at Wharton. I corralled him into sponsoring a Rebuilding Together fundraiser and the rest fell into place over a few beers. For NuTrax, I attended the wedding of Melissa Manczak and James Burke (amazing wedding), reconnected with some old friends, and agreed to help with their budding project.
3) What were your responsibilities?
CP: Following the construction of my own IKEA desk, I was involved in a range of projects for both their current hotel (Crescent Hotel, Beverly Hills) and their new development in Manhattan. These ranged from financial analysis, real estate analysis, an equity refinancing proposal, a construction financing proposal, design issues, rate pricing, industry research, competitive research, technology and IT issues, etc.
JM: Performed market research, land planning, financing, and strategy for 94 acres my company had an option to purchase and develop. The land had already doubled in value, allowing several alternatives.
JW: For the BBQ, I basically ran the joint; I am from Georgia after all. Actually, I played the role of consultant. I developed an algorithm to project revenue for potential locations based on demographic data. I also got involved in real estate and financing negotiations. At NuTrax, I did everything you might imagine at a 2-3 person company. I helped develop a new product, I fought with the founders, and I tried like crazy to attract publicity and market awareness.
4) What were some challenges you faced?
CP: I missed the perks of consulting or of larger companies. Another challenge was working in a much less structured environment, a good learning experience.
JM: Made coffee several times, shared an office, and helped move furniture as Hurricane Dennis approached. The biggest challenge was lack of structure. Without layers of managers, I was told to simply figure it out. Also, living in a small town can be difficult during pub hours.
JW: Working alone was tough. Without the resources of a large company, you struggle to accomplish what should be easy. For instance, dealing with technical problems falls onto the combined shoulders of you and Google.
5)What did you enjoy most?
CP: The entrepreneurial environment, my officemates, and the fact that my recommendations and analysis had an impact. It was fun understanding how entrepreneurs think and execute. My employers, close to our age, were definitely a source of inspiration and mentorship. Believe it or not, some MBA classes came in handy - thank you Professors Netessine and Borghese!
JM: The entrepreneurial environment, the responsibility and the flexibility. There was no bureaucracy and I was given far more responsibility than I deserved. It made life fun and interesting.
JW: I enjoyed the freedom the most. It was definitely exciting work, and being able to work while traveling (i.e. at the beach) was fantastic. It really tests your ability when you have no one to answer to and no one to lean on.
6) What was your main takeaway from the internship?
CP: I took a chance this summer to work at something completely different, and it was really worth it, helping me to focus on my career goals. I'd encourage students to be more creative in their job searches and not rule out the great learning experience from an abundance of smaller companies.
JM: I decided to try something interesting,
but totally different than my former life...in every possible way (work, lifestyle, geography). I learned a ton about real estate development, but also about being an entrepreneur. I also discovered a lot about my career aspirations.
JW:I went out on a limb and did something that most students don't. Part of my compensation package was paid out in BBQ, for goodness sake! But I loved it. It was a great experience and one that I wouldn't trade. I'm planning on something small-scale and entrepreneurial next fall, so it was invaluable in terms of preparation.
7) Has it changed your perspective of entrepreneurship, and if yes how so?
CP: It has reinforced my desire to be an entrepreneur. Entrepreneurship is not rocket science- everyone here is very capable of starting their own business. It's about getting comfortable with risk, unstructured environments and oneself. Though I cannot predict future financial rewards, the personal rewards are invaluable.
JM: It has not changed my perspective, but given me new things to think about. It is a different lifestyle and risk/reward profile than many other career paths. It also confirmed that owning equity is ultimately where you want to be if you believe in yourself and your abilities. It does not take a brilliant mind. In fact, a simpler approach has many advantages.
JW: Entrepreneurship is really all about execution. The ability to perform in that setting, scrapping and kicking until your business is a reality, is key. To those students who were former entrepreneurs, congratulations - few people realize your accomplishments. To those who are aspiring, we should grab a beer; who knows what job you'll walk away with.