Entrepreneurship Q&A: Charlie Goff '73, New Capital Fund

From your experience, what are the characteristics of a successful entrepreneur?
Successful entrepreneurs are those who can:

Visualize opportunities. I recently read a story about the founder of Netflix who got the inspiration for his business when he became upset by a late fee from his local DVD rental store. He went on to create a direct mail, many titled movie rental company that didn’t charge late fees. Why didn’t Blockbuster think of that?

Have intensive focus on the business at hand. If your wife asks you to pick up milk while driving home and you arrive never having gone to the store, then you might have what it takes.

Understand the science. Most successful entrepreneurs I know conceived their new business while working for someone else. By leveraging existing industry knowledge and contacts they were able to envision a business proposition that had a reasonable chance of success.

Be a good steward of shareholder capital. Effective entrepreneurs carry a balance sheet in their head and have an inherent understanding of when to burn or conserve cash given the opportunities available.

How is UW Oshkosh inspiring or preparing students and grads to become entrepreneurs?
It’s been said that education is what survives when what has been learned is forgotten. I can’t recall a lot of what I learned at UWO, but my education there gave me a lifetime love of learning. A successful entrepreneur must constantly be committed to keeping up with the leading edge of knowledge in one’s chosen field — and  UWO does a fine job in preparing students to do just that.
 
In your expert opinion, what is the current trend for folks taking the entrepreneurial leap across the country? Does the economy impact these choices one way or another?
Certainly in this economy there are many more people considering entrepreneurial opportunities then when corporate employment was more stable. I am not sure starting a business because you are out of a job is the best advice. Small business success banks upon a solid business proposition; those opportunities rarely come about at the exact time a person’s employment situation changes. 
 
Do you think the statistics reporting that for the most part most new, small- to medium-sized businesses fail in the first two years still reflect the trend?
The only perspective I have is the eight businesses we started in our Fund. When we were recruiting partners to join NEW Capital Fund we said to expect half of our portfolio businesses ultimately to fail. Fortunately, I expect our actual failure rate to be significantly less than that. The key in beating the odds is to combine quality management with world-class technology that can quickly create scaleable revenue. 

What do you see as the distinctive feature(s) of this university in creating a spark of entrepreneurism in its students?
The College of Business is doing a good job in connecting students with alumni through the guest speaker program and efforts such as “networking night.” Progress is also being made in connecting students to meaningful internships within the region. 
 
Is there one experience and/or person (faculty, staff, alum) at UW Oshkosh that sparked your career choice?
I was lucky enough to be part of the first class at UWO that graduated with a minor in computer science. That background led to my first job as a systems analyst and my IT experience has been useful ever since.