By Austin King
Even in a tough economy, entrepreneur Andy Smith said you have to be optimistic, have a sense of urgency and accept responsibility. These are part of a roadmap he calls “entrepreneur thinking.”
Daytona State welcomed Smith as the keynote speaker in the eighth edition of the Entrepreneurial Speaker Series. The event was held at the L. Gale Lemerand Center and attracted business majors as well as local business owners looking for advice during an economic downturn.
As president of the investment banking firm Houlihan Capital, Smith has worked with S&S Enterprises, Huntley-Jiffy Stores and many other successful business ventures. Through these experiences, he believes to have found the keys to a profitable business.
To stress his belief that school is never out and learning never ends, Smith gave the audience a recommended reading list, with 23 books about business, entrepreneurialism, and mental toughness. Included on the list was L. Gale Lemerand’s “To Win in Business…Bet on the Jockey.”
“You have to take ideas, leverage them and find solutions to problems,” Smith said.
He believes understanding cash flow in a business is vital and the more concise a business plan, the better. He shared his business model, “Ready-Aim-Fire,” and recommended aspiring entrepreneurs to shape their business around this design.
As an example of a business venture that struggled upon inception, Smith shared the story of Amazon.com. The online marketplace was founded by Jeff Bezos in 1994 but failed to profit until 2001.
To close his presentation, Smith shared his thoughts on which areas might be the most profitable in the future. He believes business opportunities exist in alternative and renewable energy, healthcare, for-profit education and neuroscience brain technology.
“Entrepreneurs see the world differently,” Smith said. “They are able to copy the success of others, overcome setbacks and have fun.”