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MichelleNguyen
LCD Designs Inc. | michelle11@justice.com | President | 01/12/2003 | Executive
Michelle was President of LCD Designs Inc.##comma## a website and programming company.
What kind of training or education did you acquire before your venture?
I am 22 year old entreprenuer. I was President of LCD Designs for two years##comma## until we decided to shut it down. Currently##comma## I am designing and building gadgets as well as working on software programs. My background in business consist of starting LCD Inc##comma## and knowledge in filing for patents.
What services or products does your organization offer?
My company focused on designing websites and writing databases for clients.
What type of business or organization do you operate?
Corporation..the choice centered around which structure protected the individuals the most from losing their assets.
How many employees do you currently have?
11
How did you originally discover the idea for your organization?
Executives sat together and discussed the best way to go about in structuring the company. We listed to pros and cons of each model. We listed every possible way that a model could go wrong.
How did you originally fund your organization?
Personal Funds
Are you the founder of your organization?
Yes
Do you believe there is any distinct culture within your organization? If so, please describe it.
What obstacles or challenges have you faced in your organization?
The biggest obstacle is understanding that everything is business##comma## not personal. Starting a company with a group of friends can have its advantages but disadvantages as well. In business##comma## there are no friends or family##comma## there is only business partners. If you start mixing emotions with how you handle business##comma## your company will fail. How did we overcome this? We didn##aps##t that is why LCD no longer exists.
Did you accept any advice along the way? Do you believe new organizations should be open to such advice?
It##aps##s important to find mentors and advisors who are experts in your fields. In addition##comma## your mentors will also provide you with valuable networking opportunities.
Did you receive any help along the way from other businesses or organizations? If so, how and from whom?
What have been the keys to success in your business? What do you believe are the keys to success?
What kind of relationship do you establish with your customers or clients?
What types of marketing do you employ?
Do you employ any web or online marketing?
What role does trust play in business or in your organization?
1. Don##aps##t mix business with personal
2. Management is key to growth
3. Contracts for everything
4. People change when money is involved
5. Don##aps##t rush into things
Did you struggle with starting your own organization or venture? Why did you decide to begin on your own?
I envisioned it for awhile. Business is my passion. I enjoy the challenge and the amount of dedication it involves.
What books or resources would you recommend for individuals starting off now?
1. Warren Buffet by Robert Heller
Anything Warren Buffet writes
Buffet is a smart man. He does things that business schools don##aps##t teach you. It##aps##s important to read about the different ways people handle business##comma## from it##comma## you can develop your own technique and strategy.
2. Innovation and Entreprenuer
By Peter E. Drucker
3. E-boys
Do you notice any trends in the marketplace? If so, what are they?
I see business rearing towards wireless technologies##comma## the game industry##comma## and especially combining technology in sorting medical information.
Do you believe networking and contacts are important? If so, how?
VERY IMPORTANT. Remember##comma## it##aps##s not WHAT you got##comma## it##aps##s about WHO you know and what THEY got.
What do you think about contracts and other legal obligations? Are they important in your business?
Trust your instincts.
If there is one thing that would sum up your advice to new entrepreneurs, what would it be?
I don##aps##t think that you need a MBA to do business. You can start doing business anytime you want. It will be harder to start and harder to get ##quote##experts##quote## to talk to you but it can be done. A MBA will just make the transition easier.
What, if any, final advice do you have for new entrepreneurs?
Surround yourself with people who are passionate about the business as you are. You don##aps##t want a hanging load of weight pulling you down. Passion = Success
