Contributed by Soon Wan
(Region 1 GOLD Coordinator)
you have a business idea, and want to know how you can
put your idea into the market and become a successful
entrepreneur? On November 07th, 2006, IEEE
Boston GOLD (Graduates Of the Last Decade) and
Massachusetts Institute of Technology (MIT) IEEE Student
Branch joint hosted a free seminar on business and
entrepreneurship at the MIT Stata Center.
And, Professor Kevin Krauss
got all the answers.
Professor Krauss currently serves as Professor and
Director of Suffolk University’s Center for
Entrepreneurial Studies. His current activities also
include serving as advisor/board member and or CEO to a
number of emerging technology companies including Dirt
Glue Enterprises, Trilithon Technologies, Masterbond, SP
and Advin Systems. At the seminar, he provided the
Students and GOLD members the vision, knowledge and
skills that they need to succeed in business. This was a
great opportunity for the young professionals to come
and learn more about business and entrepreneurship.
In the two
hours session, Professor Krauss shared over thirty years
of his experience on business and entrepreneurship with
the audiences, and articulately spoke about how to setup
a new business or company.
He used many of his life experience and real
business cases to prove the facts and his points. He
interacted with the audiences, and got them involved on
a business negotiation.
entrepreneurship is to experience failure,” said
Professor Krauss. In fact, seven is the average number
of failures before a CEO succeed. He added that
entrepreneurs understood two basic concepts: (1)
Problems represent opportunities (2) High rate of
failure is part of the learning experience and process.
Unrelenting drive or obsession is the single most
critical of an entrepreneur’s character.
The skill sets
needed to be a successful entrepreneur are (1) Idea
Creation (2) Business Skills and (3) Experiential or
Emotion Skills. Ideas are everywhere: there is a
problem, or a way to do something better, faster, or
develop your business skills, you can self learned, and
acquired through building a team, or from
undergraduate/graduate degree in Business.
Krauss taught the audiences how to raise money for their
business. There are five main sources: (1) F&F: Friends
and Family, (2) Angels, (3) Venture Capital, (4) Banks,
and (5) Self-Funded. He explained the different between
these sources, their advantages and disadvantages.
Krauss concluded the seminar by saying that
Entrepreneurship is a state of mind that says, “I will
make something happen.” Do it and make it happens, and
do not just think about it.
The mission of
IEEE Boston GOLD is to develop programs and foster
relationships, to provide tangible value to members, to
promote the GOLD program to students, and to recruit,
develop, and nurture volunteers. Anyone
interested in finding more information about IEEE Boston
GOLD or this event, please visit
contact Boston GOLD Chair May Wan at