Jim Farrell

President, f'REAL! Foods, LLC
MBA Class of 1985
Entrepreneur's Tool Kit 1998

Prior to attending The Entrepreneur's Tool Kit I was general manager of the FoodService Division of Edy's Ice Cream. I've always been an inventor at heart, and I came up with an idea for a device that would make real old-fashioned milkshakes, but in about a quarter of the time it normally takes. Many restaurants don't even put milkshakes on the menu anymore because it's too time-consuming to make them; yet people love and are willing to pay for a good milkshake. Therefore, I was quite sure there was a large market for this product. So, I left Edy's to develop my idea into a business. I received a flyer in the mail about The Entrepreneur's Tool Kit, and it looked like it would be very useful as I was just getting my venture under way.

Three Key Elements

There were three elements to the program that I found most helpful. First, the lectures hit on specific issues that I was encountering, or ones that I knew I would down the road. Entrepreneurship is a series of firefights. You always have four or five fires burning at the same time, and that's what you're intensely focused on-there's always time pressure. The lectures addressed the kinds of issues that turn into firefights, so you're more prepared to deal with them when they hit. For instance, through listening to the presentation by a lawyer, I saw that it is absolutely vital to have a good attorney, someone who is familiar with entrepreneurial types of ventures, and who is thinking through how things are likely to develop. Second, with the case studies you see these issues brought to life. In almost every case, the protagonist was there at the class, and we got to ask them what ultimately happened to them. Seeing people face these challenges, and make difficult decisions helps to raise your confidence. You realize that people have encountered these firefights and not only survived but truly thrived, and there's much to be gained from that. Finally, what I found most refreshing about the program was the chance to huddle with a group of people who were passionate about their ideas and who were ready to take the plunge. There's an energy to that that is very inspirational. A lot of companies start with at least two people, but I was a Lone Ranger, so to speak. This venture was mine alone, and it was very helpful to have some peers to run things by-to say, "Here's what I'm thinking. Do you think it makes sense? Tell me what you think could be improved." Through talking with others, I could tell that everyone found the prospect of starting a business to be daunting and exciting at the same time. We all have our insecurities and doubts, but you gain assurance just through that camaraderie. We learned that there really is no road map to follow-and that's okay. You figure it out as you go.

The Ever-Twisting Road of Entrepreneurship

In the time since the Tool Kit, my venture has gone through a number of twists and turns. My original plan was to start a new company based on my idea, but in order to achieve faster development and rollout I decided to license my technology to an existing company, which then put it into its product line. This was a royalty deal, though the arrangement was such that I could increase my royalty by helping the company, and I did consulting work for them. Later, another company bought out the company, and I was completely out of the operating part of the business and solely a licensor. Unfortunately, my concept languished without a passionate advocate behind it. Then, as is typical in the ever-twisting road of entrepreneurship, the company that was in control of my product went through a downturn and a restructuring, and I was presented with the opportunity to take the product back out of the licensing agreement and operate it as an independent company-which was my original idea! This is where it is today. We have completed development of a second-generation milkshake mixer, and we are having great success pursuing the opportunity. The passion and fun is back, and my original idea is finally being accepted and recognized as a breakthrough product in a major market area.

Learning to Jump

I think the important thing to remember about a program like the Tool Kit is that you're going to come out of it with some essential tools that will help you get started, and some others that will stay with you throughout your career. But since it provides a tool kit after all, not just some tools, there is also room for many more tools that you'll add along your entrepreneurial journey. By definition, entrepreneurship means you're doing something new. You are constantly facing situations you have not faced before, and you have to make difficult decisions that can have tremendous impact on your venture. You learn that you have to opportunistically gather whatever information you can, be analytical, think hard, and trust your instincts. And then you've got to jump!