“The theme of the conference “Out of the box” is a really good one. It’s important to observe new opportunities wherever you are. Students have a great opportunity to expand their minds, and they should experiment with different ideas unfamiliar to them, perhaps in their city or country or during a placement overseas” said Zev Siegl, co-founder of The Starbucks Coffee Company. Siegl delivered the CIAN keynote at CETYS University International Campus at Ensenada.
The entrepreneur and current consultant/advisor on financing for small and medium-sized companies highlighted, at the end of his lecture, that students should join the practical business world later in their education. What students must do in the first two or three years at the university is to explore ideas that they are not familiar with, thus expanding their minds. That kind of balance is extremely important to end up as a fully formed individual.
He also said the students should allow themselves to be stimulated by observation:
“But then you have to do research if you are really seriously interested in a new project for the organization you work for or for starting a new business. Evaluate its feasibility, always with an equilibrium between free thinking and reality”.
Zev Siegl also stressed that is also vital to do a financial analysis of what the effect of your idea will be. “Financial forecasts and financial management are vital. If you are not good at these things, look for someone who can help you. You should surround yourself with advisors, professionals like lawyers, accountants, that will help you to have a successful company”.
Finally, he stressed that learning to work with investors is a skill that entrepreneurs must have. Investors live in a different realm than entrepreneurs, and entrepreneurs have to learn to communicate with them. They need to understand what information the investors need and that investors want a return that offset the risk of their investment. If not, this is usually the end of a new idea.
Zev Siegl, together with Professor Jerry Baldwin and the writer Gordon Bowker founded The Starbucks Coffee Company, starting operations in 1971. Later, in the early 1980s, Zev left the firm to continue his path as an entrepreneur and advisor through his own consulting company.
In addition, he dedicates a large part of his life to giving lectures to young entrepreneurs around the world; that is why he participated in the International Congress of Administration and Business (CIAN), an annual event organized by the students of the School of Administration and Business of CETYS University Campus International Ensenada.