Jason Mack, VP of Business Development at Michigan Tech Enterprise Corporation (MTEC) SmartZone, hosted an innovation event to give students the opportunity to learn about entrepreneurship last week.
Mack has a masters in business administration, a bachelors in science in mechanical engineering. Mack earned his degrees from Michigan Technological University. Currently, Mack works for MTEC SmartZone in Houghton, a nonprofit that specializes in helping technical businesses get their start. He is well-versed in the industry and helps entrepreneurs create successful businesses.
Another consideration for starting a business is cash and where to find it. Mack said, “There’s money and then there’s money.” He then went on to explain the importance of connections and that networking is one of the single most important things to do, knowing certain people can create opportunities otherwise not available.
Another question revolved around consultants. Mack explained that deciding whether or not to utilize a consultant depends on the business. It comes down to if the entrepreneur is willing to spend long hours of research to become an expert. If not, hiring a consultant who is already an expert is the best route to fill those needs.
Mack ended the discussion with the following fundamental concepts: pick people who are good at what they do, and find people who do things that you can’t. Finally, remember to always ask, “Is the squeeze worth the juice?”, and be aware that “entrepreneurship is not for the faint of heart.”
