“Building a world class innovation machine, one start up at a time.”

That is the ISU Startup Factory’s motto that is applied to every aspect of their organization and it is no different when it comes to preparing Iowa State business students and Ames community members.

Some 60 students and community members, who aspire to be future entrepreneurs, gathered Saturday morning in Gerdin Hall to partake in a workshop hosted by the Startup Factory. Students and community members listened to a variety of speakers, all specializing in specific areas needed to run a successful business.

The speakers ranged from insurance, accounting, legal aspects of running a business and operating a successful business.  Not only were business speakers of larger businesses, there were also speakers from small business, such as Terry Stark, the owner of Main Street’s Chocolaterie Stam, here, in Ames.

A piece of advice from Stark to students was to remain hopeful.

“If you’re young, don’t worry about making it yet,” Stark said. “You can change. You have time to change.”

Stark’s presented a list of key elements that he learned of running a successful business.

1.       “Build that network, and don’t be afraid to take a chance,” Stark said.

2.       Stick to what you know

3.       Maximize all resources. “You can buy all brand new, or you can get resourceful.”

4.       Create multiple streams of revenue. “At Stam, we sell chocolate, but when it isn’t in season, we sell more gelato. We also sell scarves and other gift items.”

5.       Serve the broader community. Get involved.

6.       Excellent customer service. Stark says that is the basis of Stam. “We want to make our customers even happier than when they came in happy.”

Stark worked in law enforcement for 30 years after earning an Iowa State degree as an adult student; however, there was a piece missing, and that turned out to be owning a small business.

Chocolaterie Stam stores had always been owned by the Stam family members, but Stark was the first to own a shop being outside of the family. He asked Stam if they were ready to expand outside of their family, gave him a piece of paper with his name and phone number on it, and Stam tore it in half instantly. Turns out Stam contacted Stark 10 months later saying he was ready, and that is where it started for Stark.

Another speaker, Jim Patton with the Iowa Small Business Development Centers. Patton assists those looking to establish a small business, which certainly pertains to students and community gathered at this workshop.

Patton’s first piece of advice was to find your true interest.

“If you’re going to be in a profession, you better like it,” Patton said.

Patton stressed this, because this business will be your life, and if you like it, you may better succeed.

The former banking businessman also presented a list of what you need to do to be successful.

“[What you need to do to be successful] is a big question,” Patton said, but to simplify it, it would be the following:

1.       You can never have enough education. “I think it keeps your brain thinking,” Patton added.

2.       You can never have a big enough network.

3.       Always do more than what is successful. “Put the extra out, and if you have a passion, you’ll do that,” Patton said.

Of legal aspects for business, Tim Gartin from Hastings, Gartin & Boetteger LLP advises clients of three things.

1.       The CPA assist with entity selection. “You’re always going to be responsible for your actions,” Gartin said.

2.       The No. 1 stumbling block is on the books. “Do your own books for at least 6 months. Take it in to your CPA to correct … CPA will help you with tax implications. They will be with you year after year.”

3.       CPA will help their clients make good business decision.

4.       Most business with more than one employee do not have a buy/sell agreement, which sets a price for an entity, “and that is a shame … The goal is to set a value that is fair.”

Lastly, two Iowa natives, Nathan Halia and Sam Schill, who created the app, called Tourney Machine, spoke about their experience in the business, idea types and marketing types.

The foundation of it all, according to the two, is solving a real problem and answering ‘who are you creating for.’

From a marketing standpoint Schill shared what the two did that really drew people in, which was a simple, straightforward email that addressed what exactly their product did.

“If it is want [the people] want, they will respond to it … you don’t have to make it beautiful and sexy,” Schill said.

To reach as many people as possible, the due utilized email, a website, demos, no flashy ads or a ton of expensive jockeying for Google Ad Words and customer service.

“Building a great product and telling people about it is much easier than ‘selling’ garbage,” the two said.

The workshop is provided to students so that they can brainstorm ideas of what they want to do during their careers, as well as ask professionals questions they may have, while they can.

The Startup Factory is channel at Iowa State students to get their foot in door when brainstorming ideas for potential businesses or career paths. It is a “movement focused on building successful companies … it is the physical manifestation of where [creation happens,]” their website says.