10-28-08 - Entrepreneurship Class Notes 10/28/08...

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Entrepreneurship – Class Notes – 10/28/08 Professional management experience applied to a venture Union Corrugated o Family owned business o Started by grandfather o Her father was an attorney Laurie Union – went to Harvard Hands-on the case study method o Working with actual business situations She stayed in Boston – DID NOT move to North Caroline 1 st phase – Team building 2 nd phase - Product development/Expand sales 3 rd phase - Improve overall management What was the first thing that Laurie did with the sales team and why was it effective? 50% salary and 50% commission o Some level of incentive is important o “skin in the game” 100% commission sales job- you don’t get good people to take those kinds of jobs. o Too much pressure to sell How did Union recruit sales people? Newspaper ads Hire recruiters o Recruiters make 20%-30% of the person’s first year salary She liked the sales people Union made: Corrugated steel o Used for roofing o Used for building barns
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Livestock containment areas She hired people: o Sales experience o A lot of contacts o The process of deciding
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10-28-08 - Entrepreneurship Class Notes 10/28/08...

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