Insights on Building a Billion-Dollar Business from Matt O'Connell at SatSummit Conference
Learn from Matt O'Connell's experience in building a billion-dollar business through key management mottos, lessons from GeoEye's growth, and essential principles like customer focus, credibility, and strategic prioritization. Discover valuable insights on selling strategies, exceeding expectations, the Golden Rule in business, and managing risks effectively. Gain actionable advice on achieving business success from a seasoned entrepreneur.
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How To Build a Billion Dollar Business Matt O Connell SatSummit Conference January 31, 2017
Background 1. Disclaimers: Not a writer, no MBA, no training to be a CEO or an entrepreneur. 1. My top 10 Management Mottos. 2. Lessons I learned while I worked on building GeoEye. I saw an opportunity before my peers digital mapping and products. 2. GeoEye hyper-growth: 1. 2003, total enterprise value $33M ($225M of debt), employees 60, revenues $9M/year. 2. 10 years later, we sold it. Enterprise value ~ $1.3B. Employees 760 and revenues ~ $470M.
1 1. Stop Selling what you have; start selling . Stop Selling what you have; start selling what they want what they want (IBM ad circa 2010) GeoEye History - 2001 US Remote Sensing Industry: 3 companies - engineering supported by sales and marketing. Collective loss ~ $1B GeoEye (then Orbimage) - changed to Sales and Marketing supported by engineering. BCG same as Boeing Airbus Focus on the customer Impacts: Marketing expense: PT Barnum. Without promotion, something terrible happens: Nothing. Compensation pay salespeople a lot (on commission)
2. 2. Under Promise, Over Deliver Under Promise, Over Deliver Easy to say, but hard to do. Like Buy Low, Sell High or Keep Your Eye on the Ball . GeoEye how we got through bankruptcy Applies to customers, investors, partners, employees, and suppliers. Credibility possibly the most important asset in any business.
3. The Golden Rule: 3. The Golden Rule: Do unto others as you would have them do unto you have them do unto you Do unto others as you would Applies to customers, investors, partners, employees, and suppliers To get anyone to do anything, you have to focus on the way they think and what they want and make it appealing to them. Think and say we . Press releases, speeches. Be Accountable Take responsibility for decisions.
4. 4. Eyes on the Prize Eyes on the Prize - - Prioritize carefully and manage risk very carefully and manage risk very carefully Focus on a few key goals (Reagan) Risk analyze carefully (especially if you plan to go big or go home) GeoEye Space Imaging auction assumed more risk than DG was willing to; bid less cash My priorities: Customers; Investors; Board; Employees; Strategy Prioritize carefully
5. 5. Impatience is also a virtue Impatience is also a virtue Barry Diller: our parents said if something s worth doing it s worth doing well. In today s technology and communications industries, if something s worth doing, it s worth doing fast. Don t wait for perfect information or resources Leaders have to make decisions with maybe only 75% of the facts if they wait for 95% they will be followers.
6. Die Hard 6. Die Hard - - Persistence Persistence Persistence Nothing in the world will take the place of persistence. Talent will not; nothing is more common than unsuccessful men with talent. Genius will not; unrewarded genius is almost a proverb. Education will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent. (Ray Kroc, McDonalds Founder) Caveat: Face reality as it is, not as it was or as you wish it were. (Jack Welsh, GE CEO) Compromise - Cut your deal accept compromise. Reagan. Einstein: definition of Insanity: doing the same thing over and over again and expecting different results.
7. 7. Listen hard Listen hard You have 2 ears and 1 mouth; use them in that proportion. Never think you are the smartest one in the room. Opportunity knocks but once and usually softly. Every CEO candidate for Orbimage (GeoEye predecessor) turned down the job. Listen to what they are not saying (like Jazz)
8. Be Proactive 8. Be Proactive You miss 100% of the shots you don t take. Wayne Gretzky Don t be afraid to try something new. Miles Davis: No such thing as a wrong note in jazz; it s what you play next that counts. GeoEye Hyper-spectral collection from planes
9. Be upbeat 9. Be upbeat (Reagan) Focus on opportunities, not problems Show courage to those on the front lines Gen. Herkimer. Revolutionary War. Wounded, then smoked. Turn defeat into victory Chumbawumba: I get knocked down . Every Friday
10. Be a dreamer 10. Be a dreamer and and a doer. a doer. Think outside the box but then execute inside it. Steve Ross (Warner Bros. CEO): don t be a dreamer w/your feet on the desk or a nerd w/your nose the grindstone all day. Work hard, then put your feet up and dream, then work hard to achieve your dream. Caveat: A dream is just a dream. A goal is a dream with a plan and a deadline. Chuck Dolan (cable pioneer). German Irish. GeoEye win/lose. Ambiquity Quotient (AQ)
How did I get here? How did I get here? Talking Heads And you may find yourself And you may find yourself And you may find yourself in a beautiful house With a beautiful wife And you may ask yourself, well, How did I get here? In another part of the world Behind the wheel of a large automobile
