Ernst Volgenau, a master entrepreneur and the namesake of George Mason University's School of Engineering, sat down with business and engineering students Thursday for a heart-to-heart on the lessons he's learned throughout his distinguished career.
Volgenau, an engineer, author, U.S. Air Force veteran and the chairman of the board of SRA International, a Fairfax-based information technology consulting company he started in 1978, told students there are four things to remember if they want to become successful entrepreneurs:
Pick a good market and a good market edge (distinguishing factor) that sets the company apart from others.
Hire good people and treat them well.
Have a set of ethics and culture that supports company's views.
Treat customers well.
These seem like mundane things, but they are fundamental to success, Volgenau said—and upper-level management sometimes forgets these things.
While his company grew rapidly in its first five years and went on to be named one of the Top 100 Best Places to Work for 10 years, there were mistakes made and times when they didn't remain true to their values and company views, he said.
The company drifted away from their culture and values in 2007 when the acquisition of another company turned out to be a bad idea.
"It was a lemon," he said.
The acquisition was well-intended by the CEO at the time, but SRA International didn't know anything about the business it had just bought into.
When asked by a student to discuss a time he'd lost sleep over his business, Volgenau said it was when he learned he'd made a bad hire after someone in the firm's accounting department made off with a million dollars.
He encouraged the students to never stop learning, even if they become successful entrepreneurs.
A version of this story by Jamie Rogers appeared in Mason News on May 1.
