Cinema MBA Startups: Jerry Maguire | Verge Advisors

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Cinema MBA Startups: Jerry Maguire

What can the movies tell us about business? More than you might think. There are many movies out there that offer rich case studies of what drives success and failure in business. I have chosen a few of my favorites which I go back to periodically for inspiration and entertainment. Jerry Maguire is one of the few movies that really gives a first hand account of the unbelievable highs and lows you experience that first year as an entrepreneur. His story is of a successful sports agent that finds his conscience. We watch him as he goes from unfulfilled business success to the brink of total disaster and then finally emerges as the triumphant agent who really does care. It starts with a mission Jerrys journey starts when he makes the rash late night decision to write a mission statement and distribute it to everyone in his company at their annual conference. He describes it: I had lost the ability to B.S., it was the me I had always wanted to be. That is how many businesses begin, with the search and belief that there is something better to be created. An ideal. For anyone who is considering going into business, I strongly encourage you to write a mission statement as early as possible. For me, my first mission statement acts as a compass that represents the pure vision of what I hoped to create. Surely there are some things that change over time, but the values and enthusiasm should not. Whos coming with me After the release of his mission statement, Jerry is unceremoniously fired and loses all but one of his clients on the first day. As he packs his things to leave the office for the last time he fully expects his assistant to come with him. She does not. In a desperate attempt he implores the office, if anybody else wants to come with me, this moment will be the ground floor of something real and fun and inspiring and true in this godforsaken business and we will do it together! All decline except for one. When you take the big leap, many clients, colleagues, friends and family you thought would be with you decline to come along for the ride. Starting something new is not for the faint of heart. Be sure in what you believe and start with the expectation that you will carry the vision alone because many times it will feel that way. To the brink and back again I also like how Jerry Maguire shows us how low the lows can get. He remarks, Twenty four hours ago, man, I was hot! Now Im a cautionary tale. You see this

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Cinema MBA Startups: Jerry Maguire | Verge Advisors

http://vergeadvisors.com/2007/11/02/cinema-mba-startups-jerry-maguire/

jacket Im wearing, you like it? Because I dont really need it. Because Im cloaked in failure! In exasperation he utters what I feel is the best representation of what it is like to be an entrepreneur in year one: It is an up-at-dawn, pride-swallowing siege that I will never fully tell you about. Entrepreneurs remorse, which is a natural feeling as you navigate the quagmire that is a brutal learning curve. Part of you regrets the day you started, but for those that succeed the belief that you are fighting the good fight wins out. Listen to your conscience In the movie, Jerry constantly remembers truisms spoken by his mentor Dickie Fox. These ground him and act as his conscience as he does business. As we see Jerry finally succeed on his terms, you witness the well up of emotion and satisfaction that comes with building something you are proud of. Dickie Fox says, Im not saying I have all the answers. I have failed as much as I have succeeded. But I love my life. I love my wife. And I wish you my kind of success. Remember what you want to create, cling to it with all your might and enjoy the ride. Tags: Startups, Books & Movies Quiet on the Set! Posted by Jonathan Iannacone Email This Email Article | Share on Twitter Twitter | Share on LinkedIn LinkedIn | Submit to Digg digg it If youve scheduled an appointment with us over the past few weeks you might have noticed that parking has been quite scarce in Back Bay lately. This is because there are no less than three major movies filming in our neighborhood with more set to film in the next few months. You might ask yourself, has Boston suddenly become the it place to be? Why here, why now? I can tell you the simple answerTax Credits. According to an October 12th Boston Business Journal article A Trickle-Down Story from Hollywood, major movies have spent $154 million in Massachusetts since a new Tax Credit came into effect in 2006. This compares to $67 million spent over the 7 years before the legislation. I would say the credit has been pretty effective so far, wouldnt you? If you can look past the inconvenience of that large production trailer sitting in your preferred parking spot, you will arrive at a fundamental truth: the Tax Code might be the single most effective tool the government has to influence behavior. Think 401ks, home ownership and sales tax holidays. Using the Tax Code works and it helps to supercharge economic activity. These movies need actors, extras, costumes, makeup artists, storage facilities and movers. This is in addition to places to eat, sleep and shop. Translation: jobs. So the next time you see Kate Hudson walking down Newbury Street, be sure to thank her for doing her part to help the Massachusetts economy keep on rolling. All the recent movie activity has given me an itch to write about what you can learn about business at the movies. In the next few weeks, I will pick a few favorites that I feel teach the most about successful business practices. Get your popcorn ready! Tags: Taxes

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Cinema MBA Startups: Jerry Maguire | Verge Advisors

http://vergeadvisors.com/2007/11/02/cinema-mba-startups-jerry-maguire/

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