What can we learn from entrepreneurs? As it turns out, a great deal.
Below is our question and answer session with Douglas Cottle, a man who has built his businesses from the ground up, enduring hardships and learning tough life lessons along the way. Here, he shares his experiences candidly:
Interviewer: Douglas, what is it you do now?
Douglas Cottle: I’m president of my own software development company.
Interviewer: Can you tell us a little bit about your background?
Douglas Cottle: I have a degree in computer science have had the opportunity to work with some of the top Fortune 500 firms for the past 25 years. I’ve been lucky enough to work in many different departments with many types of people – salespersons, IT professionals, marketers. It’s helped me as an entrepreneur.
Interviewer: So when did you strike out on your own?
Douglas Cottle: In early 2001, I started my own business. Little could I predict that September 11, 2001, would occur. During that time, many small businesses shut down. I was fortunate in that mine survived.
Interviewer: That must have been difficult. Was 2002 a better year?
Douglas Cottle: Actually, 2002 and 2003 were both very difficult times. I had a business partner who I forced to resign. It was a matter of him and his wife embezzling from the company. Not only was it hard from a corporate standpoint, but dealing with the broken trust factor was just terrible.
Interviewer: But you didn’t give up?
Douglas Cottle: Of course not. I really believed in what I was doing, and the hard work finally began to pay off. Between 2003 and 2007, business was amazing. It was during that time our company released a long-awaited product which instantly became a bestseller. We had sales in 50 different countries. It was amazingly rewarding. In fact, our business won several honors, including best sales strategy and best software… not to mention that we were recognized through CRN as one of the top 163 best small technology companies. That was so incredible.
Interviewer: It sounds like you were on your way to true success… but I know in 2007 something else occurred. Can you tell me a little bit about it?
Douglas Cottle: Absolutely. In 2007, Microsoft released their latest Operating System, Vista. Unfortunately, I came to discover that our OEM partner didn’t support Vista. This forced me to find another OEM partner, setting our business back about 18 months in terms of sales and development. Today, we’re fully functional with all Windows-based Operating Systems, but it took some time to get to this point.
Interviewer: Yours is an amazing story. Is there anything you would change?
Douglas Cottle: To be perfectly honest, I would keep family away from all entrepreneurial adventures for the good of the family. Remember the person who embezzled from my company? It was my brother-in-law and sister. When I had to fire them, it was devastating, although it was the right thing to do to protect my company’s shareholders. So I always encourage people to keep family and business separate if at all possible.
Interviewer: So what final advice do you have for other entrepreneurs?
Douglas Cottle: There is no "right" path for any individual in any venture. It must be lived as discover-as-you-go experience.