Wharton reject narrates string of successes

What's on mega-entrepreneur Ted Leonsis' holiday wish list?

It could be a company he has had his eye on, a fourth sports team, second stadium or a third motion picture.

In his keynote address at the 11th annual Wharton Entrepreneurship Conference, themed "Confessions of an Entrepreneurial mind," Leonsis told his story to over 500 Wharton MBA students, undergraduates, venture capitalists and aspiring entrepreneurs.

Supriya Uchil, conference Chair and Wharton MBA student, said Leonsis was chosen because he is a "serial entrepreneur - he does many different things and has a great diversity of skills."

Leonsis' first enterprise was SnocoLoco, a company producing snow cones he founded in 1976 while studying at Georgetown University.

After surviving a plane crash in 1983, Leonsis made a list of 101 things to do before he dies. This, as well as the chip left on his shoulder when he did not get accepted to Wharton, has driven him to where he is today, he said.

Leonsis followed his passion for technology and founded six personal computer magazines as well as the Leonsis Index to Software Technology ("LIST") - a sort of TV Guide for the computer software industry - that he sold for $60 million.

"When I was young, I actually thought that was the win," he said.

But the winnings quickly increased. Leonsis founded Redgate Communications and in 1993 merged with AOL, placing him at the helm of a corporation that soon became the largest media conglomerate in the world.

Leonsis served as president of five AOL units as well as AOL Vice Chairman during the time of the company's peak growth - when it was worth $200 billion, after going public at a net worth of $400 million, and after undergoing seven stock splits.

Leonsis attributes some of AOL's success to one of his most important tenets.

"Listening to the consumer is always the most important thing," he said. "This will allow you to make products that have virtue, that people can identify with."

Leonsis also stressed to aspiring entrepreneurs that "doing things quickly to get big fast is one of the best virtues of the company. If you cannot grow at 25 percent per month, you will not be taken seriously."

Aspiring entrepreneurs, some expressing frustration and doubt, came to Leonsis' speech looking for answers and inspiration.

Shingo Yatsui, an MBA student who participates in the Venture Initiation Program, is inventing a battery that can be recharged simply by shaking it.

"Should I take the entrepreneurship route or go for the good life?" he wondered before beginning on his invention. "All my classmates are entering investment banking and I'm here trying to start my own business."

Wharton MBA student and conference Vice President of Sponsorship William Hsieh said audience members "could relate to the ups and downs" of an entrepreneurial career.

Please note All comments are eligible for publication in The Daily Pennsylvanian.