Advice from Distinguished Entrepreneurs

Entrepreneurs on Stage
Listen

Eleven members of Babson’s storied Academy of Distinguished Entrepreneurs® returned to campus as part of the College’s Centennial Celebration. In candid interviews in front of an international audience of students and alumni, the entrepreneurs offered behind-the-scenes stories about how they built their companies.

In their own words, here are their insights on how to build a business, management lessons, and advice for budding entrepreneurs.

What have you learned from the highs and lows of your entrepreneurial journey?

“Introducing systems in our business gave us full visibility into every decision we made. You can’t run a business by the seat of your pants, it has to be based on a view of the facts that guides your decision. Even in large corporations, decisions aren’t always made on wonderfully clear facts. As for wrong turns, I’ve learned that when something isn’t clear, don’t get involved. You struggle for too long and as an entrepreneur, you don’t have the time.” – C. Dean Metropoulos ’67, MBA’68 (ADE 2017), Chairman and CEO of Metropoulos & Co

Is there a secret sauce to entrepreneurship?

“The secret is that you have more responsibility than just running a business: it’s social responsibility and taking care of your employees, too. The smallest link in your chain is the one you must look out for.” – John C. Merritt ’61 (ADE 1992), Owner and President of Dockside Marine Supply, Former Chairman and CEO of Van Kampen Merritt Holding Corp.

As a mentor, what do you tell young entrepreneurs?

“If you’re a tech junkie, you fall in love with the tech and sometimes you forget that it’s all about the customer. What problem is the customer trying to solve? So much of the risk of falling in love with your tech is forgetting the ‘so what?’ You have to remember why it’s important to your customers.” – Diane Hessan (ADE 2014), Founder and Chairman of C Space

How do you build a business?

“When you’re running a company, your managers are your most critical people. There’s a saying better thee than me, meaning I either have to take care of the problems in the organization or I become one. It is important to understand that we are there to move things forward in a deliberate and calculated way. There’s no exception to this if we are going to build a business.” – Eric Johnson ’72, P’08 (ADE 2019), President and CEO of Baldwin Richardson Foods

How will entrepreneurship change in the future?

“Nothing will change at all. It’s still who are you selling to, who will buy it, and how can you put the competition on the defensive. Nothing has changed.” – John J. Cullinane (ADE 1984), President of The Cullinane Group Inc.; Former Chairman and CEO, Cullinet Software Inc.

Any management advice?

“I spent my life not being a good manager; I had no general management rules. I either start it, invent it, or it’s bankrupt … the advantage being you can’t make it much worse! I don’t know how things work out if I don’t do them, so get curious and get people around you who share that same enthusiasm, and then get out of the way.” – Peter J. Sprague H’88 (ADE 1985), Chairman and Founder of Satellite Displays; Former Chairman of National Semiconductor Corporation

Thoughts on the purpose of business

“It is so critical to understand that business at heart is about creating value, not extracting it. Find something where you have a purpose greater than making a 10x or 20x return. Happiness is something that ensues when you pursue something meaningful.” – Doug Rauch (ADE 2015), Founder and President of Daily table, Former CEO of Conscious Capitalism, Past President of Trader Joe’s

Why not?

“I love problems. The greatest joy is saying, ‘I don’t know why it can’t be done’ and trying it.” – John Hatsopoulos for the late George N. Hatsopoulos G’20 (ADE 2000), Co-founder of Thermo Electron Corporation, Lead Director, Tecogen

Why is it important to innovate?

“The best I was in business was when my back was against the wall and we were forced to bet it all and innovate. Every time, it made us sharper and better. When we got safe, it created opportunities for other people.” – The Honorable Craig R. Benson ’77, H’03, Trustee, (ADE 1995), CEO of Soft Draw Investments; former Chairman and CEO at Cabletron Systems Inc.; and former Governor of the State of New Hampshire

What advice do you give entrepreneurs?

“Create magical moments. Every one of us has opportunities all throughout our day to create moments of interaction that are special. The way they treated me as a customer, employer, and friend. They listened, paid attention, made me feel special. I give this advice to my kids, my friends, and my entrepreneurs.” – Robert J. Davis MBA’85 (ADE 2001), General Partner of Highland Capital Partners, Founder, Former President and CEO of Lycos Inc.

How do you create a culture of entrepreneurship?

“The way I see it, some people see a problem and complain, and others see a problem and get excited about it. They’re entrepreneurs. You have to slowly start injecting a culture that converts problem complainers to problem solvers.” – Gururaj “Desh” Deshpande (ADE 2012), President and Chairman of Sparta Group LLC

Posted in Community

More from Community »

Latest Stories

A woman points to a presentation in a meeting
Why Analytical Thinking Is the Cornerstone of Strategic Business Decisions Business decisions are rarely simple. Analytical thinking is critical for leaders to identify and navigate the options in front of an organization, so it’s important to develop analytical thinking skills in order to make smart decisions.
By
October 7, 2025

Posted in Insights

a row of electricity meters
The Price of Power: What’s Driving Rising Electricity Rates? Electricity rates have been steadily increasing. Ryan Davies, a Babson professor of finance, unpacks the many reasons for that, including the massive data centers popping up across the country.
By
John Crawford
Senior Journalist
John Crawford
A writer for Babson Thought & Action and the Babson Magazine, John Crawford has been telling the College’s entrepreneurial story for more than 15 years. Assignments for Babson have taken him from Rwanda to El Salvador, from the sweet-smelling factory of a Pennsylvania candy maker, to the stately Atlanta headquarters of an NFL owner, to the bustling office of a New York City fashion designer. Beyond his work for Babson, he has written articles and essays for The Philadelphia Inquirer, Notre Dame Magazine, The Good Men Project, and other publications. He can be found on Twitter, @crawfordwriter, where he tweets about climate change.
September 30, 2025

Posted in Insights

The Babson community and mascot celebrate at the Roger Babson statue last year
No. 2 Again: Wall Street Journal Ranks Babson the No. 2 Best College for the Second Year in a Row For the second year in a row, The Wall Street Journal ranked Babson as the No. 2 Best College in the United States, lauding the College for its impressive impact on student outcomes.
By
Eric Beato
Editor / Writer
Eric Beato
Eric Beato is the Editor of Babson Thought & Action and Babson Magazine. A native of Chicago and a graduate of the University of Missouri School of Journalism, Eric has worked as an editor and writer at newspapers across the country, including the Chicago Sun-Times and Boston Herald. Eric joined Babson College in 2019 after working as the communications director for a private educational travel company and as the managing editor of six regional sports publications.
September 29, 2025

Posted in Community, Entrepreneurial Leadership, Insights, Outcomes