Business entrepreneurs must be workaholics willing to spend plenty of time getting their businesses off the ground, according to the founder and chief executive officer of Ballard Medical in Midvale.
Dale Ballard, a former partner in Deseret Pharmaceutical Co. that was sold several years ago for $138 million, told the MountainWest Venture Group in the Marriott Hotel that in addition to long hours, entrepreneurs must sacrifice, be frugal, understand economics, believe in their product, spend money on the company and be generous.Ballard, who said his company deals in disposable items for the medical profession, said an entrepreneur must have his wife's support because of the long hours he must spend in developing their company.
Many entrepreneurs purchase fancy cars and other expensive items, often before they have generated any income. "Many of them wind up bankrupt," he said.
In treating company employees like they are part of the team, Ballard said he offers a stock option plan to nearly every employee. He said salaries are important to retain top employees, bonuses are often paid and sometimes he puts a $100 bill in the jacket of a janitor for a job well-done.
Ballard, who said his company will have $15 million in sales and is budgeting for $24 million next year, has developed several disposable medical-related products. In response to a question about whether the market will continue to grow, Ballard said there is no indication it won't.