Business Idea: GotvMail

Hauser and Taghaddos, already on the fourth startup venture between them, got the idea for GotVMail because they were frustrated with the phone-system options for small businesses.

GotVMail gives mom-and-pops a way to sound just like big corporations. They can get the usual voice-mail boxes and also set up preferences like routing calls to a cell phone or getting messages by e-mail in the form of MP3 files — all for as little as $10 a month.

The company obtained seed money from friends and began turning a profit in its second month of operation. Now it generates about $5 million in revenue per year.

Lesson learned:

Taghaddos: “For a young entrepreneur, having good personal credit is one of the most important things. We wouldn’t have gotten all the help from American Express or Bank of America without it.”

Hauser: “To be involved in the entrepreneurial community and give back, talking to students is very important.”

Millionaire under 21: Shawn Nelson

UPDATE(another video):

UPDATE( Lovesac saves a consumer’s life): http://www.youtube.com/watch?v=n5jyTxJMP2I

A Bag Is Born: At age 18, Shawn Nelson was watching TV on the couch when he decided “a huge beanbag thing” might be more comfortable. He bought 14 yards of vinyl, cut it into a baseball shape, and spent three weeks filling it with anything soft he could find. The finished LoveSac was 7 feet wide, and everyone who saw it tried it out–and loved it.

Pocket Power: When neighbors started placing orders, Nelson decided to start his company almost as a joke. With free help from his friends, he made the LoveSacs in his parents’ basement and sold them at trade shows, events and even the drive-in. Business was moderate at best, until he got a call on his cell phone that changed his life: a quarter-million-dollar order from Too Inc., which was looking for a back-to-school offering for its Limited Too stores. “I answered the phone and said, ‘Twelve thousand LoveSacs? Sure, no problem. That’s what we do; we’re the best in the world at it,’” remembers Nelson.

Hard Road: Undaunted, Nelson amassed $50,000 in credit card debt building a factory. He worked 19-hour days and slept at the factory. “It nearly broke me emotionally, physically, mentally,” Nelson says. “My hands were cracked and bleeding. We finished the order [for Too Inc.] but ate up all our profits.” Just when things seemed darkest, a deceptively simple idea presented itself: Open a mall store. Not just any store, but one designed from the beginning to look like an upscale chain–even before it was a chain. It paid off: With some 55 stores, about half of them franchised, LoveSac is looking at sales topping $30 million this year.

Looking Forward: “We’re headed toward owning [the market for] oversized living,” says Nelson, who dispenses with all modesty where his business is concerned. “We’re going to have a catalog that’ll be three inches thick, selling everything that’s over-the-top, bling-bling, LoveSac-get-out-of-our-freaking-way.”

Unstoppable: No one fully expected LoveSac’s success-not even Nelson himself. He says being committed to solving any problem is vital to his–and any entrepreneur’s-success. “Decide that there is always a way,” he says, “and you’ll find that there is.”

Lovesac’s website: http://www.lovesac.com

History: http://generallyawesome.com/store/love-sac/Love-Sac-History.php

College students thought of a business idea!