Alum Advises How to Beat the Business World

Dal LaMagna, founder of Tweezerman and graduate of Providence College's class of '68, spoke about his business ventures and new memoir, Raising Eyebrows: A Failed Entrepreneur Finally Gets it Right.

LaMagna was introduced as not only a graduate of the College, but also as a Harvard Business School graduate who earned life experience in many failed ventures.

LaMagna also dabbled in politics, running for president in 2008 with his platform to end the Iraqi War. In addition, he has produced documentaries, blogs for the Huffington Post, and has been featured on the Dylan Ratigan Show and The American Morning News.

LaMagna reflected on how he came to be an entrepreneur, a journey which started when he was a sophomore at the College in 1965.

LaMagna read that Voltaire had taken a few years off and decided that he would become a millionaire as quickly as possible in order to focus on his true interest in becoming a physicist.

LaMagna discussed his early business ventures, including Cupid Computer Company, a dating service which he started with his friend from the College, Peter. Students would fill out a questionnaire with basic questions such as their height, weight, and age. LaMagna would pair students up based on their answers.

"The questionnaire required you to be attending college, but high school girls had passed the screening process. Their parents saw the questionnaire and got mad," said LaMagna.

The questionnaire also included questions about one's sexual experience levels. The return address for the questionnaire was LaMagna's PO Box.

LaMagna's punishment included the illicit use of a college computer and the use of personal information under false pretexts.

LaMagna remembered one of his professors present at the disciplinary meeting asking if he was planning on becoming a promoter after graduation.

"I finally spoke, ‘Yes, yes I will probably be a promoter and a millionaire too and despite the way I am being treated here, I will contribute to the school.' Here I am 44 years later. I did happen to make that million dollars and I am here tonight to make good on that promise," said LaMagna before handing Fr. Shanley a check.

LaMagna reflected on his first day at Harvard Business School and the 5,000 dollar loan he was given. Upon entering the dorm, LaMagna heard a classmate say into the phone that Global Marine had discovered gold in Alaska. LaMagna consequently decided to buy stock in the company.

"The first day of school Monday morning, there I was with my controlled shares of stock thinking I am going to buy a car, move off campus. I go back to my room and hear my phone ring. My stock broker says, ‘Sit down. We're screwed, Global Marine opened up 17 dollars lower, and they found the gold wasn't profitable to the mine because it was in ice.' The first day of school I lost my tuition," said LaMagna.

"The lesson I learned there is you really shouldn't gamble, you have to not take risk, and minimize risk.

Be persistent but not so persistent that you spend your life doing it," said LaMagna.

LaMagna went on to give further advice in how to succeed in business.

"First of all I would not fear failure but fear success. You have got to think through what will happen if you succeed," said LaMagna.

"Once you have decided what you want to do, the most important thing you have to do is be organized. That is what a person who runs a business does all the time: organizing.

You have to intentionally work at being organized, don't be early, don't be late. That one principle will help you become organized. In my case, I had to go through a few red lights," said LaMagna.

"Be frugal, don't spend money you don't have to spend, buy everything used. Besides being frugal, you want to keep it simple.

When you finally hire someone make sure they are organized. Don't have a partner, have two partners, the last thing you want to be involved in is a situation where you and the other person don't agree," said LaMagna.

LaMagna reflected on a failed business venture, LaMagna Lasagna Pans.

"The lesson is don't go out and sell a product you don't have. I went out and sold the pan to a spaghetti company in Los Angeles. They put a coupon for the pan in their pasta boxes.Now I had to get lasagna pans, so I called up a pan company but it would cost 50,000 dollars. I learned don't do something you can't do with the money you have," said LaMagna.

LaMagna closed by emphasizing the importance of caring for one's employees.

"The theory is, if you take care of all those people, they will take care of you. Go out there and try something. Don't be afraid to do it if you're going to do anything, make sure you fear success and make sure you set up something you want to be doing. Keep it simple, use the money you have, and act responsibly," said LaMagna.