When my father got into this industry in 1946, he did it because it's what he knew. His father had done this, and it was a natural.
He ended up buying his father's route, borrowing some money from a friend, and he was a full-time pinball and jukebox operator. It was a natural progression since he'd seen his father work in the industry. The opportunity was there, the barrier of entry was low, and the business looked like it would be fun and entertaining.
That is my memory growing up while getting in everyone's way. He had fun most of the time. The light-hearted joking, the customers dropping by just to chat, the excitement of setting or building a new location and lots of time spent reviewing new games and music and figuring out a better way to run the business.
The address for decades was 446 Ida in Wichita. It was a large building for the size of the business although I'd be guessing at the square footage. His customers always remember Stan for having nothing but the best for his customers, and he set his offices up this way as well. He had two buttons behind his desk. Touch one while sitting in his black leather high back chair, and the curtains opened. Touch another and the sliding door to his office slid open. Pretty fancy for a coin machine operator! The other thing that strikes me now more than it did then was coat (custom fitted always) and tie attire for him every single day. It was the image he wanted to project: first class, all day, every day.
My father still reports to work every single day in Wichita. He sells Brunswick pool tables and spas now, still entertaining customers, and there is still the same atmosphere if you walked into his office. Still wears the coats, but has dropped the tie as a concession to daily casual.
It hits me that I followed a very similar career path during my decision process. I didn't really stress over the decision; it just kind of happened. Like my dad, I am still here as well.
I reflect on these stories as I know that literally hundreds of readers have a similar experience, plus or minus a few of the details. We're an industry of generational baton passing for the most part. Now I look at my children, ages five and seven, and wonder if they will follow a similar path. And I wonder if I even want them to. Starting a business today is riskier than ever. Again, I go back to the basic attraction - to entertain - and wonder what opportunities there are in the industry today.
This industry is so different now, but the premise is the same. We are here to provide products that entertain the public. The competitors for the entertainment dollar are far greater than any competition our fathers experienced. The Internet, the gaming industry and all of its various forms absolutely compete for the same dollar. I love the core product of our industry, selling fun and entertainment at a value. But that's a much different product today than it was for our fathers.
You generally only get one chance in a career to start with a clean slate and to invest in the right products. When you make a mistake (Where do I begin? 1982-1986 video games, video jukeboxes, radio-controlled boats), you've got to pay off those debts before you can get back to even. So it becomes critical to start with the right entertainment products. Today, I think those are online products, legal gaming equipment, Internet anything and scalable global business models. You may not want to cover the world, but the model should be built where you could if the opportunity presents itself.
I work for a company that offers two online products and a bunch of entertainment products including video games, cranes, kiddie rides and bulk. I can tell you it is infinitely more efficient to be able to communicate online with your machines on a daily basis. Information is everything - not only in our business but all businesses, and our model of interrogating a machine manually once per week is outdated. Online instant information and gratification is quickly becoming the customer's, and the player's, expectation.
Gaming is a reality in our culture. Americans have embraced gambling. I don't get it being a non-gambler, but you can't argue with the success. I've never been a gaming opponent. I have been an illegal gaming opponent. I would figure out a way to enter the legal side of this industry. Life's too short to run the illegal stuff. It's the crack cocaine of our industry. Don't get started. Life's too short, really!
The Internet has more opportunity than I could ever address or even understand, but it's already a way of life and here to stay. Many companies are spending millions of dollars developing Internet entertainment products that can be weaved into the everyday public life. I would read everything I could and go to every convention. We haven't even scratched the surface of amusement opportunities using the Internet as our vehicle.
Lastly, I would think globally. I have seen and known just enough to be dangerous, but I would not limit a new business model to the U.S. The developing countries of China and India must play a part in the model somehow, some way. The opportunities are numerous and very real. I think this opportunity is the most underrated by the public in general. It's real, it's happening, and it's enormous.
And in the event that somewhere down the line you find yourself an employee in the corporate world, know that education is invaluable. A college degree is an absolute must at entry level, and an MBA should be on every entrepreneur's list of things to do. Get a law degree. Go to an Ivy League school if they'll let you in. Stay in school until they throw you out. It's not only OK to be in school when you're 25-30 years old, I strongly suggest it (as long as you're advancing). Work your way through school, get loans, let Dad pay if he is willing to, just find a way. The business world is much more complex today than it has ever been. There are days in my job that I realize how valuable that education beyond the Kansas undergraduate degree I possess would be. To make it today you need every advantage to get ahead, and education is a major tool, big company or not. Education opens doors for you throughout your entire life. Education will be the best investment you can ever make.
The basics have not changed. Our industry is fun; the opportunities are endless. The new technologies are creating opportunities that we've only just begun to capitalize on. Ben, Kate, come on in. Get your education, do your homework, find the opportunity and have some fun.