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www.insideHALTON.com · OAKVILLE BEAVER Friday, November 25, 2011 · 8 Dragon says success rarely comes without failure By David Lea OAKVILLE BEAVER STAFF While life as an entrepreneur has served him well, Dragons' Den co-star Bruce Croxon said it's not the life for everyone. Croxon, who is also the founder of the online dating service Lavalife, issued this warning Tuesday night during his keynote address at the Oakville Chamber of Commerce's 57th Annual Chair's Dinner. Before an audience of 400 of the community's business leaders and politicians at the Oakville Conference and Banquet Centre, Croxon spoke about what it takes to be an entrepreneur. "I've had some wins, Lava was one of them, and I've had some unbelievably ridiculous losses and this led me to my theory of entrepreneurism. I call it the 51/49 (for 51 successes there are 49 setbacks)," said Croxon. "You take that two per cent, be damn thankful for it, and continue to build on that two per cent every year and you have a chance to build a business. If you are a person that can't live with that 49 per cent defeat, and there's nothing wrong with that if you can't...Can you sleep at night after that 49 per cent of setbacks? Do you go home and kick the dog? Are you nice to your wife? Are you still the jolly flagbearer your kids have come to know and love or have you turned into someone they don't recognize? Ask yourself "If you can come up with a business idea that has something to do with sex, you are probably halfway home." Bruce Croxon, Dragons' Den co-star, founder of Lavalife that. It's not for everybody." With great success, however, comes great reward. A video biography about Croxon, shown just before his speech, depicted him overseeing the sale of Lavalife in 2004 after growing the company to just under $100 million in revenue. The video also showed him on his own private eight-acre island in Georgian Bay, which he arrived at via private float plane. Croxon credits his success to a number of factors, including having the right idea on which to build his business. "Lava taught me a lot. One of the first lessons, and probably an obvious one, was that if you can come up with a business idea that has something to do with sex, you are probably halfway home," he said, provoking laughter from the audience. "I say that half in jest, but we talked then and I talk a lot now with my investment company At Acura of Oakville, we strive to provide the finest customer experience by valuing our customers and excelling through our award winning service! We would like to welcome our new Service Advisors David Harris and Michael McLaughlin with 30 years combined outstanding automotive experience. Through servicing you can trust, along with honesty and integrity, our Service and employee teamwork can ensure you of a positive and helpful occurrence here at Acura of Oakville! Request an appointment with our Service Department at (905)825-8777 or service@acuraofoakville.com. GRAHAM PAINE / OAKVILLE BEAVER BUSINESS TALK: Bruce Croxon, co-founder of Lavalife and one of the co-stars of the CBC's Dragons' Den, gave the keynote address at the Oakville Chamber of Commerce 57th Annual Chair's Dinner. about that guy from university called Maslow. He had that hierarchy of needs thing, where Since 1952 Carpet Cleaning Specialists On The Spot! WALL TO WALL FURNITURE & UPHOLSTERY R AREA RUGS PERSIAN & ORIENTAL T RESIDENTIAL & COMMERCIAL Truck Mount In-Plant Service r Water Damage Restoration once you had food in your tummy and a roof over your head, generally the next thing you were looking for was companionship." Croxon explained that when he considers business ideas now, he asks himself whether the idea is addressing a need or if it involves trying to convince someone there is a need for that product. Both can work, he said, but a business idea that addresses a need is safer. Having a clear vision regarding where your company is going, what you want to achieve and tying your staff's compensation to achieving those goals were also listed as important factors. Hiring employees who were enthusiastic about the company values of open mindedness and teamwork helped Lavalife succeed, said Croxon. "If you can imagine a company like Lavalife where, on any given day you walk into a boardroom and you are discussing everything from conventional marriage and how you are competing with e-Harmony on one side, all the way down to what the gay market is doing for sexual relationships these days and every conceivable partnership activity in between. It was our business to know what couples wanted to do, what singles wanted to do, what their proclivities were," said Croxon. "If you were not an open-minded person or you had very rigid beliefs on how people should date or about whether one-night stands were an acceptable thing in today's society, you weren't going to be able to make a contribution to our business." See No page 9 See the transformation of what we can do in relation to others! ST. JOHN'S UNITED CHURCH 262 Randall St., at Dunn-in beautiful downtown Oakville! Lots of parking! (905-845-0551) Annual l Christmas Christmas Bazaar Come and shop the best Church bazaar in all of Oakville! Saturday, a November 26, 2011 9:00 a.m. - 2:00 p.m. Don't Miss... VOTED BEST CARPET & RUG CLEANERS 9 YEARS IN A ROW! The Canadian winters we all recognize are just around our corners! Here at Acura of Oakville we are strong supporters of safe winter driving. 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