The October 1989 edition of “Business North Carolina” magazine featured a cover story about the super salesman Peter Loftin of BTI, who also became their favorite for the coveted Entrepreneur of the Year Award that year.
Leadership and vision
Partially, Peter Loftin’s success was attributed to his leadership, grand vision, determination, entrepreneurial wisdom, and last but not the least – The four of his pillars, the Industry stalwarts like Mike Newkirk, vice president engineering, Richard Brown, vice president, finance, and Kim Chapman, vice president marketing.
These were known as the strongest people in the telecom industry at the time, when Peter Loftin persuaded them to work for BTI, his own brainchild. He loved working with the strongest people, according to a psychologist, who had previously worked for BTI.
Pricing strategy
The key to Peter’s success was selling long distance communication solutions for much less than his competitors in the market. Let’s have a look at how he survived the challenges, took an uncharted route and made it big in the industry. When he was just 26, he was a fresh engineering graduate and didn’t know specifically about any of the disciplines.
Early days
He was jack of all trades and was twice a college dropout. He was involved with selling unimportant household utensils such as pots and pans, worked as a bartender and switched around 6-7 random jobs.
He also tried his hands on entrepreneurship, but the venture could never see the light of the day. He was financially broke, disappointed and completely shattered, but he has a lot of faith in his vision about long distance telecom.
Meeting the investor
He was looking for big investors such as Alex Andrews, who was running a 14 story office in Raleigh neighborhood in North Carolina. Andrews was also involved with a long distance company, which was not doing well. When Peter Loftin had a look at his company books, he immediately told him that the business was destined to doom.
With entrepreneurship in genes
Andrews was also from an entrepreneurial background. His grandfather was instrumental in the foundation of Southern Railway. He had an impressive entrepreneurial career and he founded around 10 companies and made huge money in Real Estate sector. He was also on the board of directors of more than 20 businesses. A World War II veteran, he had contributed as an Airforce pilot. However, his current venture Discount Watts Lines was not doing well and Peter Loftin correctly described that the business was heading for a doom.
Peter Loftin said that he had been studying long distance communications and he was quite confident about his vision. It was the time, when people were unable to comment on the breakup of America’s to giant telecom companies American Telephone and Telegraph Co., but Peter continued to learn the business and also took some correspondence courses in telecommunications, especially telecom products. He knew that the best way he can become successful is by hiring the best talent from his competitors in the industry.
Throughout 1983, Andrews continued to listen to Loftin’s marketing pitch. By that time he was ready with a business plan and pricing of the new Switching System. He also made the marketing strategy. Ultimately, he was successful in selling his idea to Andrews to invest in long distance telecom solutions and his dream was born.
