Peter Loftin is considered to be a persistent negotiator and this skill has definitely a big role to play in the astounding entrepreneurial success. So, when he was negotiating with Andrews his first investor in the fall season of 1983, Peter continued making marketing pitch and Andrews listened to him patiently.
He also proposed a business plan, pricing structure of the switching system, and narrated his innovative marketing scheme. The biggest sales Peter Loftin has ever managed till date was a dictation machine, but today he was going to win a bigger reward in terms of approval by Andrews, who agreed to a smart marketing plan created by Peter Loftin and he gave him his nod to go ahead with the project.
First investment in BTI
For the next two years, Andrews and his partner in their venture Discount Watts Lines consistently pumped money in the Business Telecom Incorporation, where in Peter Loftin was the reigning man and in charge of operations. This amount is estimated to be $500, 000.
It was a huge success for Peter Loftin as he was able to sell himself on Andrews and his partners and then he was able to sell the states businesses on BTI. At 31, he became the proud owner of a company, which had revenue of $2 million in 1985, but now its projected revenue was going to be more than $20 million.
There was not a single quarter, when the company was not profitable and it is a big entrepreneurial achievement of Peter Loftin. BTI used to rank in the top 15% of the 320 long distance telecom producers in the US.
Business Telecom Inc. today
It is a big organization today and its customer base in North Carolina alone is around 10, 000. Recently, they have also opened their branch offices in South Carolina and Columbia. They are about to open an office in Richmond, Virginia this year.
His success stories were published in many magazines such as Inc. and Success etc. In fact, every issue of such magazines carries many such stories these days, where individuals attain tremendous entrepreneurial success, but back in 80s, it was rare.
Peter Loftin is a restless soul. He is fiercely independent and is committed to reach the top of the corporate success. The key to success is — imagine a product or service that you want to launch and deliver it much better than anybody in the industry can.
If you talk about the technology of the product offered by Peter Loftin, you can’t say it was a great product or a technological breakthrough as such. There was no unique service associated with that as well to start a long distance telecom company. In the early 1980s, all you needed to do was to lease a Switching System and hire an aggressive sales team.
But this fact is also instrumental to his success that he chose the market niche as business customers. It was worth $500 million in North Carolina’s long distance market, whereas the total market stands at $800 million.