June 2, 2010 – J Street CEO, Jim Wolfe, on MSNBC. www.msnbc.msn.com/id/3032619/vp/37455056#37455056. Commentary from J Street CEO Jim Wolfe was featured in today's MSNBC story about a Virginia distillery. As Assistant Professor and Entrepreneur in Residence at George Mason University, Jim is one of the region's leading experts on new and early stage companies.  His blog follows below:

Risk. Return. ROI. Rewards commensurate with the risks. Weighted average cost of capital. Discounted cash flow; present value; NPV. These are all phrases familiar to the modern business student or MBA. Entrepreneurs know that what they do is risky. In fact, many people simply define an “entrepreneur” as someone willing to take on the risk of a new or untried venture.

Local entrepreneurs Becky and Scott Harris know full well this interplay between what we would like to have, and what it really takes to get there. I recently commented for MSNBC on Becky and Scott’s new husband-and-wife venture in Loudoun County Virginia, named Catoctin Creek Distilling Company. It’s the first legal distillery licensed in the county since the days of Prohibition.

Full disclosure: I don’t know Becky and Scott, and I have never visited their new facility. But I hope to meet them soon. And I’m certainly hoping to sample their product. They produce several labels of truly organic distilled liquors (an interesting brand positioning for this product, I think), including an aged rye whiskey, white whiskey (not aged), gin, and even a Virginia Brandy.

The Harris’s financed their new venture partly from savings, and partly from an SBA backed loan. That’s where the risk comes in. It’s very tough to start any business; tougher still to enter a highly regulated industry such as distilled spirits. Add to that the intense competition of literally hundreds of competitors and, well, you get the idea. In a word: Risk.

But the returns are there to be had, if Becky and Scott can execute. Not only financial returns and payments with (hopefully) profits to any investors, but a return in the form of the culture, the lifestyle and the passion that comes from such a wonderfully interesting and romantic business. (OK, maybe I do read business plans the way others read Hemmingway or Updike, but to each his own.) Building a successful startup business – certainly valuable. Building a business you could leave to your children and grandchildren – now that is actually priceless.

Jim Wolfe
J Street Consulting CEO
Entrepreneur in Residence, George Mason University

Reposted with permission of Jim Wolfe, J Street Consulting.  Original posting is here.

From NBC Nightly News:

In a small Virginia town, Becky and Scott Harris started a new enterprise...a mom- and-pop distillery!  And the business is flying high!  NBC's Wendy Jones reports.

Visit msnbc.com for breaking news, world news, and news about the economy

In May, we started selling... And what a wild ride it's been!

As Richmond began distributing our spirits to the various stores in Northern Virginia, we were overwhelmed to see the Roundstone Rye flying off the shelves. Reports from Loudoun County ABC stores were that the product was selling out within hours of arrival. This is always encouraging for a new business, and we thank all of you who have bought a bottle. We truly hope you enjoy your rye whisky.

Sales have settled into a more normal clip now, with the product generally available in all stores throughout the Commonwealth. If you are in a store and cannot find our product, ask the clerk to look up or order the following:

• 27030 - Roundstone Rye
• 952482 - Mosby's Spirit (special order by the case - 6 bottles)
• 952483 - Watershed Gin (special order by the case - 6 bottles)

With sales in Virginia underway, we're starting to see our spirits showing up in local bars and restaurants--The Ashby Inn in Paris, VA, and the Old Brogue in Great Falls, VA--to name a few. If you have a favorite restaurant or bar, ask them if they carry your local spirit--Catoctin Creek--and if they do, let us know about it! If they don't, tell them they should!

On our web site, we've expanded our section on cocktails and recipes. Many of our Facebook friends have sent in great cocktails, like the Sazerac and the Maryland Mint Julep, which we are happy to share on our site. Have a favorite cocktail that we don't know about? Send it to us and we'll post it!

May was also the month when we received our official organic certification. Organic is really important to us. Besides affirming a standard of care for sustainable practices, organic equals truly better spirits. Why? Well, when you have grain that has been treated with synthetic pesticides, fungicides, and fertilizers, those chemicals attach to the grain. And if distillation is anything, it's the art of concentration. When you distill the grain, those chemicals come through in the spirit, giving "off" flavors and foul chemical taints that must be absorbed by the charred carbon in the barrel. But when you use 100% organic rye, as we do, the spirit is clean and crisp, and absolutely wonderful on day one. I guess that's why Jason Wilson, of the Washington Post, called it "a beautiful unaged whisky." Thanks, Jason. We definitely agree.

Keep an eye out, for in the coming weeks, we'll be announcing another bottling party. These are great fun, where we set up an assembly line of volunteers to bottle and pack cases of Roundstone Rye for shipment. The last time, we had 20-30 volunteers, and we cranked through 60 cases of rye in less than two hours! Everybody had a great time, got a free lunch, and was able to sign their name on a bottle or two.

As always, there is lots of fun and information on our Facebook and Twitter pages, where you can stay up to date with the daily activities at the distillery.

Remember, "Think Global, Drink LOCAL!"^SM

Cheers!

Scott & Becky

From Proof66.com:

"Wildcatters" were individuals who ventured into wild unknown and/or unproductive areas and sank wells drilling for oil. No geological surveys; no safety net. Just an idea and a drill.

Are you a wildcat? You've got an idea. You've got the know-how to execute the idea. You even have a bit of capital to give it a try. But do you have "it"? You can have the best idea and all the capabilities in the world but there's still something more that's separating you from what is on one hand a Wildcat and the other hand every other person who has an idea and a little money. Call it courage; call it foolhardiness; but whatever "it" is, the Wildcats have it and many of the rest of us probably don't.

The rest of the story can be read here.