Turbulent Times Bring New Opportunities
Yes, it’s true that turbulent times can bring a fresh start. We’re inspired by Fortune 500 companies that started with next to nothing. Whole Foods, launched by a college drop-out with money saved and borrowed from friends, posted $6.2 billion in revenues in 2008. Michael Dell ran Dell from his dorm room, until he decided to drop out of college to run his company full time. Apple was started by two friends in a garage. Nordstrom’s, Starbucks, Ebay, and yes, Facebook are all astounding success stories of companies started by someone with a dream and very little else.
Perhaps you have a passion that you dream about translating into your own business – and now seems the right time. You may be asking, “Is entrepreneurship for me?” As exciting as charting a new path can be, it can be a daunting challenge as well.
According to Peter Drucker, generally considered an astute ‘business thinker’, entrepreneurship is about taking risk. The behavior of the entrepreneur reflects a kind of person willing to put his or her career and financial security on the line and take risks in the name of an idea, spending much time as well as capital on an uncertain venture. That is surely a sobering thought. And all the more reason to take the time and make the effort to carefully chart your course.
It’s impossible to eliminate all the risks, but you can improve your chances for success. Most successful business owners have planned well. First, decide whether you are the type of person to create your own business. Are you a self-starter? How good are you at making decisions? Do you have the physical and emotional stamina to run a business? How will the business affect your family?
When you’ve answered these questions, consider what type of business you want to start – home-based, franchise, online? The next step is to develop a sound business plan. Help with your business plan can be found at www.sba.gov under the ‘Starting and Managing a Business’ tab.
There are many resources, many of them free, both online and in person, to help you plan your business and launch your idea. The Nevada Small Business Resource Guide, contains tools - information on capital, contracts, counseling and more. Through our Online Training Network, help is available anytime and anywhere – all you need is a computer with internet access. Browse online courses, workshops and templates at www.sba.gov/training to get your planning underway.