Do You Have What It Takes To Be an Entrepreneur?

Laid off? Can't find employment? Have you always dreamed of the independence of having your own business? Do you feel that this is your chance to finally realize your dream? You are not alone. This past recession, like the one 15 years ago, has driven huge numbers of people to start their own enterprises. The Kaufman Institute says that in 2010 over 565,000 Americans a month began a business.

If you're thinking you have what it takes to be an entrepreneur, you should take the time to read not only this blog, but also the lead article in the August 14, 2011 Sunday Styles section of the The New York Times: "Maybe It's Time For Plan C." The article illustrates how very hard the transition can be from a corporate office job to running everything yourself. In fact, starting a business ("Plan B") has become so hard for some people that they are moving to "Plan C" -- going back to work for someone else.

From 1994 to 1998, I worked as a mentor and teacher to people who wanted to start businesses. Out of hundreds of people my colleague and I counseled and taught, only a fraction decided to actually start a business. We found in many instances that the people we met with or taught were shocked to learn all that they had to do to have success as a business owner. The ex-bankers who were used to the support system of an office just couldn't get used to the idea that they would have absolutely no support and that they would have to invest some start-up capital before they could even earn a dime. Others were genuinely surprised at how really hard it was to get a loan from a bank or equity investments from professional investors.

The people who did start businesses, and the successful entrepreneurs I worked with as a consultant and business planner between 1999 and today were the ones willing to do as much as they could themselves. They used their personal savings, buyout bonuses, credit cards, home equity (when people had home equity), loans and investments from friends and family to get their seed capital. They did the homework of researching the need in the marketplace, finding the lowest cost space, best raw materials, best people to join their team, and the best outside resources to do the things they couldn't do themselves.

They made big picture, as well as detailed plans. They had the goal, the strategy and the tactics thought out. They had a business model that made sense. And they executed their plans. The smartest ones also had good lawyers to help them with the legal ins and outs.

They knew that starting and running a business is more than a full-time job. It truly is all consuming. So if you're thinking of starting a business -- or sticking with the one you have -- you have to ask yourself if you are willing to do what it takes to be successful. Do you believe enough in your goal and yourself?

If you do, then go for it! (But seek help when you need it. The help is out there from free sources and paid professionals.)

Inventions, Entrepreneurs and Success

Last night I watched "How I Made My Millions" on CNBC. The show gave excellent capsulized stories of how people had really great, simple ideas which they turned into businesses. It's clear that it's not easy to execute ideas, but the people profiled in the show had the tenacity, passion and focus to do it. And they made millions.

I know that there are thousands of entrepreneur wannabes and inventive tinkerers out there with the big idea and the next great business. Some of you will fail because your ideas really aren't that great. Some will fail because you don't have a plan or funding. Some will fail because you just don't have the energy to take the idea to fruition. You'll let roadblocks get in the way.

But the entrepreneurs and inventors in this TV show didn't let any of that stop them. Their creations and ideas filled needs and resonated with the public. Take a look. You can watch it on HULU:

http://www.hulu.com/watch/46543/cnbc-originals-how-i-made-my-millions

If you need a business plan or some mentoring along the way, contact me at: upstartwyn@gmail.com. Visit my website: www.upstartbusinessplanning.com.

Angel Fair Coming in September

Cantor Colburn LLP
Innovation & Entrepreneurship Showcase & Awards
The Third Annual Innovation Pipeline Awards is Growing! SAVE the DATE: September 17, 2009 in New Haven.

By Liddy Karter, Program Director, Innovation Pipeline Accelerator

CTC's Cantor Colburn LLP Innovation & Entrepreneurship Showcase & Awards
featuring, Connecticut's Innovation Pipeline, FastTrack & Companies to Watch, and the Northeast Angel Summit, September 17, 2009 in New Haven

In addition to a poster fair and an awards ceremony for the Innovation Pipeline Accelerator companies from 4:00 - 7:30 PM, we are adding the Northeast Angel Summit, a whole day of activities around angel investing and seed funds, the primary source of capital for emerging companies. With over 25 angels groups and seed funds from New England, New York, and New Jersey convening for training, syndication, and new company pipeline building, if you need outside capital now or in the future, this is the place to meet.

more at:

http://ctc.ecommunique.com/web_display.asp?l=10334&d=6454&m=30366097&type=all

Great Sauce

We were just in Los Angeles, where we ate in Chinatown for two nights - once in a Chinese place and the other time in a Vietnamese restaurant. (We had Pho in the Vietnamese restaurant - terrific!) Both places had a hot sauce on the table. It was delicious, and we wondered about it. It seemed to be an all-purpose Asian hot sauce.

The day after we got back from L.A., we picked up the New York Times food section and saw an article about the sauce -- sriracha sauce, also known as "rooster sauce." See synopsis and link below.

This is a story of true entrepreneurship. A family makes hot sauce in Vietnam, comes to the U.S. and finds that there is a need for such a sauce in the Asian communities here. They start making it here, and the family hot sauce becomes an amazing success. It's stories like this that show how creativity and hard work can really be rewarded in our country, where free enterprise is prized. Read the article.

http://www.nytimes.com/2009/05/20/dining/20united.html

A Chili Sauce to Crow About

By JOHN T. EDGE

Published: May 20, 2009

Some American consumers believe sriracha to be a Thai sauce. Others think it is Vietnamese. The truth is that sriracha may be best understood as an American sauce, a polyglot purée.

Tip of the Week: Align Business and Personal Goals

What happens when your business fails? Your personal life? A few years ago, I heard a highly successful entrepreneur speak about the ups and downs of owning a business and how he got a second chance.

This man had so much success that he thought he was invincible. So he took all his profits and bought another company. He paid himself royally -- several houses, a yacht.... But he never saw his kids or his wife. He was too busy making money. I know this sounds like a trite story, but while the entrepreneur told it, it did not sound trite. Well, soon he was over-extended financially and emotionally, and when the last recession turned against him, he lost everything, including his family.

Somehow, he managed to start another business and remarry. But this time, he said that he first sat down and figured out what he wanted out of his life and what the business could do to help him realize his personal goals. He realized that he did want two houses, but he also wanted to go to his kids' soccer and Little League games. He wanted to have his wife involved in his business. He also wanted to be a good employer that would help his employees to lead good, productive, full lives, too.

The business, by-the-way, is a simple one -- securely storing paper files for other businesses. There is a huge demand for this, and this saw the need and met it.

He told the audience that it's really important for you to run your business to support your life goals, not let the business run your life. He is very happy now that he had a second chance to get things right.

If you own a business or want to start one, first make sure you've aligned your personal and your business goals.

Organic Growth, Gardening and Entrepreneurs

The first time I talked about organic growth with a client, he thought I was making up the term. I assured him that investors talk about organic growth. It's a good thing. You take your earnings and plow them back into the business to generate more growth in revenues.

Yesterday when I was working in my garden, I realized that gardening is a lot like growing a business. This summer I'm going to write about the parallels between gardening and entrepreneurship.

I once had an investments professor in college who used to say, "The stock market is like a garden. You have to cultivate the flowers and pluck the weeds." A business is like a garden, too. You have to cultivate growth and make sure the weeds don't take over.

What are weeds for an entrepreneur? Competitors, creditors and other complications.

What are the weeds in your business? I'd love to know.