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Words Of Wisdom

NASE Members Offer Advice For New Business Owners
By Jan Norman

The U.S. has been in recession for almost two years, according to the National Bureau of Economic Research.

Approximately 6 million Americans have lost their jobs during that period, based on data from the U.S. Department of Labor.

More than a million individuals and 43,000 businesses filed for bankruptcy in 2008, says the American Bankruptcy Institute.

What a great time to start a business! 

A recent Wall Street Journal poll found that 69 percent of respondents thought the current economic climate is a good time to start a business. In fact, many successful companies started during previous economic downturns, including the Hyatt hotel chain, Microsoft and Hewlett-Packard. They were helped by the greater availability of talented workers and by suppliers’ and landlords’ willingness to negotiate price discounts, among other hidden benefits.

However, startups need to take extra care to avoid obvious missteps that could kill their ventures before the inevitable economic turnaround kicks in and carries them to the relative security of an established business. Experts and established business owners agree that now is no time to cut corners.

So whether you’re a laid-off corporate worker who recently became an entrepreneur by necessity, a fresh college graduate in the process of launching a successful micro-business, or an early retiree who’s finally pursuing your passion, we’ve gathered some gems of wisdom just for you.

Know Yourself
The research should start with yourself, says NASE Member Jason Bringhurst, owner of Professional Cable in Orem, Utah.

“What makes you qualified for this business? Do you have any particular skill or knowledge that will help you be successful? If you like being a carpenter or a salesman, you might not enjoy [business ownership] because you will end up spending most of your time running the business,” Bringhurst explains.

Leila Mozaffari, director of the Orange County Small Business Development Center in Santa Ana, Calif., says that she spends much of her counseling time stepping individuals through such questions about their desire to own and run a business, not merely create a job for themselves.

“We don’t tell them what to do. We ask questions so they can decide if they have a good idea,” she says....