Category: Getting Started

Entrepreneurs: A Breed Apart

by Alyssa Gruber

Entrepreneurship is a unique field of business. It is practiced by many and mastered by few. It can be learned by anyone, but only certain people have the ability to be successful at it.

Entrepreneurs are unlike other people in business. Entrepreneurs are people in business who actually provide employment and opportunities to other business people. Their views on cash flow and income differ from fundamental theories in finance adhered to by finance executives. To entrepreneurs, risk is everything, and rather than working for money, money works for them. Entrepreneurs are emotionally attached to their companies, often referring to their businesses as their “babies”, while most people in business see their companies as financial tools or merely as  paychecks.

No matter how disparate their reasons and motives for starting a business or their business ideas are, all entrepreneurs have entrepreneurial spirit, or motivation used to better themselves and/or others on their quest to achieve success.

Usually, entrepreneurs have both business sense and creativity. While there is no absolute list of qualities that describe the entrepreneurial spirit, common characteristics that entrepreneurs believe to be important in their own triumphs are:

  • Ambition. Entrepreneurs often set lofty, yet attainable, goals and have the impetus and commitment to accomplish them.
  • Focus. Entrepreneurs have a vision of what they want and are able to focus on the big picture.
  • Perseverance. Most entrepreneurs do not have a “get rich quick” mentality, and they generally plan to reach their business goals in 10 or more years of starting their companies. They push for their goals with tenacity and perseverance despite any obstacles that may arise.
  • Self-determination. The capability to control their own successes or failures drives entrepreneurs to work hard and do whatever it takes to achieve their ultimate dream.
May 02, 2010 | 0 comments View Post

Support for Women Entrepreneurs

by Victoria Reynolds

The US Federal Government offers a variety of support for existing and aspiring women entrepreneurs. Typically, assistance can be found in three general areas; Technical Assistance, Financial Assistance and Federal Contracting Opportunities.

Information is empowering!

Take advantage of the many resources available to educate, counsel, and network women owned businesses. For example, SBA’s Women’s Business Center Program comprises a national network of WBCs providing business training, counseling and other resources to help women start and grow successful businesses. You may also investigate organizations in your community, such as the National Association of Women Business Owners (NAWBO), National Association of Female Executives (NAFE), and the Business and Professional Women (BPW). Your Chamber of Commerce, local SCORE Chapter or Small Business Development Center may also be able to identify programs of interest and services available in the area.

Cash is King – Or in this case, Queen.

There is no federal grant money for individual business owners. Even though many publications and talk shows publicize grants to small businesses, the only grants available from SBA are for non-profit women’s business centers that provide training for women who want to start or expand their businesses. The other grant program is for research and development for technology-based products and services for the government. However, the SBA has an excellent financial assistance program, which encourages bankers to help small businesses. That includes Women Owned Small Businesses.

Selling to Uncle Sam.

The Federal Acquisition Streamlining Act of 1994 (P.L.103-355) (FASA) established the government wide goal for participation by small business concerns owned and controlled by women at not less than 5% of the total value of all prime contract and subcontract awards for each fiscal year.

Because of the 5 percent procurement goal for women established by FASA, federal agencies have a strong incentive to look for qualified women-owned businesses when filling contractual needs.

Government contracts can be a great source of business revenue for both new and established businesses. But to get those contracts, you have to understand the process and how to navigate it successfully. Procurement Technical Assistance Centers (PTAC) are organizations designed to specifically provide technical assistance in the area of government contracting.

As you can see, there is help available. Besides the federal sources listed above, you may find state and local government assistance also. And as always, although I may be a tad prejudiced, you can always contact your local SBA office for more information!

*SBA’s participation in this blog does not constitute an endorsement of the William E. Simon Graduate School of Business Administration or any other person or entity. SBA’s programs and services are provided to the public on a non-discriminatory basis.

Mar 29, 2010 | 2 comments View Post

Step Up Your Business with TEN

by Judy Seil

JudyblogEntrepreneurship is a word that is used to describe a plethora of initiatives. We are fortunate to have a program in Monroe County (serving the region) that will take your business to the next level with local and national experts ready to share their thought provoking ideas with you.

The Entrepreneurs Network or TEN is an innovative program launched by Monroe County Executive Maggie Brooks in 2006. TEN is designed to provide entrepreneurs in Upstate NY significant hands-on exposure to, and interaction with, national and regional business experts and funding sources. Ten provides exclusive classes consisting of boot-camps about securing equity investments and traditional financing, effective sales and marketing strategies, and leadership and business strategies to help entrepreneurs succeed in today’s competitive environment.

For more information on this thought provoking and valuable program which starts March 4, go to www.ten-ny.org

Applications are available here

Listed below is the curriculum for the next class.  All for an application fee of $350.00.

March 4


Feb 17, 2010 | 0 comments View Post

Taking the Plunge—Timing the Risk to Optimize Success

by Elisabeth Hager, MDRiskwoman

You have a great idea for a company, but you also have a great job, or a family that depends on you, or other realities that must be considered before you take the plunge into entrepreneurship. So how do you know when it’s time to take the risk?

The answer depends on a few factors. To define your risk, it helps to consider your current and potential income, your preference for independence, your current and expected work effort, your tolerance for risk, and other working conditions.

For new entrepreneurial ventures, many of these variables are unknown and have to be estimated. It is the combination of these factors that influences your decision to start your own company. Comparing the present (your current work environment) with the future (your anticipated work environment) can help you determine your probable risk. Think of these variables as an equation:

U = f(Y, I, W, R, O) where U is the utility function, Y is income, I is independence, W is work effort, R is risk and O is other working conditions.

Of course, the actual utility is accomplished over time so, while ignoring variable O, an Entrepreneurial Attractiveness Index (EA) can be calculated as:

EA = ∫ⁿ₀(w1Y + w2I – w3W – w4R)dt where w = weighting factors and w1 + w2 + w3 + w4 = 1.

Both w3 and w4 have negative signs because Work and Risk are dis-utility factors, or they work against the likelihood of taking the plunge. Because everyone is different, it is important to know how each individual would assign the weights to these variables. If you are risk adverse, for instance, you would assign a w4 = 0.8.

While you may or may not want to crank through an equation to determine if the timing is right to found your company, keeping in mind these very real variables and assessing the strengths of each can help you realistically determine if the timing is right to leave your day job for your dream job.

Source: Douglas, et al, Journal of Business Venturing, 1999 in Dorf, et al, Technology Ventures, 2008

Jan 31, 2010 | 0 comments View Post

Who is My Competition?

by Victoria ReynoldsCompetition

Business takes place in a highly competitive, volatile environment, so it is important to understand the competition. As always, you must continually assess who your nearest direct competitors are. You should also know your indirect competitors – is their business growing, steady, or declining? What can you learn from their operations or advertising? What are their strengths and weaknesses? How does their product or service differ from yours?

What to Address in Your Competitor Analysis

  • Names of competitors: List all of your current competitors and research any that might enter the market during the next year.
  • Summary of each competitor’s products: This should include location, quality, advertising, staff, distribution methods, promotional strategies, customer service, etc.
  • Competitors’ strengths and weaknesses: List their strengths and weaknesses from the customer’s viewpoint. State how you will capitalize on their weaknesses and meet the challenges represented by their strengths.
  • Competitors’ strategies and objectives: This information might be easily obtained by getting a copy of their annual report. It might take the analysis of many information sources to understand competitors’ strategies and objectives.
  • Strength of the market: Is the market for your product growing sufficiently so there are enough customers for all players?

Tips for Gathering Competitive Information

  • Internet: The Internet is a powerful tool for finding information on a variety of topics.
  • Personal visits: If possible, visit your competitors’ locations. Observe how employees interact with customers. What do their premises look like? How are their products displayed and priced?
  • Talk to customers: Your sales staff is in regular contact with customers and prospects, as is your competition. Learn what your customers and prospects are saying about your competitors.
  • Competitors’ ads: Analyze competitors’ ads to learn about their target audience, market position, product features, benefits, prices, etc.
  • Speeches or presentations: Attend speeches or presentations made by representatives of your competitors.
  • Trade show displays: View your competitor’s display from a potential customer’s point of view. What does their display say about the company? Observing which specific trade shows or industry events competitors attend provides information on their marketing strategy and target market.
  • Written sources: Use general business publications, marketing and advertising publications, local newspapers and business journals, industry and trade association publications, industry research and surveys, and computer databases (available at many public libraries).

Even if you’re convinced that your product or service is unique, it’s highly likely that your potential customers can already find it in one form or another. Your job is to assess thoroughly and objectively who your competition is, what they offer and what factors make your product/service superior to theirs (i.e., your competitive advantage). And finally, once you now the “who”, “what”, “why” and “how” of your competition, the key to success is convincing potential customers that they should come to you instead.

*SBA’s participation in this blog does not constitute an endorsement of the William E. Simon Graduate School of Business Administration or any other person or entity. SBA’s programs and services are provided to the public on a non-discriminatory basis.

Jan 19, 2010 | 1 comment View Post
« Previous Page — Next Page »