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by Milan Galan, Ph.D.
In today’s economy, many people are looking for that million-dollar idea or for ways to recession-proof their lives. This is no easy task for anyone on any level. For some, the prospect of just making ends meet seems daunting let alone starting a new business, much less thinking up something so creatively simplistic that you make everyone around you say, “Why didn’t I think of that?” I mean really, look at those little plastic, corn-shaped holders that you stick on the end of your sweet corn to keep from burning your fingers. That was clearly a no brainer. There has to be more ideas where that one came from. Right?
For the rest of us waiting for our one moment of sheer brilliance, it seems that the only “sure bet” for one’s money these days are pharmaceutical companies and beer stocks as the sad truth is that no matter what happens with our lives these two things are about as sure as death and taxes. And, of course, for those of you who like to live on the edge, there is always Vegas. But for those of you who are not much for the stock market or gambling, what is the answer if you want to venture into the great big world of entrepreneurial undertakings?
First, might I suggest that you read “The Secret.” I say this because Oprah uses it, and look at how ridiculously successful she is as a businesswoman. I read it, too. And although I can’t claim to be on Oprah’s level (yet), the book just makes good sense. Although, so does “Think and Grow Rich” by Napoleon Hill, but I will let you flip a quarter to decide what aisle to peruse at the bookstore. However, once you are finished bathing your mind in universal spiritual and/or business wisdom, you’ll need a business plan, market study outline, executive summaries, financial projections, bank loan applications, website, business name, financial advisor, corporate commission paperwork, and on and on. If you are feeling overwhelmed by all of this I defer you back to “The Secret” and then share this bit of advice that I received in an interview with Chancy Lyford, deputy assistant administrator of the Small Business Administration.
Galan: What advice do you have for women wanting to start a new business?
Lyford: Follow your heart. If you have a dream, you can make it come true with hard work, determination and a willingness to not let the inevitable roadblocks you will encounter along the way stop you. Be smart. Research your idea. Ask those around you — your network of friends and family — to listen to you and to give feedback. Take what you want and leave the rest. Create and write a good business plan. There are many sources of assistance out there to help you do this. The Women’s Business Center (WBC) Program is one of those sources. We have 114 WBCs throughout the U.S. and its territories that offer free counseling and low-cost training to help women — especially economically disadvantaged women — start their own businesses.
Galan: What is the best way to find funding for your business? And what if you don’t have great credit to obtain a bank loan?
Lyford: The best way to achieve funding for a business is to have a good business plan. Most lending institutions require a solid business plan, and those without one often will not even be received by a lender. Of course, collateral helps as does a good credit score. Unfortun-ately, those with poor credit history have a harder time obtaining loans from traditional banks. Many WBCs offer micro lending, or loans of fewer dollars, that can help a woman-owned business get started. There is a lot of misinformation out there that says that SBA gives out grants for woman and others to start their own small firms. This is not the case.
Galan: Do you have any other advice that you could share?
Lyford: As I said, follow your heart; find out what you are passionate about. After all, investing a new business is a full-time job and is something you must really want to do. Many of the small businesses that we have helped start and grow to become major companies began with a passion for something — like Ben and Jerry’s Ice Cream, or a business with a seemingly unrealistic idea of sending packages nationwide and overseas in a matter of a day or so — such a Federal Express. It’s routine today, but when FedEx started, it was somewhat unthinkable. Think, dream, and do!
Beyond the SBA, there are other wonderful resources available to women entrepreneurs and small business owners through the internet. I recently came across a site called SBTV.com. It is geared for the small business owner. It offers help to startup businesses, including marketing tips and up-to-date information to keep you abreast of the latest news, trends, etc. I, personally, find it refreshing to know that a lot of valuable information is now at my fingertips through the World Wide Web. Not only is this environmentally friendly, but with gas prices at an all-time high, you don’t even need to schlep down to the Missouri Corporate Commission for paperwork. All your forms can be found online. You save yourself time, money and noxious fuel emissions.
For those of you who like to take the more proactive approach (or drive a hybrid), there are several women’s groups throughout St. Louis such as the Women Network Inc., the Professional Women's Alliance, and Encouraging, Supporting and Promoting Women (ESPW). All of these groups have meetings, newsletters and support for women business owners.
Starting a business is something that requires time, patience and perseverance. However, with all the great resources available, it is certainly a lot easier to maneuver through the bureaucracy of it. Starting a business begins with an idea and continues with something that I believe Henry Ford said, “If you think you can or you think you can’t, either way you are right.”
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