A Shared Dream in Entrepreneurship
In the middle of the tough current job market I bet a lot of people have considered other options such as self-employment. I have often considered the possibility of launching a business; to become an entrepreneur. Based on a short experience as a business owner years ago, I feel the need for more entrepreneurial education and skills in order to overcome my fear of failure. I enrolled in a graduate program in entrepreneurship and one assignment was to interview entrepreneurs. This article summarizes some of the challenges they experienced and thoughts they shared with me. I hope this article may be useful to others considering becoming entrepreneurs themselves.
Why did they do it?
I believe freedom, among other reasons, is a good motive for an entrepreneur's decision to start businesses. Capability to take risks and being willing to work hard are some of the main ingredients for success. Phil inherited Stamms TV & Appliance from his father, a store that was originally opened in 1952 by his grandfather. After getting a business degree and considering different careers, he decided to continue with the family business. The thought of being his own boss; combined with the opportunity of take over a successful enterprise, and the Lewisburg's small town atmosphere, made it appealing to continue the family business. For Carlos Lopez, a Mexican accountant, the heavy work load and long hours in exchange for a small wage, triggered his desire to become his own boss. Chuck Chatham took the risk and became his own boss as a result of his technical aptitude for vacuum cleaners and his natural ability to fix them. "You create, you are the boss, you make decisions, you get more satisfaction and money than in any other job, plus the experience" said David Cardenas when he decided to launch his lodging and restaurant business.
How did they start?
There is no recipe or manual for how to start a business. Differences and variety are the everyday mark, and it is up to each individual to decide how to approach and initiate the task. For Chuck, the self-taught vacuum cleaner repairman and owner of Chatham's Vacuums in Lewisburg, Pennsylvania, starting his own business was a natural decision. He said that "practically the business was born on its own." At an early age he became interested in vacuum cleaners, and over the years he collected and gained technical knowledge by repairing them in his backyard. Finally, in 2001, he made the decision to open the doors of his own business. Carlos Lopez is a public accountant and director of his own accounting firm in Mexico. He took the risk and established his first home office after working for other firms. While in high school, Robin always worked in retail as a sales clerk in many dress shops. She attended community college and took business administration courses while continuing to work. She moved up to a full-time position and then to an upper management position but she was still not satisfied. She commented that eventually she realized "I felt that I had gotten more skills and experience working in the store than in classes." One morning, years later as a widow raising two girls while still working in a store, she woke up and asked herself, "What is next?" "Where do I go from here?" Wanting to set an example for her daughters, she pursued what had been her dream for years and decided to open her own business. She read in a local newspaper about a place going out of business called The Wardrobe, and decided to take over the space. She would later transform it into Robin's Nest Boutique.
Overcoming challenges
Income is probably the primary fear of every person wishing to start a business. A well-known fact is that high profits and significant income will not be coming in immediately after opening doors. It takes time to see the benefits of the business. Although it is relatively easy to get a business license and set up the legal form of a business, sorting out the businesses taxes can be a more complicated issue and requires time to learn. Yet another challenge involves getting customers, creating marketing materials, developing problem solving skills, and learning how to be a manager. Initially upon starting a business, Chuck determined the decision a tie between a financial and a practical decision. He wondered whether people would find his business useful. "We are very much in a society of throw away", he said. Currently with our struggling economy and as part of a budgetary issue, he sees more people getting things repaired. This is what keeps Chuck's business doors open. For David Cardenas, the Mexican entrepreneur, having "money to invest, government bureaucracy and getting customers into the business" were many of his biggest challenges initially. Currently, public safety and taxes are David's biggest concerns. For Carlos Lopez's accounting firm, getting customers was one of his major challenges at first. People did not trust an office that had been set up in a non-typical establishment, as "they wanted to see an established office or locale." For Phil, at Stamms TV & Appliance, his biggest challenge continues to be having to compete with some of the bigger retailers in his area. "To find a way to do that is an ongoing challenge" he said, "the economic situation also contributes to make the competition a little more difficult."
Were they ready or how did they get the skills?
With a few exceptions, previous technical experience or knowledge in the field was one of the common factors these entrepreneurs share. For the owner of Robin's Nest Boutique's, her background had prepared her for the retail work but taxes and legal issues were problems she had never faced before working for other businesses. To solve these issues, she hired an attorney and an accountant to help her. Purchasing inventory has been another challenge that she faces regularly, Constant trend changes in the industry, coupled with customer's preferences, makes it a constant challenge to "get it right." Now, after some years, she feels more comfortable in how she runs her business. Connie, at The Gingerbread House, did not have any previous knowledge or experience in retail when she opened her store. She gained expertise while facing difficulties and problems, but her background as a certified nurse had given her transferable skills that helped her to resolve many complicated issues. Recently the store has successfully extended its services and now offers more merchandise to a broader clientele.
It was an interesting experience to have interviewed these entrepreneurs and hear them talking about their motives to start businesses. To have found that in despite of doubts, regulations, lack of skills or previous experience in business the most common characteristics found in these business owners were, willingness to take risks and to invest time, effort, and money. Fortunately, none of them gave up on their dreams.
Lewisburg, PA. September 2011.
email: jjesusfigueroa.ec@gmail.com
Why did they do it?
I believe freedom, among other reasons, is a good motive for an entrepreneur's decision to start businesses. Capability to take risks and being willing to work hard are some of the main ingredients for success. Phil inherited Stamms TV & Appliance from his father, a store that was originally opened in 1952 by his grandfather. After getting a business degree and considering different careers, he decided to continue with the family business. The thought of being his own boss; combined with the opportunity of take over a successful enterprise, and the Lewisburg's small town atmosphere, made it appealing to continue the family business. For Carlos Lopez, a Mexican accountant, the heavy work load and long hours in exchange for a small wage, triggered his desire to become his own boss. Chuck Chatham took the risk and became his own boss as a result of his technical aptitude for vacuum cleaners and his natural ability to fix them. "You create, you are the boss, you make decisions, you get more satisfaction and money than in any other job, plus the experience" said David Cardenas when he decided to launch his lodging and restaurant business.
How did they start?
There is no recipe or manual for how to start a business. Differences and variety are the everyday mark, and it is up to each individual to decide how to approach and initiate the task. For Chuck, the self-taught vacuum cleaner repairman and owner of Chatham's Vacuums in Lewisburg, Pennsylvania, starting his own business was a natural decision. He said that "practically the business was born on its own." At an early age he became interested in vacuum cleaners, and over the years he collected and gained technical knowledge by repairing them in his backyard. Finally, in 2001, he made the decision to open the doors of his own business. Carlos Lopez is a public accountant and director of his own accounting firm in Mexico. He took the risk and established his first home office after working for other firms. While in high school, Robin always worked in retail as a sales clerk in many dress shops. She attended community college and took business administration courses while continuing to work. She moved up to a full-time position and then to an upper management position but she was still not satisfied. She commented that eventually she realized "I felt that I had gotten more skills and experience working in the store than in classes." One morning, years later as a widow raising two girls while still working in a store, she woke up and asked herself, "What is next?" "Where do I go from here?" Wanting to set an example for her daughters, she pursued what had been her dream for years and decided to open her own business. She read in a local newspaper about a place going out of business called The Wardrobe, and decided to take over the space. She would later transform it into Robin's Nest Boutique.
Overcoming challenges
Income is probably the primary fear of every person wishing to start a business. A well-known fact is that high profits and significant income will not be coming in immediately after opening doors. It takes time to see the benefits of the business. Although it is relatively easy to get a business license and set up the legal form of a business, sorting out the businesses taxes can be a more complicated issue and requires time to learn. Yet another challenge involves getting customers, creating marketing materials, developing problem solving skills, and learning how to be a manager. Initially upon starting a business, Chuck determined the decision a tie between a financial and a practical decision. He wondered whether people would find his business useful. "We are very much in a society of throw away", he said. Currently with our struggling economy and as part of a budgetary issue, he sees more people getting things repaired. This is what keeps Chuck's business doors open. For David Cardenas, the Mexican entrepreneur, having "money to invest, government bureaucracy and getting customers into the business" were many of his biggest challenges initially. Currently, public safety and taxes are David's biggest concerns. For Carlos Lopez's accounting firm, getting customers was one of his major challenges at first. People did not trust an office that had been set up in a non-typical establishment, as "they wanted to see an established office or locale." For Phil, at Stamms TV & Appliance, his biggest challenge continues to be having to compete with some of the bigger retailers in his area. "To find a way to do that is an ongoing challenge" he said, "the economic situation also contributes to make the competition a little more difficult."
Were they ready or how did they get the skills?
With a few exceptions, previous technical experience or knowledge in the field was one of the common factors these entrepreneurs share. For the owner of Robin's Nest Boutique's, her background had prepared her for the retail work but taxes and legal issues were problems she had never faced before working for other businesses. To solve these issues, she hired an attorney and an accountant to help her. Purchasing inventory has been another challenge that she faces regularly, Constant trend changes in the industry, coupled with customer's preferences, makes it a constant challenge to "get it right." Now, after some years, she feels more comfortable in how she runs her business. Connie, at The Gingerbread House, did not have any previous knowledge or experience in retail when she opened her store. She gained expertise while facing difficulties and problems, but her background as a certified nurse had given her transferable skills that helped her to resolve many complicated issues. Recently the store has successfully extended its services and now offers more merchandise to a broader clientele.
It was an interesting experience to have interviewed these entrepreneurs and hear them talking about their motives to start businesses. To have found that in despite of doubts, regulations, lack of skills or previous experience in business the most common characteristics found in these business owners were, willingness to take risks and to invest time, effort, and money. Fortunately, none of them gave up on their dreams.
Lewisburg, PA. September 2011.
email: jjesusfigueroa.ec@gmail.com
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