Starting Your Own Business.pdf

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Starting Your
Own Business
An Easy-to-Follow Guide for
The New Entrepreneur
By Joan Sotkin
Prosperity Place
Santa Fe, New Mexico
© 1993 by Joan Sotkin
All rights reserved
Contents
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Chapter 1. Do You Have What It Takes?
Do you have the urge to go into business for yourself? Do you think that
you’ll be happier working for yourself than for someone else? Or perhaps you
have recently been “outplaced” and are now considering entrepreneurship as an
employment option.
If you have the dream of business ownership, you’re not alone. Over 32
million people in this country are in business for themselves, either full or part
time. According to American Demographics magazine, it is estimated that 50% of
working women will have their own business by the year 2000. In 1991, over
600,000 people started new home-based businesses and twice as many people are
starting businesses now than a decade ago.
No wonder this is being called the Age of the Entrepreneur.
More than ever before, men and women are listening to their inner urge to
create a business for themselves and now, for the first time, the information, the
opportunity and the tools exist to make this possible, even for inexperienced
entrepreneurs.
Entrepreneurship has a romantic quality to it. People often think of
entrepreneurs as rugged individuals who, despite the odds, go out into the world
and make a success of themselves. You’ve probably heard more than one story
like the one about Lillian Vernon who started a mail order business on her kitchen
table and built it into a multi-million-dollar-a-year enterprise. Lillian Vernon’s is
the kind of story that Americans love and gets people’s creative juices flowing.
How else can you take a rather small investment and build it into a large fortune?
A lottery perhaps. But the odds are much better in business.
In 1979, Ben Cohen and Jerry Greenfield took a $5 course on how to make ice
cream, invested $12,000 and opened their first Ben & Jerry’s ice cream shop in a
renovated gas station in Burlington, Vermont. Now there are Ben & Jerry's
franchises all over the country and their ice cream is sold in stores nationwide.
Sales for 1991 topped $97 million.
Amelia McCoy, Oklahoma’s Small Business Person of the Year for 1991,
started her business, Handmade Rainbows & Halos, as a hobby in 1978 for only
$7. In 1992, Amelia’s hair ornament business had annual sales of $7 million, with
sales of $20 million projected within five years. That’s better than a lottery!
What Does It Take?
Recently, I saw a television commercial for a local business expo. On it
people told why they had attended a similar expo. One man said, “I’m here
because it might be nice to have my own business.”
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