Q:I'm really disappointed in you.
I sent my daughter and son-in-law to you because they want to start a business here. After talking to you they're really discouraged. They have some good ideas, some savings and they work hard. Shame on you!
A: I'm sorry you're disappointed but it takes more than a little savings and a couple of ideas to be successful in business. Small businesses are a very high risk and most fail. I tried to encourage them to do some more research before plunging in. Many years ago I taught in the business school of a state university. I told my students then, as I tell my clients now, that there are some basic rules to business. The first one is "find a need and fill it." In other words, spend the time and effort to discover what a community needs, not just what you would like to do.
You have to ask yourself questions like; does this town really need another pizza parlor or coffee shop? If the answer is no, then you are setting yourself up for frustration and failure. That's particularly true if, like your daughter, you don't have experience in self-employment or in the business.
Years ago, when I lived in Seattle, I remember being impressed with the recent southeast Asian immigrants who, in two or three years, learned English, began citizenship classes and became successful entrepreneurs. One such family started a Mexican restaurant in my neighborhood because there wasn't one nearby and they did their research and discovered that it would be a welcome addition to the community. They had to learn a new language and a different cuisine, but they were very successful because they did what is called a "needs assessment" and delivered what the community would support.
Self-employment is often brutal. High overhead, cost over-runs, unexpected downturns, regulations, taxes and personnel problems are standard fare. I suggest your daughter and son-in-law start by working for someone else in a business that interests them, do research on the Internet to find out the basics and take some good business classes.
A: I'm sorry you're disappointed but it takes more than a little savings and a couple of ideas to be successful in business. Small businesses are a very high risk and most fail. I tried to encourage them to do some more research before plunging in. Many years ago I taught in the business school of a state university. I told my students then, as I tell my clients now, that there are some basic rules to business. The first one is "find a need and fill it." In other words, spend the time and effort to discover what a community needs, not just what you would like to do.
You have to ask yourself questions like; does this town really need another pizza parlor or coffee shop? If the answer is no, then you are setting yourself up for frustration and failure. That's particularly true if, like your daughter, you don't have experience in self-employment or in the business.
Years ago, when I lived in Seattle, I remember being impressed with the recent southeast Asian immigrants who, in two or three years, learned English, began citizenship classes and became successful entrepreneurs. One such family started a Mexican restaurant in my neighborhood because there wasn't one nearby and they did their research and discovered that it would be a welcome addition to the community. They had to learn a new language and a different cuisine, but they were very successful because they did what is called a "needs assessment" and delivered what the community would support.
Self-employment is often brutal. High overhead, cost over-runs, unexpected downturns, regulations, taxes and personnel problems are standard fare. I suggest your daughter and son-in-law start by working for someone else in a business that interests them, do research on the Internet to find out the basics and take some good business classes.
posted by Emma Amiad at
3:22 PM
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