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Michael Kadish
CAMP COUNSELOR IN TRAINING
JULY 11, 1993
FORBES
JULY 19, 1993
THE LADY AND THE PUNCH PRESS
PAGE 226
Elizabeth Fettinger was 35 years old when her husband left her with their children. With alimony and child support combined she made a paltry $525 a month. Since she had never even written her own check before she realized she needed to get a job and became a secretary at Winning Sheet Metal and later became an executive there. She realized that all the good employees were quitting. It was then that she realized that she could do a lot better if she started her own company. She did and last year their revenues hit $600,000.
Starting your own business is one of the most risky- if not the most risky- business venture. If you play your cards right and luck is in your favor, you could make millions, like Bill Gates or Steve Jobs or even the late Sam Walton. Of course if your business goes belly up, you can lose your shirt. No matter what happens you can make your own hours, turn your hobbies into a career (photography, sports, or card collecting), and you are in control of your future. Even if you are only moderately successful you can sell your business, recover your investment, and maybe even make a profit.
Of course when you start your business you need capital. This could be a problem if you do not come from a to do family or have recently won the lottery, have in your possession a large amount of cash on your hands, or do not have collateral to take out a loan from a financial institution. You will have to tap your savings and may have to approach friends and relatives, or you may have to take on partners. Another major problem is that when you start a venture, you are financially vulnerable and you need the right insurance and the right legal information. Starting a business with a dependant that has a medical problem can be incredibly risky.
Beyond this you have to know every aspect of your business. An entrepreneur must master accounting, marketing, personnel relations, communications, and all aspects of the business. He or she must know all employees and all major customers. To be competitive, the new owner must read and understand trade publications and all periodicals even indirectly affecting the business. It certainly is not easy, but the effort can be very rewarding and an important part of this nation's economic future.