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    7 Replies Latest reply on May 2, 2011 11:34 PM by She'sMyPA

    On business experience: Do you need to be an expert in your industry to start a successful business?

    WSBryanJaneczko Wayfarer

      I'm a serial entrepreneuer who just founded a free online startup "incubator" with an entire checklist to help businesses launch (check it out: Wickedstart). Ask me your startup related questions about "getting business experience" or on any other topic.

       

      I'm interested in hearing about the challenges that people face when starting their business, so ask away and I'll do my best to offer the right advice..

       

      -Bryan J.

        • Re: On business experience: Do you need to be an expert in your industry to start a successful business?
          LUCKIEST Guide

          NO Brian, You do not need to be an expert to start a successful business.

          If you start a business and it becomes successful, you (by the luck of the draw) could

          become an expert in that field.

          I think that if you succeed in one business, over time you can become a serial entrepreneur.

          Like you and me, there are a series of people and organizations (like SCORE and the SBA)

          that want you to succeed and will help. Some for FREE.

          Hopefully you will get some interesting challenges

            • On business experience: Do you need to be an expert in your industry to start a successful business?
              WSBryanJaneczko Wayfarer

              Hi Luckiest,

               

              Interesting points definitely My question though is, how often does a business succeed "by luck of the draw"? I would say from my experience that it takes persistance, hard work, devotion to the idea, and maybe even (I guess I'm throwing in my own response to the question) the right skills and knowledge to handle the situations you're in when you're dealing with a specific industry.

               

              I wish there's a magic formula to business success but sadly there isn't..even with the guidance of SCORE and SBA, it's very difficult. That's why I started Wicked Start because even though SCORE and SBA can offer great advice and help aspiring entrepreneuers a lot, they can be a bit "old school". I wanted to provide tools and resources that are free and suitable for the modern entrepreneur. For example, our team is constantly reviewing the latest free and low cost tools to recommend like Dropbox and Save The Milk; little apps that really make a difference for a bootstrapping entrepreneuer who's always on the go.

               

              Anyways, anyone else have questions about getting experience? I would love to help...

               

              -Bryan J.

                • On business experience: Do you need to be an expert in your industry to start a successful business?
                  Barky Dog Tracker

                  Hey Bryan,

                   

                  Thanks for your willingness to provide some advice to the community.

                   

                  There are daily posts in this community from folks looking for funding for their small business.  This economy has made it very difficult to find legitimate sources of funding.  And, unfortunatly, there are a lot of unscrupulous "loan" companies out there right now.

                   

                  I would be interested in hearing your tips/advice regarding this.

                   

                  Thanks in advance,

                   

                  Barky

                    • On business experience: Do you need to be an expert in your industry to start a successful business?
                      WSBryanJaneczko Wayfarer

                      Hi. Unfortunately, not everyone in the lending space operates with integrity. I agree that there are lots of sources 'funding' but some may be too good to be true- and in my experience, many of these are too good to be true. To specifically answer your question, depending upon where you are in the startup process, idea/seed versus early stages of operating, could help determine the type of funding that's right for you.

                       

                      Specifically about loans, I answered a question about SBA guaranteed loans which are little easier to get if you've got some operating history. If not, then personal property or an income to collateralize will be necessary. Go to the SBA.gov website---- their 7a programs are the most popular and are 'general' purpose. They'll also let you know about banks that will underwrite the loans (since the SBA doesn't actually make the loans directly.) If you're in the NYC, Small Business services will meet with you to help you find the best bank to provide you with an SBA loan if you even qualify,

                       

                      If you've already quit your day job and don't have collateral, it will be difficult to get an SBA loan. If this is the case, or if you don't want a bank loan, I recommend crowdfunding, such as ProFounder.com, where you raise capital $ by selling a future % of your expected revenue stream. For example, you need $100k funding and you offer 5% of your expected revenues for 5 years. Whatever the revenue stream is what investors receive. (You don't offer any equity in your business.) The investors- friends & family or others in your network- invest using the ProFounder platform. They make it super easy to do, but you're responsible for providing the names of potential investors.

                       

                      Funding Universe is an option that someone on the Wicked Start evaluated. For a substantial fee, they can help you find a possible sources. There's no guarantee and you may be out upwards of $2000.

                    • On business experience: Do you need to be an expert in your industry to start a successful business?
                      Puneeth Newbie

                      Hey Bryan,

                       

                      Can u pls guide me and my 3 friends to start a business?????

                  • On business experience: Do you need to be an expert in your industry to start a successful business?
                    She'sMyPA Wayfarer

                    No, but you must be passionate and hungry to success and be the best in your industry.