Thursday, July 15, 2010

How do businesses really start?

Not the way the SBA and SCORE says they should start, that's for sure.

I've heard hundreds of people share how they started, and yes from time to time there is the rare exception, the person follows the venture capital model of market research, strategic planning, and raising money.

But nearly every successful business starts with bootstrapping. What do you need to start a business? A customer!

A woman joined us at the IDEA Cafe when we were starting years ago. At the end of the meeting she said to me, "I'm so happy I came today. My husband wouldn't let me start until I'd done market research and written a business plan."

"What do you want to do?" I asked.

"I work for a doctor doing medical transcriptions. He has three other doctors who would like me to do their work too," she said.

Yes, before anyone spends a significant amount of time or money on a new business it's a good idea to set down with a good CPA. A good CPA won't tell you whether you have a good idea or not, who know? In our market economy, the market renders the final decision. But a good CPA will quickly help you see the financial implications of what you are thinking, and they will help keep you legal. If you need to see a lawyer, and most businesses don't in the beginning, the CPA can refer you.

So get started now!

If you want a boost, join us for the Denver IDEA Cafe tomorrow (see link to the left) or read my little booklet on startup, it's free if you read it online, see Daring Mighty Things--The Simplest Way to Start Your First (or Next) New Business (click here.)

It may be helpful to you to become part of a small group of people who help each other, something I can facilitate for you through my Community Room College, I'll tell you more about it at the Denver IDEA Cafe or call me any time.

Tuesday, July 13, 2010

I just spoke with Dr. Henry Crichlow, former head of the department of petroleum engineering at the University of Oklahoma. The solution BP is implementing now is identical to what he proposed to them and the Federal government through multiple channels. "This required no new equipment, just that they draw together about 4 pieces of equipment they already have," said Crichlow. "The problem now is they may do it in too sudden of a way and create a disaster. It has to be implemented properly."

The New York Time contacted Crichlow, but never reported on his proposal. I called the Houston Chronical and talked with their oil industry reporter the day Crichlow, with his own money, ran an ad trying to get the attention of BP and the government. They never reported the story.

Why virtually no coverage of his idea outside of my little blog and the Norman Oklahoma paper? "BP spends so much on advertising, no one wants to make them angry," said Crichlow.

Maybe so. But way didn't the federal government pay attention? The stonewalling of Henry Crichlow is still a big story, in my opinion.

Monday, July 12, 2010

Henry David Thoreau (1817) and Julius Ceasar (100 BC) were both born on this date. Which do you think had a bigger impact on the world?

14 years ago I had an insight that changed my life. If you want to know more, give me a call.