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| Starting a Business: Rieva Lesonsky
Discusses How to Start a Business This video can be found on the Student DVD.Summary: Starting your own business is risky, according to the video from NBC on your Student DVD. Risk is part of the process of a new business venture. However, mitigating the risk is an important part of the process according to Rieva Lesonsky, editor of Entrepreneur Magazine. In order to manage risk, the new business owner should have a solid business plan that h/she follows step by step. Software abounds to provide assistance to the entrepreneur. Go to Bplan.com for examples. Lesonsky suggests having a "risk quotient" for oneself in terms of how much risk you are willing to tolerate. She cautions that a new business consumes your life; you need to invest your time, money, and energy in order to be successful. According to the Small Business Administration, more than 50% of new businesses fail within the first year and more than 95% fail within the first 5 years. Given these factors, Lesonsky suggests that one incorporate to create a wall between your personal "self" and your business "self." Finally, if you do fail, she suggests that you learn from your mistakes.Discussion Questions
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