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Business advice from Linda A. Livingstone, continued ...
The
basic building blocks for a successful small business are in place even
in the current recessionary environment: finance, market opportunities,
less competition, talent and low entry costs. Most of all, there are an
abundance of market problems waiting to be solved by entrepreneurs.
What is missing for many potential small business owners is the
creativity, passion and courage to make their small business dreams a
reality.
In mentoring MBAs toward entrepreneurship and working
with small businesses through our Education-to-Business Live Case
Program – partnering companies with students to find new
entrepreneurial market opportunities – I have learned that those with
great ideas and passion can make a small business work no matter how
the economy is faring. In fact, this core concept drives the Graziadio
School’s new entrepreneurship program, relaunched with a new curriculum
design this fall in Los Angeles and debuting in Irvine in the spring. A
successful business in any economy is not built around a great business
plan, but rather springs from a great problem-solving creative idea
that has personal meaning for the entrepreneur and high market value.
However,
there also are some common mistakes that would derail a potential small
business. From taking out risky loans, to limiting the potential
geographic market, to interpersonal management habits, there are
avoidable mistakes that can set back a business even before it’s off
the ground.
The thing about economic downturns is that they are
always followed by turns upward. A small business owner or entrepreneur
who is a successful problem-finder in the worst of times is the same
successful problem-finder when times are good.
Andrew J. Policano | Anil Puri | Esmael Adibi
Abe Helou | Linda A. Livingstone | Timothy Peters
Ahmad Hosseini | James G. Ellis
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Business advice from Linda A. Livingstone, continued ...
The basic building blocks for a successful small business are in place even in the current recessionary environment: finance, market opportunities, less competition, talent and low entry costs. Most of all, there are an abundance of market problems waiting to be solved by entrepreneurs. What is missing for many potential small business owners is the creativity, passion and courage to make their small business dreams a reality.
In mentoring MBAs toward entrepreneurship and working with small businesses through our Education-to-Business Live Case Program – partnering companies with students to find new entrepreneurial market opportunities – I have learned that those with great ideas and passion can make a small business work no matter how the economy is faring. In fact, this core concept drives the Graziadio School’s new entrepreneurship program, relaunched with a new curriculum design this fall in Los Angeles and debuting in Irvine in the spring. A successful business in any economy is not built around a great business plan, but rather springs from a great problem-solving creative idea that has personal meaning for the entrepreneur and high market value.
However, there also are some common mistakes that would derail a potential small business. From taking out risky loans, to limiting the potential geographic market, to interpersonal management habits, there are avoidable mistakes that can set back a business even before it’s off the ground.
The thing about economic downturns is that they are always followed by turns upward. A small business owner or entrepreneur who is a successful problem-finder in the worst of times is the same successful problem-finder when times are good.
Andrew J. Policano | Anil Puri | Esmael Adibi
Abe Helou | Linda A. Livingstone | Timothy Peters
Ahmad Hosseini | James G. Ellis
BACK TO MAIN PAGE
Abe Helou | Linda A. Livingstone | Timothy Peters
Ahmad Hosseini | James G. Ellis
BACK TO MAIN PAGE