Is Entrepreneurship for you?
The following questions have been answered by the United States Small Business Administration (www.sba.gov).
Before venturing into a new business you must first evaluate your strengths and weaknesses as the owner and manager of a small business. Following are a few essential questions you must consider:
Are you a self-starter? If you rely on others to organize your day, business ownership may not be for you. You must be capable of organizing your time and developing and managing projects and tasks without constant reminders.
How well do you get along with different personalities? Business owners need to develop working relationships with a variety of people including customers, vendors, staff, bankers and professionals such as lawyers, accountants or consultants. Can you deal with a demanding client, an unreliable vendor or cranky staff person in the best interest of your business?
How good are you at making decisions? Small business owners are required to make decisions constantly, often quickly, under pressure, and independently.
Do you have the physical and emotional stamina to run a business? Business ownership can be challenging, fun and exciting. But it's also a lot of work. Will you be able to handle long days?
How well do you plan and organize? Research indicates that many business failures could have been avoided through better planning. Good organization ¬ can help avoid many pitfalls.
Is your drive strong enough to maintain your motivation? Running a business can wear you down. Some business owners feel burned out by having to carry all the responsibility on their shoulders. Strong motivation can make the business succeed and will help you survive slowdowns as well as periods of burnout.
Think you have what it takes? Now what?
No one should venture into business planning alone. Luckily there are numerous resources available to the potential entrepreneur.
The Small Business Administration (SBA) offers a comprehensive collection of planning tools and resources on their website. Visit the SBA online at www.sba.gov/smallbusinessplanner to get started.
You may also wish to visit your local SBA office for hands on assistance. While some of the services are not free, many locations offer partial financial assistance to those unable to afford the fees. To locate the office that serves your area, visit www.sba.gov/localresources/index.html and click on your state.
Microloans soon available to entrepreneurs with disabilities
The Abilities Fund provides direct assistance to individuals with disabilities that are interested in launching a small business. Starting in November 2007 secure loans will be available to potential business owners with disabilities. Flexible terms and competitive interest rates for microloans ranging from $500 - $25,000 will be offered. The loan program will be available in 45 states.
In support of this new loan program, The Abilities Fund has developed an online resource center which includes tools to determine business feasibility, business planning guides, information and articles on home-based business, and much more.
To learn more about how the Abilities Fund can help you realize your dream of business ownership, visit them online at www.abilitiesfund.org or call toll free, 1-888-222-8943.
Your Disability Benefits
Want to know how starting a business could affect your benefits? Contact your local Center for Independent Living (CIL) Benefits Specialist. Nearly all CILs offer benefit counseling. To locate the CIL that serves your area, visit the ILRU Directory of CILs/SILCs.
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National News
Medicaid Cash and Counseling – personal choice for personal care
Finally, an approach that gives individuals with disabilities real choice when it comes to their long term care needs. The Medicaid Cash & Counseling program provides a flexible monthly allowance to recipients of Medicaid personal care services or home and community based services. Rather than an agency making decisions, the individual decides who to hire and what services they would like to receive. Real personal choice! At this time just 15 states (Alabama, Arkansas, Florida, Illinois, Iowa, Kentucky, Michigan, Minnesota, New Jersey, New Mexico, Pennsylvania, Rhode Island, Vermont, Washington, and West Virginia) offer this program.
If your state is not among the 15, it is up to you to educate your Medicaid office on this option. E-mail elizabeth.maguire.1@bc.edu to request an information packet that you can share with your local Medicaid office. To learn more about the Cash and Counseling Program visit www.cashandcounseling.org.
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Small Business 101 in Wisconsin
Your local business development resource - Wisconsin Small Business Development Center
The Wisconsin SBDC offers a variety of educational services to potential small-business owners. The low-cost courses, seminars, and workshops cover both basic and complex topics, from marketing to management techniques to business plan development.
Among their service offerings is the Entrepreneurial Training Program (ETP), a course that provides guidance through business plan development. During this 8-12 week course, participants receive individual counseling and coaching on writing a complete business plan, preparing them to request financing from banks, investors and public institutions. Participants can receive a grant to help cover up to 75% of the cost of attending an ETP course.
To learn more, either visit the SBDC online at www.wisconsinsbdc.org or call the Main office in Madison at (608) 263-7794.
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First Steps To Entrepreneurship Workshop
If you’ve been thinking about starting your own business, this is the workshop for you…
The UW-Milwaukee Small Business Development Center (SBDC) will be hosting the First Steps to Entrepreneurship Workshop this fall. This workshop is a great starting point for anyone considering opening a business. During a fast paced three hours, facilitators from the SBDC review a four-step process for potential entrepreneurs to assess their readiness, consider the environment for a new business and learn about critical business resources.
Sessions, which will be held at the UWM School of Continuing Education, are scheduled for 6pm-9pm on the following days: Thursday, October 18th, Tuesday, November 13th and Thursday, December 13th. The workshop costs $29.
For more information on this workshop or to learn more about the services of the UW-Milwaukee SBDC, call (414) 227-3240, or visit them online at www.smallbusiness.uwm.edu
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