More taking opportunity to start up businesses
Green shoots and mustard seeds abound among the weeds of the economic crisis, and here’s another one: thriving entrepreneurship.
As unemployment increases — already more than 10 percent in Memphis — people are starting new businesses at a rapid clip.
In fact, Memphis issued more than 1,550 business licenses during the first quarter — that’s up from about 1,140 during the same period last year.
“People are re-evaluating their careers, and now is the time to do it,” said Gwin Scott, president of business incubator Emerge Memphis. “Our advice is to seize the day and take advantage of the opportunity.”
And it’s a trend that’s not unprecedented: previous economic downturns spawned such well-known “recession babies” as FedEx Corp., Microsoft, General Electric and Hewlett-Packard.
But before taking the plunge, there are a few steps to take, said Cathy Walton, the local chapter chair of the Service Corps of Retired Executives.
“First, you must develop a comprehensive business plan,” Walton said. “Second, do extensive market research. And, third, establish a relationship with your banker.”
Also, cultivate relationships with an attorney and an accountant.
“You go into business to make money, but at the same time, you must protect your assets,” she said.
A hardy group of small-business owners was scheduled to finish a 200-mile bicycle trek Saturday — braving the traffic, weather and sore muscles.
The bike tour, sponsored by the Small Business Chamber, raised money for Junior Achievement of Memphis and the Mid-South.
“The question I am hearing most is: ‘How did I let you talk
The tour began in Nashville on Wednesday with a sendoff from Gov. Phil Bredesen. It was scheduled to end in Lakeland, with a welcome-home tribute by Shelby County Mayor A C Wharton.
Besides Staub, other cyclists included David Doyle, executive director of the Tennessee Small Business Development Center; Ray Darby, president of Junior Achievement; Lee Bowling, owner of On Doody pet-waste removal; Michael McCune, president of Corporate IQ ; Mike Parmley, president of Whistle Clean Inc. Pressure Cleaning Service; Jim Regensburger of Mister Company; Chris Wade, co-host of Mornings on KWAM-990; and Jim Wilder, founder of Wilder Systems.
Members of the Young Presidents of Canada — a chapter of the Young Presidents’ Organization — were in Memphis recently for a conference and were treated to a hike through the city and a trip on the Mighty Mississippi.
The group contacted Outdoors Inc. co-owner and president and kayaking enthusiast Joe Royer, who gave the visitors an unusual glimpse of Memphis.
“They said they wanted do a strenuous activity, so I took them on a 15-mile hike through the city and then we paddled the river in a 35-foot tripper canoe,” Royer said. “We have have a gorgeous skyline, and there’s nothing like seeing it from the middle of the river.”
To reach James Overstreet, call 529-5893 or e-mail joverstreet@ commercialappeal.com.
By James Overstreet
www.commercialappeal.com.
If you enjoyed this post, please consider to leave a comment or subscribe to the feed and get future articles delivered to your feed reader.
Twitter: Yep, We've Still Got A Spam Problem
Seniors as Entrepreneurs: Their Time Has Come
Ooma Gets $14 Million, Survival Looks Like A Real Possibility
Facebook Destroys Lucrative Birthday Reminder Industry
Comments
No comments yet.
Leave a comment