Entrepreneur's Startups Spring 2019

Many people believe starting a business is a mysterious process. They know they want to start a one, but they don’t know the first steps to take. In this chapter, you’re going to find out whether a business idea you already have is a viable one. But before we get started, let’s clear up one point: People always wonder if this is a good time to start their business. The fact is, there’s never a bad time to launch a business. It’s obvious why it’s smart to launch in strong economic times. People have money and are looking for ways to spend it. But launching in tough or uncertain economic times can be just as smart. If you do your homework, presumably there’s a need for the business you’re starting. Because…

So you’ve got an idea for a business already worked out. But is it a good, viable one? The answer might seem complicated, but there are a few markers that will tip you off, according to Neil Petch, chairman of Virtugroup, a holding company that supports startups from their early days to market entry. It solves a problem. Solving a problem means delivering a solution that makes a sizable number of people’s lives easier. The problem doesn’t have to be one that nobody else is tackling; it can just as easily be a problem no one has dealt with effectively. It’s scalable. Scalability is the potential of your business opportunity to grow and be applied to an ever-increasing market. Think about whether you can expand on your idea, make it flexible and resilient, monetize…

Complete the following self-assessment worksheet as honestly as you can. Just write down whatever comes to mind; don’t overthink the exercise. Most likely, your first response will be your best. Once you’ve finished the exercise, look for patterns (i.e., is there a need for a business doing one of the things you like or are good at?). List at least five things you like to do or are good at: List five things you are not good at or you don’t like to do: List three products or services that would make your personal life better: List three products or services that would make your business life better: When people ask what you do, what’s your answer? (LIST ONE OCCUPATION OR WHATEVER MAINLY OCCUPIES YOUR WEEK.) List five things you enjoy about your work: List five things…

By the time The Wing opened its doors in 2016 in the historic district of Manhattan’s Ladies’ Mile, people were clamoring to get in. The all-women coworking space attracted young professionals who were eager to spend their days alongside like-minded women, despite annual member fees of $2,350 and a very long waitlist. It’s not hard to see why: The stylishly designed space boasts amenities like showers, beauty rooms, lactation rooms, and private phone booths; and the regular nighttime event series has included panels with everyone from Jennifer Lawrence to Hillary Clinton. This hasn’t come without some controversy. The New York City Commission on Human Rights launched an inquiry last spring to explore potential violations of anti-discrimination laws—essentially questioning whether it’s legal for The Wing to shut out men. Founders Audrey Gelman…

MOZIAH BRIDGES, 17 Founder and creative director, Mo’s Bows Moziah Bridges has always appreciated good style. As a 9-year-old in Memphis, he’d ride his bike around the neighborhood in a suit and tie. He loved the unique and unusual, especially bow ties, but could never find them in the patterns and designs he desired. He asked his grandmother to teach him to sew, and Mo’s Bows was born. “Originally, I didn’t sell the bow ties. I was trading them for, like, bags of chips,” Bridges says. But orders kept coming in, and he finally started charging in cash rather than snacks. Since 2011, Bridges has notched nearly $700,000 in sales, appeared on ABC’s Shark Tank, and signed a one-year licensing deal with the NBA to create signature bow ties for each team.…

Jaclyn Johnson didn’t set out to run two startups simultaneously. In fact, she never planned to launch one. The first came from necessity. At 23, after an unexpected layoff, Johnson took on freelance marketing projects to pay her bills. When her workload got big enough, she formed No Subject marketing agency, counting L’Oréal and Microsoft as clients. And there it was: company #1. That created another necessity. As a first-time founder, Johnson craved connection with other young women entrepreneurs, so she started organizing small gatherings in Los Angeles where female founders could talk frankly about their businesses and share and seek advice. She called the meetings Create & Cultivate, and the demand grew rapidly. “Brands were emailing me asking when the next one was and when tickets were going on sale,” she says.…