So you want to start a business….NOW?
January 13th, 2010 by Julia TaylorA New Year begins with sense of new things possible in our lives. So suppose you’ve been thinking about that business you’ve always been wanting to start. Economic times are tough. What advice would our community of CEOs give you?
Here’s the responses from some of our region’s top and innovative CEOs.
What advice would you give someone starting a company or a spin-off now? Opportunities? Cautions?
Sheldon Lubar, Chairman, Lubar & Company:
“Do all of your homework before you start and be certain you have commitments for the necessary start up money.”
Paul Purcell, Chairman/President/CEO, Robert W. Baird & Company:
“This is a good time to start a business form an economic point of view but very challenging from a political point of view with regard to increased health care costs, taxes and increased regulation.”
Dan Steininger, President, Steininger & Associates & BizStarts Milwaukee:
“Since the launch of BizStarts Milwaukee we’ve seen a dramatic increase in the number of new potential high-growth companies getting started. The deal flow to our Angel investment network, the Successful Entrepreneur Investors, has been up dramatically in 2009. We see that trend line continuing even stronger in 2010.
This is important because the Wisconsin economy has lost so many jobs. The key to job growth is to start new companies. Major corporations will continue to be reluctant employers of new employees. The trend line of downsizing by major corporations is not simply result of this recent recession but it’s been going on for the last quarter of a century.”
Jill Morin, Executive Officer, Kahler Slater:
“My advice to anyone starting a business is to be clear about the kind of company you want to be and the kinds of experiences you want to provide to your clients, your employees — all of your stakeholders. Having a vision for your future success that authentically differentiates you in the marketplace is the key to success. Then, hold to that vision, even when the going gets rough, and make it manifest in everything you do.”
Austin Ramirez, CEO, INCOVA Technologies:
“If you can access sufficient capital, now is a great time to launch a new business due to high availability of talented employees and the many changes in government and private sectors that have been forced by the recession will generate new value creation opportunities.”
Tim Sullivan, President & CEO, Bucyrus International:
“This is a tough domestic business environment. If you’re going to do it, make sure it either is filling a void left by a departing business; creating a new niche where demand can be clearly defined; or has something to do with where the real growth is happening, i.e., the developing and emerging international economies.”
Steve Roell, CEO, Johnson Controls:
“Understand your markets and how susceptible they are to economic volatility. Make sure you are capitalized to withstand the unexpected and that you’ve considered various contingency plans.
In terms of opportunities, the long viability of a business is tied to innovation that truly provides a unique value to your customer. If you have that idea and a sound business plan, this isn’t a bad time to access capital at reasonable rates.
Finally, look for opportunities to partner with another firm that gives you better market access to distribution, a customer base, sales force etc.”
Mark Furlong, President/CEO, M&I Corporation:
“A level of investor interest that will offer an opportunity to obtain what seems at that moment like excess capital, a business plan that will attract some extent of financing, a portion which should be longer-term in nature, and the experience and wisdom to execute your plan as intended, calling upon the expertise of trusted advisors, when necessary.”
David Raysich, Partner, Plunkett Raysich Architects, LLP:
“Starting a business today is a distinct advantage over starting a business in an economic boom. Every existing business is operating with a new normal. Your new business will be operating with the new normal but without all the easy spending baggage.”
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