Being a first-time entrepreneur can be challenging and nerve-wracking but also very exciting and rewarding. There is no end to the many financial, legal, staffing, marketing, and customer issues that will come up as you launch your business. And, unfortunately, there is a lot of conflicting advice out there for the aspiring entrepreneur. But here are 15 core tips to help you begin navigating the startup landscape.
The pathways to successful entrepreneurship are unpredictable. But one constant commonality, even above education or experience, is drive. Successful entrepreneurs from all backgrounds share a relentless tenacity that is perhaps the best predictor of success. This is the magic of entrepreneurship.
In 2013, the entrepreneurial landscape in Northern Nevada was a barren desert. Only recently removed from being rocked by the Great Recession, that year Reno-area startup companies brought in a small cluster of new jobs (50) while raising droplets of venture capital ($2 million), according to the Economic Development Authority of Western Nevada. Five years later, the horizon for both entrepreneurs and investors looks vastly more fruitful and green — in more ways than one.
The Factbook predicts the total economic impact of legal marijuana sales will increase by 234 percent over the next five years, from $23 billion in 2017 to as much as $77 billion by 2022. These projections are key indicators why many entrepreneurs are rolling into the cannabis ecosystem in Northern Nevada.
A group of local business women have joined forces to help other women succeed at business. Inspire Reno describes itself as a women’s entrepreneurial development center. “One thing we know about people who are peak performers is, the one thing they have in common is, they gather around other successful people,” says Dr. Erin Oksol, psychologist and business coach.
Sometimes an innovative idea for a business or life-changing product connects with the resources to make it happen. And sometimes they come together when the idea is pitched to a team of angel investors or venture capitalists. Northwestern Nevada has a number of investor organizations springing up along with a rising spirit of entrepreneurship throughout the region.
David Audretsch, one of the most well-known entrepreneurship researchers in the world, will be giving a talk that is intended for students, entrepreneurs, and the general public on November 30, 2017 from 5:30 to 7 p.m. on the University of Nevada, Reno campus. The title of Audretsch’s talk is, “Have We Oversold the Silicon Valley Model of Entrepreneurship?”