The Economic Perspective: “How to Think about Starting a Business”

Mary:    I’m Mary Walden with economist MW welcoming you to the economic perspective.  Today’s program looks at how to think about starting a business.  Mike, most of us in our work career have thought about being our own boss and starting a business.   But doing so seems daunting, especially with competition from foreign companies and large conglomerates.  Is there any room for the little guy or gal who wants to be an entrepreneur?

 

Mike: Summary Answer

  • There’s an old recommendation in business that says to exploit your competitor’s weaknesses while emphasizing your own strengths
  • Many business experts think this has never been so true as today
  • Want to begin by assessing your own skills, talents, and passions
  • Are you a people person, a tech person, or someone in the background
  • What skills do you have that are unique
  • Then look at who’s doing what you want and can do, and ask if they’re lacking
  • For example, big companies may be powerful, but they often lack the personal touch
  • Also, if they are so big, they may have trouble communicating
  • See if there’s an opening for you, and start small
  • If successful, grow slowly, always recognizing what got you there
  • I’m MW

 

Mary: And I’m Mary Walden for the Economic Perspective, an NC State Extension program from the Department of Agricultural and Resource Economics.