The Nevada Small Business Development Center is celebrating National Small Business Week this week, providing an opportunity to recognize and appreciate local entrepreneurs. As a valuable statewide resource, the SBDC helps individuals who are starting, expanding or enhancing their businesses. However, Winnie Dowling, the Executive Director of Nevada’s SBDC, cautions that owning a small business can be risky and challenging, not everyone is suited for it.
Small business owners often face obstacles such as inflation, attracting new customers and securing funding. June Gronert, owner of Iconic Things, a business specializing in handcrafted vintage jewelry and repurposed items, shares her experience of starting a business after retiring. Despite initial challenges due to lack of experience in retail, Gronert found her passion and advises aspiring entrepreneurs to take small steps and test their ideas before committing to a full-scale venture.
According to The Lending Tree, Nevada ranks 5th in the country for the highest rate of small business failures with nearly 30% of businesses closing within the first year of operation. This emphasizes the importance of having a good understanding of your industry competitive advantage financial tracking and cash flow management to navigate these challenges successfully.
In conclusion, owning a small business requires dedication hard work perseverance and utilizing resources like the Nevada Small Business Development Center entrepreneurs can better equip themselves for success in the competitive business landscape.