Released March 5, 2008

STILLWATER, Okla. -- The Boy Scout motto “Be Prepared” may be important to remember for people thinking about starting a business.

Glenn Muske, Oklahoma State University Cooperative Extension Service interim associate dean, assistant director, family and consumer sciences, said if you are thinking about starting a business, keep in mind entrepreneurs succeed because of preparation and hard work.

“There is a lot of time commitment involved with starting and owning your own business,” Muske said. “An employee stands to lose a job, but business owners stand to lose their life savings. This is one of the key reasons why it is so important to plan well and be prepared for any situation before taking that big step.”

Muske suggests defining personal goals, taking a course in business management, preparing a detailed business plan, completing a loan application and test marketing your idea before jumping off into the business world.

Think about what you want to accomplish professionally and personally.

“Looking at long-term reasons for starting a business are important,” he said. “Take a look at your life and work based on a 10-year span. During the first 5 years of operation, a business is considered a start-up and a business begins to mature after the five-year mark.”

Muske said with proper preparation entrepreneurs will help protect investment both in time and money.

After going through the steps, entrepreneurs may find adjustments are needed, the idea is not valid or there is not a market after all.

“Remember, if you want to start a business, make well-informed decisions based on fact and preparation,” Muske said. “Your results may show a change in business idea or you may decide against it altogether.”

Oklahomans who are interested in receiving high-quality one-to-one business counseling, economic development assistance and training for small businesses and prospective small businesses should visit the Web site http://www.fcs.okstate.edu/microbiz.

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http://www2.dasnr.okstate.edu/Members/katie.reim-40okstate.edu/be-prepared-key-to-business-success

Contact: Katie L. Reim, (405) 744-6792, katie.reim@okstate.edu