Starting a business is a lot like jumping onto a fast-moving
merry-go-round: It looks a little crazy to anybody watching, and
it's almost guaranteed that you're going to stumble as you
jump on. But you're also bound to have a lot of fun, and as
long as you dig in your heels and are determined to hang on,
you're likely to enjoy the ride.
If you feel a little scared at the idea of starting a business,
take heart from the stories that follow. If these entrepreneurs
could start businesses in 2003-when the economy was seemingly going
nowhere but down-surely you, too, can find success today.
Laura Osborne, 26, and Sheila Dardashti, 25
Business:Treesje, a handbag business in Beverly Hills,
California. The purses are sold to boutiques and have attracted
celebrity fans including Liv Tyler, Kate Winslet and Sarah Jessica
Parker.
Founded: May 2003
Start-Up Costs: $20,000 from their savings from previous
jobs. And they continually reinvest in their company.
Revenue So Far: About $75,000
Employees: None
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Osborne and
Dardashti's Background: They both studied at the
University of San Diego. Osborne dove into business and got her
M.B.A.; Dardashti was in fine arts. They knew of each other but
were not well acquainted until they met as bridesmaids at a wedding
and started talking. Soon afterward, Dardashti began designing the
handbags, while Osborne started marketing them. Today, they both
contribute a bit of everything to the business.
Osborne's Top
Three Tips for Start-Ups:
1. Love what you do. Whether the economy is good or bad,
says Osborne, "you need to have passion. If you want to start
a business just to make money, that's fine, but the money
isn't going to keep you going. It's not going to cause you
to wake up in the middle of the night with new ideas for the
business. And if you're passionate about your business,
you're going to swallow rejection much [more easily]."
2. Keep the quality of your product at its highest level
possible. "Keeping a customer in a down economy is
crucial. We've got to keep that customer for life, because
there aren't a lot out there," says Osborne. "Their
dollars are hard-earned, and they don't have a lot of money to
place elsewhere. And we make it clear that if somehow the quality
is lacking, we'll do whatever it takes to make it up to that
customer."
3. Save money wherever you can, and concentrate on keeping
the cash flow flowing. Says Osborne, "Penny-pinching has
really helped us."
Dardashti's
Final Two Cents: "Every day is so different than the
next, which was initially frustrating and discouraging. But the
daily volatility has taught me to stay focused on the light at the
end of the tunnel."
Yana Drogobetsky, 25
Business:Bambini
Design, a Brookline, Massachusetts, retail store offering
European furniture, clothing and accessories for babies and young
children
Founded: May 2003
Start-Up Costs: Around $70,000. Some was a loan from
Drogobetsky's parents, but more than 60 percent of it was from
savings she'd been socking away for a couple of years.
Revenue So Far: More than $100,000
Employees: One full-time employee
Drogobetsky's
Background: During college, while earning a degree in early
childhood education, Drogobetsky worked as a night nurse, caring
for twins and triplets. She also spent a year as a kindergarten
teacher before realizing that what she really wanted to do was own
her own business.
Drogobetsky's
Top Three Tips for Start-Ups:
1. Know your market. Drogobetsky did consider the risks of
selling high-quality furniture in a low-quality economy. But she
also believes that "no matter how the economy is doing, kids
are always being born, and kids always come first in
families."
2. Dare to be different-very different. "I have
bright colors, furniture that changes as the child gets older, and
exclusive lines that you can't get anywhere else in the United
States," says Drogobetsky. "There's so much
competition out there that you really need to stand out and be
different, because clients do have a choice."
3. Understand your customers; they're tough to come
by. When you meet them, be prepared to explain why you're
their best option. Says Drogobetsky, "I know how to present my
product to the parents [so] it almost seems like an
investment."
Drogobetsky's
Final Two Cents: "You have to be willing to take risks
in business, but risks that you can validate for
yourself."
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