Nevada Small Business Week is currently being celebrated, giving us the chance to recognize and appreciate local entrepreneurs who are making a difference in our community. The Nevada Small Business Development Center (SBDC) is a valuable statewide resource for individuals starting, expanding or enhancing their businesses.
As the Executive Director of Nevada’s SBDC, Winnie Dowling cautions that entrepreneurship can be risky and challenging, and not everyone is cut out for it. In fact, 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. That’s why it’s crucial for business owners to have a good understanding of their industry, competitive advantage, financial tracking, and cash flow management to navigate these challenges successfully.
Small business owners often face obstacles such as coping with 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 facing 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 diving headfirst into the world of entrepreneurship.
In conclusion, owning a small business requires dedication, hard work, and perseverance. By utilizing resources like the Nevada Small Business Development Center (SBDC), entrepreneurs can better equip themselves for success in the competitive business landscape.