This week, we are celebrating National Small Business Week and acknowledging the contributions of local entrepreneurs. As a valuable statewide resource, the Nevada Small Business Development Center provides assistance to individuals who are starting, expanding or enhancing their businesses. However, as Executive Director Winnie Dowling points out, starting and owning a small business can be risky and challenging, not everyone is suited for it.
In fact, according to The Lending Tree, Nevada ranks 5th in the country for the highest rate of small business failures. Nearly 30% of businesses close within the first year of operation, with the national average being 23%. To navigate these challenges successfully, business owners must have a good understanding of their industry, competitive advantage, financial tracking and cash flow management.
Small business owners face various obstacles such as coping with inflation, attracting new customers and securing funding. June Gronert, owner of Iconic Things – a handcrafted vintage jewelry and repurposed items business – 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.
In conclusion, owning a small business requires dedication, hard work and perseverance. Utilizing resources like the Nevada Small Business Development Center can help entrepreneurs better equip themselves for success in the competitive business landscape.