There is no question about it, acting is one of the hardest industries to break into but you will be surprised that many who became successful started from nothing contrary to the belief you more...

There is no question about it, acting is one of the hardest industries to break into but you will be surprised that many who became successful started from nothing contrary to the belief you need to have a famous parent to get into the industry such is seen with Michael Douglas, Paris Hilton, Charlie Sheen, Kate Hudson and many others. Here are just some actors who were not born to a connection in the entertainment industry Halle Berry was born in Cleveland Ohio in 1966 to a single mother and would become the first woman of African American descent to win an award for best actress. She is now one of the highest paid actresses in Hollywood as well as a spokesperson for Revlon and has been for over ten years. After graduating from high school Halle Berry worked in the children's department at a large department store. During this time Halle would enter various beauty contests in the 1980's leading to her winning Miss Then-All American in 1985 and then winning Miss Ohio in 1986. Halle would pack her bags and leave to reside in Illinois to pursue a career in modeling and acting and landed her first project on the "Chicago Force" television series followed by a role in "Living Dolls" and then a recurring role in "Knots Landing." Unfortunately during this time Halle lapsed into a coma from a diagnosis of diabetes mellitus type 1. She was not without her difficulties, however despite her difficulties she went on to play the role in Spike Lees "Jungle Fever" where she played "Vivian" a drug addict in 1992, this led to many other roles placing her in the spotlight as a great actress where she would appear in world renowned films including the James Bond film "Die another Day", "Cat Woman" and "X-Men." Jim Carrey started his career in 1979 doing stand up comedy at Yuk Yuks in Toronto where he rose to become a headliner in 1981. Shortly after his 19th birthday he received a positive review in the Toronto Star which raved that Carrey was a "genuine star coming to life." Shortly thereafter Carrey moved to Los Angeles and started to work at the Comedy Store where he got noticed by comedian Dangerfield, who signed Carrey to open Dangerfield's tour performances. Carrey would turn his attention to film and television and auditioned to be on NBC's Saturday Live but was not selected along with not being selected for many following auditions. Carrey would not give up on his dream of becoming a successful actor and as a result would work smaller roles. He got his first break when he starred in the 1994 comedy "Ace Ventura", it was totally trashed by the critics and Carrey even earned the nomination as the worst new star, but the fans loved "Ace Ventura" against the critic's reviews and therefore made Carrey a superstar. It was in the same year Carrey would play leading roles in the "Mask" and "Dumber and Dumber". Then in 1995 Carrey played the "Riddler" in Batman Forever which was a huge success, so successful Carrey earned 20million for his next film "The Cable Guy." Jim Carrey proved that even when rejected and labeled the worst new actor, one can prove their critics wrong by throwing so many following great successes right back in the critic's faces. Demi Moore endured a very troubling childhood. Her father left before she was even born. Her mother and stepfather were both alcoholics who fought and beat each other frequently. Moore's stepfather committed suicide in 1980. Moore suffered from cross eyes which were corrected with two surgeries as well as kidney dysfunction. She would train with John Casablancas which led to her first debut in 1982 in the film "Parasite." Moore did not become recognized until her role on the soap opera "General Hospital" in 1982-1983. However, it was the commercial success of her role in the film "Ghost" Moore was given better roles: "A Few Good Men", "Indecent Proposal", "Disclosure" which resulted in Moore becoming the highest paid actress to reach 10million per film and became the best paid actress in the 1990's. Moore would take a break from acting to raise her three children and would return to the big screen in "Charlie's Angels" in 2003. Demi Moore has shown that no matter how turbulent ones beginnings maybe, ones dreams of becoming a successful movie star is possible despite ones circumstances. Samuel Jackson was born in Washington in 1948 to a single mother who worked as a factory worker; Samuel Jackson only saw his father twice until his father had died of alcoholism. It was after the assassination of Martin Luther King, Jr. Jackson and several other students held the Morehouse College trustees hostage on campus demanding the school reform its governance. Jackson as a result was charged, convicted of a felony and suspended from the college for two years in which time he worked as a social worker. Jackson would return to the college to graduate with a BA in Drama in 1972. After graduation Jackson played many roles in various stage plays and appeared in several television films and made his debut in "Together for Days" in 1972. For the next 10 years Jackson would act in various stage plays in New York City where he became addicted to cocaine and alcohol. Through the support of his friends and family Jackson in 1990 made the decision to enter rehab as he was unable to function or play any acting roles effectively. Through rehab Jackson had successfully overcome his drug addiction, it was not surprising Jackson was offered to play the role of "Gator" a crack addict in the film "Jungle Fever" he played the role so well he won the best supporting actor award at the Cannes Film Festival in 1991. With so many ups and downs Samuel Jackson is an actor who has not allowed his difficulties to define him, but rather learned from his difficulties so as to become an asset in the entertainment industry. Samuel Jackson has been honored with a star on the Hollywood walk of fame and has appeared in over 100 films and is now a highly recognized actor and producer. Do you seek a break in the entertainment industry? Do you lack the connections in making your dream a reality? You need to visit: http://www.cluehut.com where it's FREE to join and browse opportunities for aspiring actors to connect with others who can make your dreams a reality. Author: Genyfer Spark ...less

If you are like me you live and breathe fashion. You are constantly inspired with so many new designs racing through your mind, so many you can’t seem to get them all down quick enough at more...

If you are like me you live and breathe fashion. You are constantly inspired with so many new designs racing through your mind, so many you can’t seem to get them all down quick enough at the pace they arrive. You constantly dream of the day your fashions will be on the fashion runway with the lights beaming brightly overhead, the cameras flashing everywhere and the audience being completely mesmerized by your incredible designs. You can’t stop thinking of the day you will open a magazine or watch the Oscars and see a famous celebrity in one of your breathtaking designs. Your book shelf is stocked with fashion books and magazines, and you absolutely can’t resist visiting textile stores to view all the latest fabrics, decorative beads, rhinestones and trims. It’s this ever present dream of being a successful fashion designer that has you work day and night on your designs in most cases for many years without pay and working a job to pay the pills which is brutal torture, when all you can think about is living and working in fashion. Famous fashion designers come from all walks of life there is no one system to follow that will have you become the next famous fashion designer. Some have graduated from elite fashion schools and some have never attended fashion school. Some have undertaken a fashion internship with a fashion house and others have made their own designs in their basement. The only elements all these fashion designers have in common is they had an intense passion for fashion, were able to design fashions highly sought after and connected with someone who gave them the opportunity to break into the fashion industry. It is essential in becoming a successful fashion designer you get you and your designs out there as much as possible, as how will anyone know about your fashions if they can’t see them? In getting your fashions out there here are a few things you can do: 1. We are not usually good at everything some of us are great at designing clothes but lack the sewing and pattern making skills. It is here you can partner with someone who shares your passion for fashion and has the skills you lack. It is in the bringing together of different skills you can create a real product that can be showcased. 2. In having a fashion line of 14 outfits you can apply to your local fashion week. In the USA: New York, Los Angeles and San Francisco all have fashion weeks. These fashion weeks attract many editors, journalists and local socialites who will see your fashions and potentially give you the exposure you need to get known. 3. Many city night clubs hold fashion shows, find out what night clubs hold fashion shows and contact them as to how you can be apart of an up and coming show. 4. Locate fashion boutiques that cater to the fashions you design, first make a trip to the stores to look around, if you can see your clothes fitting in well with the store, find out who the owner is and ask if they would be willing to have some of your fashions offered for sale in their store. You will be amazed at how many store owners are willing to work with you. I walked around San Francisco in the Nob Hill district and had my fashions placed after visiting and discussing my product with four boutiques. In having your fashions displayed you will receive valuable insights as to whether or not your designs are in demand and if you need to change your designs to increase sales. It will also give you free exposure to the public. When your fashions do sell you can present this to investors who are more than willing to invest in your line, when you prove the existence of a strong demand for your fashions. It was my struggle to make it in the fashion business I founded Clue Hut, if you are struggling to create your fashions due to the lack of capital, connections or all the skills required, you can visit: http://www.cluehut.com where it’s free to create a profile stating what you need and who you are hoping to connect with in achieving your fashion dream. You can also browse and connect with others who like you have created a profile offering opportunities where together you can become a great success in the fashion business. Here’s to your success of becoming a great fashion success! ...less

Studies show that 80 percent of retail clothing businesses fail within the first five years. Understand the nine factors that can help your apparel retail store beat the odds and succeed. more...

Studies show that 80 percent of retail clothing businesses fail within the first five years. Understand the nine factors that can help your apparel retail store beat the odds and succeed. by Mayumi Mendoza This business requires that you enjoy meeting people, be skilled in the art of maintaining customers, have a knack for choosing the clothes that people will actually buy, and possess a huge dose of fashion sense. The business may appear glamorous, but you must be willing to work long hours and be on your toes to adapt to every little change in the market. The industry is very competitive, and studies show that 80 percent of retail clothing businesses fail within the first five years. Most retail stores, particularly small businesses, perish because of poor management, tough competition from department and discount stores and poor evaluation of fashion trends. Before embarking on this business, it is better to gain experience and expertise in the industry, even take training courses to give you the technical know-how of retailing. Below are nine ways your small business can succeed in the retail market: 1. Start small. One of the most common downfall of small retailers is that they tie up so much cash in inventory and overheads in the beginning. If you are short in cash, concentrate on getting select quality merchandise. As your business grows and your customers increase, you can then afford to increase your inventory. Avoid buying expensive fixtures at the start, as customers will go to your store because of your merchandise, not so much the ambiance of your store. 2. Learn about your market. Before you open the doors of your shop for business, you should try to learn as much about the demographic of your area as possible. Whether you will be leasing a space at the mall or opening a small boutique, knowing the population characteristics of your area - their income, age, population brackets - can assist in your decision making process. If your area is composed of high-income population, you may want to purchase brand names and pricier merchandise. If the area is a retirement community, you may want to look for a new location for your baby and infant clothing store. 3. Maintain quality in your merchandise mix. The success of your clothing store will in large part depend on the right product mix. This depends on your store concept, finances, space, and the expected turnover rate. Be sure to select your merchandise carefully to meet your market's needs, and keep up with fashion trends by attending trade shows. At the start of your business, it may be smart strategy to buy specific items from within several product lines. By offering a wider selection, you can protect yourself in case a line does not sell as expected. Always make sure that all the merchandise delivered to you by your suppliers are inspected thoroughly and are of acceptable quality. 4. Go heavy on service. Because you appeal to a relatively select group of people, chances are you won't have hundreds of customers in the shop at any one time. Make an effort to know your customers by name, and even call big spenders when you get in a shipment with merchandise just right for them. Your advantage over the larger stores is the extra attention you can lavish your customers. 5. Plan and control your inventory. In line with following a concept for your store, consider the range within a reasonable structure. Selling everything from budget to very expensive is not a sound idea. Experts suggest that you should keep your merchandise to within three prices lines (budget, off-price, moderate for example). You must also establish a system to know and maintain your inventory level. You need to know on a daily basis what's selling and how much, what's not selling so it can be marked down and the current dollar amount you have in stock. The exact system you choose depends on the size of your store, type of clothing and competition. There are three methods you can use to keep track of your inventory: (a) dollar-control, which is based on selling price; unit method, which is used to confirm the results of the dollar-control method by checking the actual units of merchandise according to established variables (size, color, etc) confirms the results from the dollar-control method; and (c) ticket counts, based on tickets removed from items as they are sold 6. Listen to your customers. As the business owner, the success of your clothing business will in large part depend on the selection of your merchandise. However, it is best to always keep an open mind and be receptive to customer suggestions. Your maternity clothing store may initially focus on casual wear, but you may find that you have a lot of working women clamoring for suits tailored for the pregnant women. 7. Cross market your products. Encourage your sales clerks to offer assistance and advice on accessories. They can also give suggestions (without sounding too pushy, of course) as to what matches the outfit the skirt that the customer is buying. 8. Hire the right people. Hire employees who possess an understanding of the fashion needs of your target market. If you are running a plus-size apparel store, a size 16 sales clerk may be able to assist your clients better, not to mention be less intimidating, than a size 2 employee. 9. Market your store. If your location is good, your business may benefit from a lot of walk-in traffic. Nonetheless, you still must think of cost-effective strategies to advertise your business. If you are operating a baby's clothing store, you may want to advertise in local family magazines, arrange tie-ups with providers of childbirth classes, or engage in direct-mail advertising. ...less

Congratulations! You have always wanted to be a fashion designer, have answered the "Why Question" and decided you are ready to start your own company. What first? As seen on a recent e more...

Congratulations! You have always wanted to be a fashion designer, have answered the "Why Question" and decided you are ready to start your own company. What first? As seen on a recent episode of Launch My Line (great show), before you even think about fabric, production or sales, you should: 1. Define your target customer. Be as detailed as possible. For example: how old are they; what is their income; where do they live; what are their shopping habits; where do they work; what does he or she do in their spare time? 2. Determine your retail price point. This will help you determine everything from fabric selection, sales reps and retailers. 3. Name your company. Be creative as possible. Preferably, don't use your own name unless you are prepared to sell it one day. 4. Trademark your name. If you don't, you won't own this very valuable asset and all your hard work may end up benefiting your competition. 5. Register for your website domain name. In the digital age, this is a critical branding and selling tool enabling you to reach your customers directly. Want more bang for your buck? Add video content. 6. Draft a business plan. This will define how your company will operate and will be required by investors and factors. Fashion is a business and proper planning is essential to success and eventually, profitability. Failure to spend time thinking and doing your homework leads to wasted time and lost money, and unfortunately is one of the most common reasons fashion companies fail. As the legendary UCLA basketball coach John Wooden said, "Failure to plan is planning to fail." Be the exception. About the Author: Fox Rothschild LLP is a full-service law firm built to serve business leaders. Over the past 100 years, we have grown to more than 500 lawyers in 16 offices coast to coast. Our clients come to us because we understand their issues, their priorities and the way they think. We help clients manage risk and make better decisions by offering practical, innovative advice. ...less

His signature design style—luxuriously casual and simply elegant—embodies the past, present, and future of American sportswear.He has perfected a formula for casual elegance that combine more...

His signature design style—luxuriously casual and simply elegant—embodies the past, present, and future of American sportswear.He has perfected a formula for casual elegance that combines simplicity, ease and luxury in a purely American way. In light of the recent publicity which he has received, it would be easy to consider Michael Kors an overnight success. While it appears that this designer’s star has risen quite suddenly, his success was achieved the old-fashioned way: through years of hard work, perseverance and enthusiasm. Kors is finally receiving world-wide recognition for what fashion insiders, loyal fans, and Vogue sewers have long appreciated: his ability to design clothes that consistently combine the classic components of great American sportswear—luxury, elegance, ease, and comfort. After 18 years in business, his collections keep getting better and better: the Fall ’99 line, which opened to rave reviews, is selling out in stores across the country. In June, he won the Designer of the Year award from the Council of Fashion Designers of America. And his designs for Celine, the venerable French accessories company, have revived that house creatively and financially—and made Kors something of a celebrity in Paris. “It’s been quite a year!” says Kors, who clearly relishes his recent success. Known for his boundless energy, wicked sense of humor, and unusual accessibility, he remains unchanged by his heightened profile. He still lives in an apartment in the same Greenwich Village neighborhood he moved to when he was 17. And he continues to love what he does, designing according to the same principles he has followed since he began his fashion career at age 19. “No matter how much fashion changes, what women want is always the same: clothes that not only feel comfortable on, but that allow them to feel comfortable in any situation. They want to know they look good—no matter where they are, what they are doing, or what kind of shape they’re in.” When asked how he has gained such insight into what women demand of their wardrobes, Kors quickly credits his mother, a former Revlon model, with teaching him everything he knows. As a boy growing up on Long Island, she took him with her on frequent shopping expeditions to many of Manhattan’s finest specialty boutiques. By her own example, she proved that what looks best on a woman are clothes that are simple and understated, designed to flatter her figure and enhance her personal sense of style. By the time he was 10, Kors was designing vests and T-shirts for neighborhood girls and selling them out of a boutique in the basement. His mother envisioned a show business career for her naturally gregarious son, who during a brief acting stint made appearances in numerous television commercials. But her support for his chosen career has been as strong as her influence on his design sense (she hasn’t missed a single one of his showings in 18 years). Although he attended classes at New York’s Fashion Institute of Technology, Kors’ design training really began during the hours he spent working at Lothars, then a chic boutique on Manhattan’s famed 57th Street. Kors, who was hired as a salesperson, did everything from window displays to public relations, and his outgoing personality made him a favorite with customers. Soon he was asked to design and merchandise an exclusive line for the store. “I discovered early on the value of having a store to test your designs in,” he says. “Because you have direct access to customers, you can find out almost immediately what works and what doesn’t.” Kors’ uncanny ability to discern what his customers wanted made the line an instant hit. Two years later, with his own savings and the support of his loyal clientele, Kors launched his own label. A local tailor helped him create his first collection, which he sold to Bergdorf Goodman. Simplicity, luxury, and comfort—the foundation of his early collections—are still at the core of the clothes he designs today. His influences may vary from season to season—like this Fall’s upscale but unabashedly Western-inspired looks—but Kors’ clothes reflect a feeling of timelessness that is the essential component of investment dressing. If anything, his emphasis on luxury—evident in fabrics that range from cashmere to leather to fur—has grown stronger over the years. “Right now, luxury sportswear is as much about practicality as it is about indulgence,” says the ever-pragmatic Kors. “Comfort and flexibility are what matter most to a woman today, no matter who she is or how much she can afford to spend on her wardrobe.” And Kors should know. His customers include working women, society ladies (and in many cases their daughters), as well as celebrities ranging from Sharon Stone to Gwyneth Paltrow, Elizabeth Hurley to Barbara Streisand. And since it is no secret that his clients love him as much as they do his clothes, there is little doubt that his legendary charm has contributed enormously to his success. Kors is not only on a first-name basis with the women who buy his clothes—and who often call him for advice on what to wear for momentous occasions—he is notorious for stepping into the dressing room with clients to help fit a garment or influence a decision. “After so many years of selling retail and doing trunk shows, I can’t imagine doing things any other way. It’s my job to make women look good. Seeing them in the clothes, spending time talking with them about their frustrations and fears, helps me understand and deliver what they want.” Since his designs were introduced to Vogue sewers in 1992, Kors has done just that. His signature looks are as easy to sew as they are to wear—which is why it may be hard to believe that Kors himself does not sew. “I guess I’ve never really needed to learn,” he says. “I understand fit and construction, which is essential to making sure my clothes look right on. Because they are often so simple, with few details to serve as a distraction, their beauty is often in the fit, the fabric, and the finishing.” For Kors, a self-described workaholic, the road to stardom has not only been long, it’s also been bumpy. Financial setbacks in the early 1990s forced him to discontinue his lower-priced Kors line for a time, and prevented him from expanding into other areas, such as accessories and perfume. And despite his long-running popularity, he has never achieved the notoriety of other big-name designers. Now, all of that has changed. The financial support recently provided by Celine’s parent company will allow Kors to expand his own business. His current plans include launching an accessories collection as well as establishing his own boutiques, the first of which will open in Manhattan next year. It appears that Kors has come full circle from his days designing for Lothars—only this time the store in which he can test his designs will have his name over the door. ...less

'I consider the past years preparation for the future. Starting now, I want to do something I can really excel at'. Bum-suk Choi Bum-suk Choi, founder and chief executive officer of men's more...

'I consider the past years preparation for the future. Starting now, I want to do something I can really excel at'. Bum-suk Choi Bum-suk Choi, founder and chief executive officer of men's clothing brand General Idea, is perhaps the most popular young, mainstream fashion designer in Korea. Best recognized for his monotone street-fashion designs and signature mustache and bobbed hair, Choi is part of the first generation of fashion designers who regularly appeared on TV shows to talk about the latest trends three to four years ago. Today, Choi has devoted his life to making fashion, quitting his frequent TV appearances. The 33-year-old designer has also collaborated with a dozen brands on various projects, including the designs of a racing car for Renault Formula One, of packaging for Heineken, of a bottle for Absolut Vodka, of a T-shirt for a cosmetics brand MAC and, most recently, of a line of shoes for Puma. "I have been doing what I was asked to do by others, which luckily turned out to be quite successful. But I consider the past years preparation for the future. Starting now, I want to do something that I can really excel at", he said in a recent interview at a cafe in southern Seoul. We met only a few steps away from Won Pung Mulsan, a Kosdaq-listed enterprise specializing in male fashion brands. Last month Choi was hired by the firm as creative director of a label named "Kinloch by Kinloch Anderson". While retaining all of his former positions as a designer, manager and even professor at a local university, he will be responsible for reinventing the brand, which originated in Scotland. He says the new occupation marks the start of a period when he can commit to projects that are longer-lasting, that are more consistent and most importantly, that he can be good at. His long-term goal is success in a larger market. "Korea is a relatively small market. I think rather than dominating the entire [Korean] market, having control over a portion of a bigger market is much more meaningful. The same applies to Korean entertainers. They have been making inroads into overseas countries in recent years, riding on the Korean Wave", he said. To prepare to conquer markets outside of Korea, he had to re-examine everything about his designs. "Westerners, especially Caucasians, have totally different eye and hair color. It was just so different from dressing people with black eyes and hair", he said. His targets abroad are Caucasians and Asians in their 20s and 30s, he said. His far-sighted vision seems to be bearing fruit. His first foray onto the international market came in 2005, two years after he established General Idea, a name he explained he chose ironically to mean his clothes are far from general. Since then he has signed contracts with Selfridges London, Joyce Hong Kong, Printemps Department Store Paris and outlets in Russia and Canada. He currently owns General Idea stores in the United States, Japan, China and Russia. In June, he was one of three Korean designers to debut at the menswear trade show "Tranoi Homme" with support from the Seoul Metropolitan Government. He is scheduled to present General Idea on Sept. 15 during New York Fashion Week Spring/Summer 2011. The presentation will mark his third show at the New York Collection, following Fall/Winter 2009 and Spring/Summer 2010. "My show time overlaps with that of Jeremy Scott [a young American designer especially loved by pop stars]. I am half worried and half excited", he said on his Twitter feed. A week ago, Choi had more good news, receiving subsidies from the Korean Culture Ministry to throw a show during New York Fashion Week Fall/Winter 2012 in February 2011, along with other acclaimed designers such as Lie Sang-bong and Steve J & Yoni P. The Korean government is aiming to resuscitate its national brand by helping promising local designers advance onto overseas markets and rub shoulders with global fashion designers. When asked about the reasons behind his huge career boost, he answered without hesitation: "Because I have a unique personal background - no formal design education and a poor childhood. People love this kind of success myth". During the first several years after his debut in the mainstream design arena, Choi was labeled (and often dismissed) as "a high school-educated, Dongdaemun-based designer". Showing no talent but "dressing well", Choi bought vintage clothes from that traditional wholesale market in central Seoul and sold them near Hongik University in eastern Seoul while in high school. Following years of trial and error, Choi set up his own store in Dondgaemun in 1997 and received enormous attention when he presented a show with the theme "resistance against the older generation and yearning for the unknown world" during the Seoul Collection in 2003. By Seo Ji-eun ...less

n this age of viral marketing, thought leadership, and social networking, it takes a savvy business person to create buzz about any industry--especially when that buzz isn't paid for. And in more...

n this age of viral marketing, thought leadership, and social networking, it takes a savvy business person to create buzz about any industry--especially when that buzz isn't paid for. And in the world of fashion, buzz is everything. That's why public relations professionals are an integral part of the fashion business. In a way, public relations is the art of applying gentle pressure--relentlessly. It's about advocating for businesses, or whole industries, and building positive relationships with the media and the public. In fact, the majority of news messages you hear or read about originated from the desk of a PR professional. The Fashion Industry and Public Relations While PR often involves writing and distributing press releases, that's only part of what their work entails. PR professionals also plan, coordinate, and manage special events (fashion shows, press conferences, sales, makeovers, and more). They might send samples of merchandise to retailers or the media, coordinate fashion designers' appearances, run trade show booths, or even make presentations to buyers or fashion school students. The good news is that this career is exciting. The better news is that it's growing rapidly. The Bureau of Labor Statistics expects 18 percent job growth through 2016. Many firms, including those in fashion, are moving away from hiring salaried PR specialists, and are hiring freelancers, which should increase demand for entrepreneurial-minded, fashion merchandising-trained fashionistas. Fashion Merchandising: A Good Place to Start In order to communicate effectively about issues in the fashion industry, you should know all the intricacies of fashion design, manufacturing, distribution, and marketing. That's where a fashion merchandising degree comes in. Such fashion school courses can teach you to analyze, interpret, and forecast trends. You can learn about the history of fashion, how fashion buyers operate, the challenges of retail sales and management, how to effectively market fashion to the public, and more. With training in fashion merchandising, along with enthusiasm, creativity, and great communication skills, a career in fashion publicity could be yours. Sources * Bureau of Labor Statistics, "Public Relations Specialists" * CollegeBoard.com, "Major: Fashion Merchandising" About the Author Jessica Santina is a freelance writer with a background in media and marketing. She also teaches first-year writing courses at the University of Nevada, Reno. ...less

Take a good look at that store on the corner. There is a 10 percent to 12 percent chance it will not be there next year, according to the Office of Advocacy for the Small Business Administra more...

Take a good look at that store on the corner. There is a 10 percent to 12 percent chance it will not be there next year, according to the Office of Advocacy for the Small Business Administration. “If you’re new you have about a 50-50 chance of surviving five years,” said Brian Headd, an economist with the Office of Advocacy, which tracks small businesses and examines the impact of proposed regulations on them. Still, such odds do not seem to damp the desire of entrepreneurs. An estimated 671,800 small businesses with employees opened their doors in 2005, the most recent year with statistics available, even as another 544,800 were expected to close theirs that year. “Starting a business is actually easy. You can get business cards and an address at Mailboxes, etc.,” said Bill Morland, chairman of the Orange County chapter of Score, a nonprofit association that works with the S.B.A. to educate and assist entrepreneurs. “But you’re not really in business until you sell something, and that isn’t easy.” Success comes with education, careful planning and adequate cash flow, specialists say. And it has never been easier to lay the groundwork for starting a small business. Many tools are available on the Internet and at libraries to aid aspiring entrepreneurs. Whole magazines are devoted to the subject. But where to start? The Small Business Administration Web site is an excellent place to obtain information easily. It provides everything from details on characteristics important to run a business to information on writing a business plan to links to local centers offering assistance to start-ups. The site’s “getting ready” section runs through a series of questions intended to help aspiring business owners gauge whether they have the qualities needed for the job: Are you a self-starter? Can you get along with different types of people? Are you risk-tolerant? Flexible and self-disciplined? Need someone to hold your hand? Score, short for Service Corps of Retired Executives, has a network of more than 10,000 volunteers, working and retired executives, offering free guidance on the Web, through their offices across the country and at workshops. Small Business Development Centers, a partner of the S.B.A., also provide guidance at centers across the country. Gillian Murphy, director of the San Joaquin Delta College Small Business Development Center, said she quizzed her clients about their reasons for going into business on their own. “I tell them ‘I know you have something in your heart that’s telling you you’re going to be incredibly successful. My job is to get in your head and balance your head with your heart,’ ” Ms. Murphy said. To do that she has them create a basic business plan, including a financial statement. “Understanding the industry is key,” she said. “If someone is going to start a floral shop and they do a projected profit-and-loss statement and I don’t see spikes in February and May, they have no idea what they’re doing.” Eunice Green, who owns a health food store in Stockton, Calif., turned to the development center at San Joaquin Delta College when she thought about buying a second store. With the help of the center, she took information on the types of customers at her existing store and did what Ms. Murphy calls “economic gardening.” After applying the demographics at various distances from the store, she decided against opening a second store. “It’s kind of intuitive, but the S.B.D.C. gave me so many great concrete tools,” said Ms. Green, owner of Green’s Nutrition. A number of online resources have also grown up in recent years geared to providing small-business owners with a wide range of information. They include sites like Work.com, which has more than 1,700 how-to segments covering a multitude of issues confronting small businesses; E-venturing, run by the Ewing Marion Kauffman Foundation; and About.com’s small business and entrepreneur sites. (The New York Times Company owns About.com.) StartupNation, a Web site founded by Rich and Jeff Sloan, offers advice through video segments augmented by written information and provides forums and groups where entrepreneurs can share information. Other sites, like Bplans, owned and operated by Palo Alto Software, publisher of Business Plan Pro, have taken a more focused approach. Bplans offers more than 100 free sample business plans (more can be purchased) and they offer advice and other planning tools. When it comes to sorting through financial information, CCH Business Owner’s Toolkit has templates to help examine financial issues as well as other model business documents, checklists and government forms. Still, any business or financial plan is only as good as the information it is built on. Finding that information may seem like a daunting task, but there are many free resources to turn to. A good first stop is the Census Bureau, which has detailed information in many areas including population, income and economic indicators for business. If the breadth of the Census Bureau’s information seems overwhelming, check out CensusScope, an Internet site that breaks demographic information down into manageable segments. Another source of free statistical information online is FedStats, a site that provides a range of information produced by the federal government. And don’t forget you can still do your research the old-fashioned way by visiting a public library where a librarian will be able to provide a range of information, including industry publications. The Library of Congress has compiled The Entrepreneur’s Guide to Small Business Information, a listing of books and directories helpful in establishing and running a business. Ms. Murphy, who has been counseling small-business aspirants since 1989, says careful planning is essential to creating a successful business. Knowing the product, the market and the costs while having enough capital will go a long way toward getting through lean times. “People who fail to plan have really not given themselves an opportunity to succeed,” she said. By BARBARA WHITAKER ...less

FOR entrepreneurs hoping to land start-up capital from angel investors, here’s what two recent studies found: Don’t get carried away when you pitch your product because the investors may more...

FOR entrepreneurs hoping to land start-up capital from angel investors, here’s what two recent studies found: Don’t get carried away when you pitch your product because the investors may lose interest faster than you can say “almost unlimited market.” And one misstep — like stammering a vague reply instead of saying you do not know the answer — can also kill a deal, the authors of the studies say. Angel investors are generally wealthy people seeking promising start-ups that are too small to attract the attention of venture capitalists. The estimated 260,500 active angels in the United States are the largest source of seed and start-up capital for entrepreneurs (not counting their own savings or money from family and friends), according to Jeffrey Sohl, the director of the Center for Venture Research at the University of New Hampshire. Even last year, as the recession gathered force, these angels spent $19.2 billion on more than 55,000 ventures, he said, though that was down from $26 billion in 2007. The average investment for each deal last year was $346,500. By contrast, venture capitalists made only 440 investments in start-ups last year, putting the bulk of their money in later stages of a company’s growth in deals that averaged $7.5 million, Mr. Sohl said. “Angels provide the seed and start-up funding that turns acorns into trees like Starbucks, FedEx, Amazon and Google,” Mr. Sohl said. Typically, entrepreneurs make their initial pitch to angels in an informal session. If their idea is judged to have promise, they may be invited to give a PowerPoint presentation followed by a question-and-answer session. With time at a premium, it is imperative for entrepreneurs to come prepared to both meetings with solid arguments about their product’s marketability and with evidence of their commitment to their company in the form of sweat equity and their own investment, experts say. But enthusiasm is a different matter, according to a study that was presented last week at an entrepreneurship conference at Babson College outside Boston. “That is the trickiest part,” said Richard Sudek, an angel investor and assistant professor of entrepreneurship at Chapman University in Orange, Calif., and one of the three authors of that study. “We like you to show some excitement, but don’t force it. Being authentic is much more important. There is such a thing as quiet passion. Anything that comes across as slickness is a negative.” Cheryl Mitteness, a doctoral candidate in entrepreneurial studies at the University of Louisville and one of Mr. Sudek’s co-authors, was even more emphatic. “Show your passion,” she said, “but don’t try to be somebody that you’re not. Angels are very leery of too much enthusiasm.” Another research paper, by Xiao-Ping Chen and Suresh Kotha of the University of Washington and Xin Yao of Wichita State University and published in The Academy of Management Journal in February, came to much the same conclusion. The effects of perceived passion, defined as cues like facial expressions, tone of voice and hand gestures, “were statistically insignificant,” the article said. Ms. Chen, a professor at her university’s business school, called the findings “surprising,” especially since she and her colleagues often rely on such signals in their hiring decisions. “You can show your passion through preparedness, how well you’ve thought out your business plan,” she said. “But the style of your presentation doesn’t matter.” What angels are looking for, authors of both reports said, is evidence of a market opportunity with growth potential, a strong management team and an exit strategy, including a list of possible acquirers, since the eventual sale of the companies they invest in is how they make money. “Also, angels put a high value on trustworthiness,” said Mr. Sudek of Chapman, a former entrepreneur himself and the chairman-elect of Tech Coast Angels, the largest angel group in the United States. “If you don’t know the answer to a question, say so, and promise to get back to them. Don’t fake it.” In fact, acknowledging gaps in your knowledge and other weaknesses, and letting angels know you need their help, can add to your credibility, he said. Here are some other tips from the researchers: ¶Memorize an “elevator pitch” for your product and its potential in 90 seconds or less. It will bolster your confidence, and you can recycle it to win over customers, vendors and employees. ¶Consider hiring a speech coach, but only one familiar with angel investors’ thinking. ¶Attend “pitching contests” that many business schools and angel groups sponsor. ¶In presentations, be upbeat but realistic in your profit and revenue projections. Better yet, draw up optimistic, middle-ground and pessimistic projections to show how carefully you have thought them through. Ted Ray, founder of Ted’s Tinctures Inc. in Mountain View, Calif., has some advice for fellow entrepreneurs, even though he is only now starting a quest for $500,000 in angel financing. First, he said, have a product on the market. “Nothing speaks more loudly than revenue coming in,” he said. His two-year-old company, which makes an herbal remedy called FlyRight Jet Lag Formula, had sales last year of $25,000 and is on track to increase that by tenfold this year. Second, do not ask other people for money unless you have spent your own. He has put $105,000 of his savings into his firm and raised $185,000 from family and friends. Third, the business plan you show to potential investors should be concise. He suggested using software on Angelsoft.net. Fourth, seek angels with a record of investing in your field — in his case, consumer products. And finally, he says, explore every angle. “If an angel says no, ask him for the names of four other angels who might say yes,” Mr. Ray said. “My goal is to get 100 introductions to get 10 meetings to get three presentations to close one deal.” By BRENT BOWERS Published: June 10, 2009 The New York Times ...less

These days, business plan competitions yield prizes worth more than ever. The Wharton Business Plan Competition, for example, awards $20,000 in cash and $10,000 in legal services to its t more...

These days, business plan competitions yield prizes worth more than ever. The Wharton Business Plan Competition, for example, awards $20,000 in cash and $10,000 in legal services to its top entrant. Harvard Business School’s traditional track competition awards $25,000 in cash and $25,000 in business services to its winner. M.I.T.’s Clean Energy Prize includes $200,000 in cash. And Rice University offers a whopping $225,000 prize to its first-place winner, including $125,000 in equity investment, $20,000 in cash and more than $80,000 in services. Still, it’s really not about the money, says Cliff Holekamp, a senior lecturer in entrepreneurship at Washington University’s Olin Business School, which hosts multiple competitions, including the recently introduced Social Entrepreneurship and Innovation Competition, a do-good variation with a $150,000 prize pool. “The value of participation,” says Mr. Holekamp, “is not found in funding but in a process that brings you mentorship, support, structure and access to the resources and people that will help perfect your business model.” As impressive as the cash awards sound, Saad Khan, who has served as a competition judge and is an investor with CMEA Capital in Mountain View, Calif., says the amounts are “fairly small in the context of starting a business.” A better reason to compete, he says, is “to get feedback in real time and to get noticed by alumni who have done well, local VCs and other investors in that community.” There are even worthy competitions that offer no prize money. In 2006, for example, Ryan MacCauley won the Launch Award at the University of North Carolina’s Kenan-Flagler Business School with a plan for the Class Watch, a company he now runs with his brothers John and Kevin. “What wasn’t going to help us quit our day jobs and launch was a $20,000 check,” says Mr. MacCauley, “but winning gave us confidence.” It also helped them secure a deal with an angel investor. The Class Watch, which sells customizable, college commemorative timepieces, began generating revenue in the second quarter of 2008 and hopes to hit $3 million in sales within a year. Pick the Right Competition Since their advent in 1984, when the University of Texas at Austin held its first “Moot Corp,” business plan competitions have proliferated within academia and beyond. More than 50 American colleges and universities host them. So do corporations, nonprofits and government economic development offices. Hosts include Wal-Mart, Amazon.com, the states of Michigan and Nevada, the cities of Anaheim, Calif., and Pittsburgh, the Brooklyn Public Library, China’s government-controlled television network CCTV2, and Al Gore, in partnership with the Indian Institute of Foreign Trade. Some remain invitational but most have loosened their eligibility terms to foster interdisciplinary, international and intercollegiate collaboration (in other words, you don’t have to attend most business schools to enter their competitions). Competition within the competitions can be fierce, however. And that’s why Cindy Boyd, who is chief executive of the Houston-based consultancy Sentigy and a frequent judge at competitions hosted by Rice University and the Entrepreneurs’ Organization, recommends that would-be entrants conduct extensive online research via the Web sites of the host organizations. Even more important, she suggests contacting past participants — judges, winners, and losers — to ask what worked and what didn’t. Don’t submit an application, says Ms. Boyd, unless the advice you get sounds do-able for your team. Give Yourself Time to Prepare After selecting an appropriate competition, George Abe, a faculty director at U.C.L.A.’s Anderson School, says most teams should take at least a year to hone their business plans. “The earlier the prep begins,” says Mr. Abe, who has seven years of judging experience, “the better the plan is. You can get away with three months minimum if you have a product or service crystal clear in your mind. But you cannot be figuring out a market and competitive story in 60 days.” Business plan competitions require an initial submission, sometimes called the “intent to compete” entry. Normally, it consists of a two-to-three-page executive summary explaining all elements of the business: product, market, competition, finances and operations. If it isn’t well written and succinct, a team won’t make it through the door. “Students spend too much time describing the hammer and not enough time talking about the nails,” Mr. Abe says. “They have to be able to explain their product or service quickly so a judge not knowledgeable in the field can basically get it. What every judge knows is how to question students about markets, competition and finances. Those are the nails.” The bottom line: you need more than a cool idea; you have to show how the idea will make money. Judges are often impressed by serious market research: the results of customer surveys, for example, or of pilot sales programs. That may have been what gave a team from the London Business School the edge in Columbia Business School’s first Odyssey competition this year. The team’s plan, says a team spokesman, Vivek Makhija, was for “a renewable energy company using a combination of original and licensed technology to offer power generation at a micro level to households in India.” As yet unnamed, the company worked with an alumni mentor who is deeply involved in market research to develop comprehensive reports on rural Indian consumers’ access to and use of electricity. Make Sure Your Teammates Know Their Roles NIR Diagnostics wanted to commercialize technology that can prevent amputations and fatalities caused by chronic wounds. These sores may appear to be healing on the surface even though they’re actually deteriorating and infected underneath. Clearly defined roles were essential, according to the team leader, Armen Karamanian, the interim chief executive. “We came together around common goals and complimentary skill sets,” Mr. Karamanian says. “We didn’t want to wind up with a great, life-saving idea — and lawsuits over this, that or money.” Have an honest discussion over what your team wants to accomplish beyond the academic exercise, such as how you want to start the business and who will do what, he suggests. NIR Diagnostics won the 2009 Wharton Business Plan Competition and believes it can miniaturize, manufacture and sell by 2012 a device (based on technology created at Drexel University) that bounces lasers through layers of a chronic wound to give doctors a more complete reading of its healing progress. The company, recently renamed Lumina Diagnostics, is now seeking a $15 million investment over several years to gain F.D.A. approvals and refine its technology. Quick Tips: * Be selective! Choose competitions with themes and audiences aligned with your ideas. * Don’t waste time. It often takes more than a year to prepare a winning plan. * Seek advice from school alumni, past judges, past winners and past losers before you apply. * Write a business plan you can use (in the real world). Just as with “American Idol,” plenty of “losing” entrants go on to success. * After the competition, act immediately -- or risk looking stale to investors later. By LORA KOLODNY Published: June 10, 2009 New York Times ...less