Entrepreneurs learn how to avoid common mistakes when starting a new business

(STILLWATER, OKLAHOMA / August 19, 2021) – Individuals with entrepreneurial dreams will find helpful information at the library’s virtual program, “Starting Your Business,” on Saturday, September 18, from 10 a.m. to 12 p.m. Brad Rickelman from Meridian’s Center for Business Development will thoroughly cover the basics, including how to make a business plan, marketing strategies, managing finances and potential stumbling blocks. 

It is no secret that starting a business is complex, and success varies. According to Forbes, 20% of small businesses fail in the first year, many making the same mistakes. Two of the main reasons are that new ventures do not have business or marketing plans. 

Rickelman concurs. 

“Having an overall view of the steps needed to start a business is imperative,” Rickelman said. “New businesses will need to have a well-defined market and a plan for how to reach that market.”

Rickelman also believes that understanding finances and how financial estimates assist in understanding business models are essential for understanding how your business will make a profit. 

“Financials can be intimidating, but taking the time early in the process to learn what all is required will help prepare you for success in the long run,” Rickleman said. 

He also has advice for those on the fence about whether or not to take the leap into owning a business.

“Be brave! You can always start off small with a side-hustle or part-time business,” Rickelman said. “And don’t worry that you will lose that perfect moment to start. You can always act when ready.”

Registration is required to receive the Zoom link needed to attend. Visit library.stillwater.org/register.php to sign-up and submit specific business questions for Rickelman to address in the class. Questions can also be directed to the library’s Help Desk at (405) 372-3633 x8106 or askalibrarian@stillwater.org

Attendees wanting to expand on information from the program or looking for one on one business consulting and coaching should go to Meridian’s Center for Business Development’s website at meridiantech.edu/bes/entrepreneurship-overview