Statistics give thought – five small companies out of 10 fail in three years.
Dallas – Nothing leads the economy like small businesses – and in northern Texas, this spirit is alive.
“The American dream, everyone wants to start a small business,” explains Herbert Austin, who directs the Bureau of small businesses (SBA) in Dallas-Fort Worth.
Founded in 1953, SBA helps companies develop by providing resources and connections.
“SBA is the only federal agency at the firm fully dedicated to small businesses and provides expertise in advice, capital and procurement as the only resource and reference voice in the country for small businesses”, reads a description on its website.
According to Austin, northern Texas has a solid economy of small businesses, and a crucial part of this economy is the explosion of various owners entering the region.
“We facilitate introductions to increase trade,” said Raj Daniels, president of the US India Chamber of Commerce DFW.
“Learning what our members do, their history, their business,” is a key goal, explains Kamal Fulani, executive director of the room.
The room, “facilitates commitment with the professional and the American Indian affairs community in northern Texas. Our members represent companies of all sizes and in all sectors of the economy.
The room has a member of 170 to 200 companies.
Fulani and Daniels echo that traveling to business ownership can be intimidating. Austin told WFAA that the vast majority of telephone calls received regarding subsidies and financing.
“We offer guarantees on loans that the bank does not want to lend by themselves,” said Austin.
Austin admits that there are people who want to owner a small business but who do not know what type of business to start. He says the SBA connects people to a retired CEO to help navigate these very important questions.
Statistics give thought – five out of 10 companies fail in three years.
“My first conversation will be there, why [start a business]? “Daniels Notes.
The next step is to understand the capital available and necessary to support this dream. Austin told WFAA that prices and commercial discussions have created a certain unpredictability in the markets. One might think that it would be a means of deterrence to enter the scrum of small business. In fact, Austin says it is the opposite: more people are interested in starting businesses while those who are currently working.
“I have to slow down, don't stop,” recalls Austin.
Membership of the Chamber provides vital networking. The events they organize bring together many strategic partners in several sectors and platforms. The right type of connection, they say, could be a great value add to a small business.
“You see different Indian stores appearing next to each other. I do not see the stop in this growth,” observes Fulani.
“It is not always a bed of roses. When you are your own boss, it's a very, very different story,” said Daniels.
These stories talk about resilience, risk and pursuit of something bigger: the American dream.
The Small Business Week is starting this week. It is a celebration of contributions to small businesses, initiated for the first time in 1963 with a presidential proclamation of President John F. Kennedy.
