Starting a Small Business
Question: What is the very first step to starting a business?
Kenny Moscot: I think what they need to do is think as big as they possibly can because you have to plan for the eventuality of becoming big, and I think if you have that mindset you have a much higher probability of achieving it if you think-- if you don’t think-- if you think, for lack of a better word, small. People might have ideas and products, but it pretty much comes down to execution and passion. So if you’re able to execute and get people on board to help you and who clearly share your vision, I think that’s the most important elements to success.
Question: What is the best time to start a business?
Kenny Moscot: I, you know, it’s like-- it’s when you’re passions and your confidence and your vision is really defined and clear. I don’t think you can-- I mean there might be factors where you can plan an economic environment. That might work to your benefit and might spawn an idea; however, the passion at the end of the day wins the day, desire.
Question: What is the common thread that you see among small businesses that succeed?
Kenny Moscot: I think clearly articulating their product, striking an emotion, seeing a niche, succeeding in a small-- yeah, in a small arena. It’s very challenging at times because you can be out financed by the big gorilla or someone who’s a bit-- they have more resources on many levels, but it’s always-- it’s, small business, is a challenge. It’s definitely a challenge. That’s why I always try to think a little bit bigger, get to that point.
Recorded on: 03/25/2008