Ever wonder if you have what it takes to run your own business? Be your own boss? Detroit's TechTown incubator could help you answer those questions at its FastTrac event next weekend.
FastTrac welcomes anyone and everyone looking for either a job, a chance to cash in on their dream, or both. It provides the support staff to point would-be entrepreneurs in the right direction and hosts lectures on what it takes to run a business and whether it's the right track for you. The event will be held on May 25-26 at TechTown. For information, call Rene Kelly at (313) 879-4484 or rene.fasttrac@techtownwsu.org.
TechTown Executive Director Randal Charlton is quarterbacking the event and agreed to answer a few questions over email about FastTrac and what it takes to be an entrepreneur.
What can attendees long on entrepreneurial dreams and short on business expertise expect to take away from this event?
First of all, that they are not alone. A large number of attendees will be people who have had careers in large corporations who are now looking to set up their own businesses. Secondly, that we have in place a series of training programs designed to fit particular needs.
For example, if your entrepreneurial dream is to build a high-tech company, we have a training program called FastTrac Ventures. If on the other hand you're setting up a small life-style company, maybe a shop or a business service, FastTrac First Step may be for you. Overall, the object of the event is to let you know that there are a host of services available to support you as you begin your entrepreneurial adventure. They include space, business services, access to technology, access to finance, mentoring, interns, networking and long-term training.
One of the event topics is "Spend 15 minutes with a start-up expert to find out if entrepreneurship is right for you," which implies that entrepreneurship isn't for everyone. Could you give one example of how TechTown's advisors would know entrepreneurship is right for someone and one example of how they would know it is not?
A former GM executive who has spent a lifetime in procurement might want to setup a business that helps companies access the services they need efficiently and at lowest cost. Provided they had at least an idea of how they would differentiate themselves from the competition and provide value to their customers, we would encourage them to explore the opportunity.
However, if the same individual had significant family commitments, and little or no financial resources, we might encourage them to think twice. If they need a paycheck in the next six months to look after themselves and their family they should maybe focus on getting an immediate paying job rather than investing their time in developing a company which may not be able to support them for several months or years.
Most start-ups, like most businesses and other ventures in life, end up failing at one point or another, and usually sooner rather than later. How does TechTown educate new entrepreneurs that this is normal and a sign of a healthy entrepreneurial ecosystem?
We try to tell it straightforwardly and honestly at every level and every opportunity. As an entrepreneur myself, I've had my share of failures and I always point out that I have learned more from failed businesses than the successes. We also point out that the chances of success are dramatically increased if you incubate your business in a supportive environment like TechTown. The Kauffman Foundation, which surveys entrepreneurial activity on a regular basis, points out that the chances of a business succeeding in a business incubator increase by as much as 300 percent. At TechTown we are putting in place a unique and comprehensive range of services designed to help you succeed.
How does TechTown also help instill this sort of mindset into new investors who aren't used to the sometimes volatile world of investing in start-ups?
We have set up a First Step Fund which invests up to $50,000 at a time into our early stage companies. The rules of investment are much less rigorous than from other sources such as angel investors or venture capital companies or banks. The funds are made in the form of an unsecured loan which is interest-free for two years.
If you could ensure that those who attend this event leave with at least one idea or mindset, what would that be?
That even small steps count. As long as the day makes you think about how you can take charge of your future and it empowers you to recognize that you have more options than you might think, then the day will be a success. If you end up setting up a successful company, then it will be a smash hit success.
Source: Randal Charlton, executive director of TechTown
Writer: Jon Zemke
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