Letter from the SBDC Director

Dear Business Owner:

Congratulations! Owning your own business is truly a part of the American Dream. It is one of the distinguishing characteristics of our nation's free enterprise system. We are free to start our business (and free to fail). While there are things beyond our control, the major factors for success are within our grasp.

In general, a successful business has three parts: Market, Management, and Money. Consider each of these three issues:

Market: "Is there a market for your product or service?" Your business will not succeed just because you want it to. Determining if there is a market for your product or service is one of the most critical items of planning. Once you decide on your product or service, you must analyze your market; a process involving interviewing competitors, suppliers, and new customers.

Management: "Can you bring this product to the market?" You musthave sufficient skill and experience to manage your business and to bring your product to market. Completing a business plan will help you determine what skills you possess, those tasks you enjoy, and which skills you may prefer to hire someone else to do.

Money: If your answers to Market and Management are "yes", then and only then, should you think about money. Overlooking these issues can place your business in jeopardy and most assuredly create an inability to secure financing. Once you have your plan complete, ask an SBDC Business Advisor to check it out. He/she may be able to help you identify any weaknesses before you take it to your banker.

The Small Business Development Center is here to help you ensure your business success. Through training, the Resource Library, and our Business Advisors you have tremendous resources available to help you grow one of the greatest aspects of the American Dream - your own business.

Jimmie Wilkins, Director
Small Business Development Center
Chemeketa Center for Business & Industry

365 Ferry Street SE
Salem, OR 97301-3622
503.399.5088
FAX: 503.581.6017

Updated April 2008 by the College Advancement Department.