Utah is home to a thriving startup scene thanks to a fast-growing population, robust economy and a strong education base.
It is safe to assume many BYU students have dreams of entrepreneurship: no boss, flexible schedule and hopefully a big paycheck to tie it all together.
After talking to three successful entrepreneurs, here are six main takeaways to help future entrepreneurs know where to start.
1. Talk to professionals
Amy Sanders is a self-proclaimed “serial entrepreneur.” She runs a dance and fitness studio, a real estate company, offers swim lessons and offers online business and mindset coaching.
“Talk to the people who've already walked down that road that you're wanting to go down and get super curious, because that's going to help you have success so much faster than trying to figure it out all on your own,” she said.
Sanders said in her own experience, successful people love to help other people.
“The majority of people are good and they want to help others,” she said. “Don't ever be scared to ask someone successful about their success, because I'm sure they'll be happy to share it.”
2. Be intentional with your education
Colette Callister and her two sisters founded Lime Ricki swimwear in 2007.
She said finding a partner or mentor who knows what they are doing will increase the possibility of success, but either way, doing research is important.
“The more information you can get, the more power you have,” Callister said.
Future entrepreneurs should start researching now. Callister compared researching a field of business to buying a house.
“You would research and talk to realtors,” she said. “You would assess the market, you would talk to loan officers.”
Similarly, when researching for a future business, one should learn about the space. Figure out where there is a need and how it can be filled.
Sam Drown is the CEO of Concord Homes, a construction company that specializes in townhomes and single-family homes.
He said knowing basic accounting and finance is crucial to starting a company.
Another great way to learn more about a field is by getting hired at a company and starting at the bottom.
“Learn every job at that company, because at some point you're going to have to speak that language when you're hiring people and you're going to have to train people,” Drown said. “You're going to have to understand what they're saying so that you can be an effective leader.”
3. Utilize online resources
When Callister and her sisters started their company, there were not a lot of online options, but fortunately, now there are.
“Everything is so accessible now,” Callister said. “Which makes it so much easier to start a business.”
Social media has fundamentally changed entrepreneurship. It allows businesses to directly interact with customers, personalize marketing and build a strong brand presence without traditional advertising.
There is also the rise of artificial intelligence, which can automate tasks, optimize decision-making and drive sales. AI can be a game-changer in starting a business if used correctly.
4. Financing
According to Embroker.com, the second largest reason why startups fail (29% of cases) is due to running out of funding and personal money — Second only to misreading market demand (42% of cases).
Even the most promising startup can fail without proper funding. Drown believes getting someone to invest in you is the number one hardest challenge when starting a business.
So, how do you do it?
Drown was able to draw from the relationships he had created while working for another company.
“I knew a lot of the people in that world already,” he said. “So there was already some level of confidence and trust and … I brought them a business plan that they were excited about.”
The name of the game is finding someone who believes in you enough to invest in you. This can be people you previously worked with, family or friends.
One common tactic is opening a credit card with a higher credit limit, but this is risky and not recommended.
A better option is taking out a business loan.
Callister suggests finding a way to start the business without a lot of money up front if possible, though that is not always an option.
5. Consider a higher purpose
One of Callister's proudest accomplishments as an entrepreneur is the contribution Lime Ricki makes to the greater good.
Lime Ricki donates a percentage of their profits to Charity Water, a charity that provides clean and safe drinking water to developing nations.
“Of course, you want to make a living,” Callister said. “But there's more to life than just making yourself money. It's much more satisfying when we feel like we're making a difference in other people's lives.”
6. Be confident
Starting a company is a big risk that can be scary — but while it’s important to be wise, you’ll never see the rewards if you don’t take the leap.
Drown’s advice for facing that fear is to “get over yourself.”
“You can't be afraid to fail. I have failed many times,” he said. “I've had great years. I've had bad years. But you just have to be ready for that and learn from it.”
Sanders will remind her clients that fear is just an emotion and doesn’t last forever.
“If someone else has been able to do it, then that means you can too,” Sanders said. “You just have to believe that you can.”
If you're hesitant to start a business, preparation is key. Ask questions, do your research, create a plan — and above all, believe in your ability to succeed.