Nevada’s Small Business Development Center Celebrates National Small Business Week
National Small Business Week is being celebrated this week, providing an opportunity to acknowledge and appreciate local entrepreneurs. The Nevada Small Business Development Center serves as a valuable statewide resource for individuals who are starting, expanding, or enhancing their businesses. Winnie Dowling, the Executive Director of Nevada’s SBDC, cautions that starting and owning a small business can be risky and challenging, and not everyone is suited for it.
Despite the risks involved in starting a small business, many entrepreneurs continue to pursue their dreams of entrepreneurship. June Gronert, owner of Iconic Things, a business specializing in handcrafted vintage jewelry and repurposed items, shares her experience of starting a business after retiring. Despite facing initial challenges due to lack of experience in retail, Gronert found her passion and advises aspiring entrepreneurs to take small steps and test their ideas.
Small business owners commonly encounter obstacles such as coping with inflation, attracting new customers, and securing funding. To navigate these challenges successfully, it is crucial for business owners to have a good understanding of their industry, competitive advantage, financial tracking, and cash flow management. The Lending Tree reports that Nevada ranks 5th in the country for the highest rate of small business failures, with nearly 30% of businesses closing within the first year of operation. This highlights the importance of having access to resources like the Nevada Small Business Development Center that provide valuable support and guidance to entrepreneurs.
