University of Illinois Alumni Association

FEATURE STORY — March/April 2004

IN THIS ISSUE:
Formula for Success | Getting Started | Hall of Famers | The Right Stuff

One man's view on being an entrepreneur

by Barry J. Moltz

The Small Business Administration reports that 33 percent of all businesses fail during the first two years, and that more than 50 percent close during the first fouryears. Furthermore, it estimates that 584,500 businesses closed in 2002 alone.

It really takes being a lunatic to start a company against such great odds.Simply stated, you must be crazy. Admit this, and you have made a good start. However, you need to be a certain kind of lunatic. You need to he someone who has a steadfast, long-term belief in your vision — a lunatic who will try anything, ask anyone for everything and sec everyone as a source of help. You also need to be comfortable being alone in your beliefs, since the only thing others will agree with you on is that you are, indeed, crazy.

Only someone who is crazy enough and has a burning passion can survive the ups and downs that come with running a business. Pick yourself up, brush yourself off and move on. It's an exciting way to live.

Barry J. Moltz has been running small businesses with a great deal of success and failure for 15 years. He co-founded Prairie Angels Capital Fund (www.prairieangels.org), which invests in local seed-stage companies. His first book, "You Need to Be A Little Crazy: The Truth about Starting and Growing Your Business," describes the ups and downs and emotional trials of running a business. It invites readers to fully experience the personal journey and to let go of myths and expectations that can hamstring them. His musings can be found at www.barrymoltz.com.