Garage mentality is business sense

 

Years ago, a team of researchers from Babson College and Baruch College interviewed nearly 6,000 U.S. adults as part of the 2012 Global Entrepreneurship Monitor report. Most respondents were just starting out, but had taken significant strides, writing business plans and securing financing. Others had been running their businesses for less than three-and-a-half years, according to Donna Kelly, a professor of entrepreneurship at Babson College. According to the report, an increasing number of U.S. entrepreneurs (69 per cent) start their business at home, and many (59 per cent) continue to work from home, even after it is up and running.

 

As far as launching a business goes, “it’s a lifestyle preference,” says Dona Kelley. “They are opportunity-driven. They see an opportunity to improve their income or to pursue independence.”

In addition, the reports of the same research shows that only 16 percent of funding received by entrepreneurs surveyed came from banks, whereas 82 percent came from personal savings, family, and friends.

 

Worthy of note is that about 23 per cent of the start-up entrepreneurs rely on at least one unpaid family member for help, while another 21 per cent count one or more paid relatives among their staff.

Dear prospective entrepreneur, the fact is that your present location, family and friends are your points of advantage in life. Your starting point is from home because love begins at home.

The first set of your marketers, customers, workers, financier, workspace agent, consultant, and constructive critics are in your community.

 

This idea is also an extension of the law of progress that says “first within then without.”

 

In many developed economies, entrepreneurs who received support from family members started the top businesses that have grown over years. They either use the car garage as home office, workshop, laboratory, or received their start-up fund from parents, uncle and friends. The truth is that relationship is a form of capital that builds on the foundation of love and good attitude. Now, let us see examples of entrepreneurs who started from home with family whose business have become global brands.

 

Michael Kittredge

In 1969, at 16 years old, Michael Kittredge made his scented candle in his garage out of melted crayons as a gift for his mother. The neighbours took notice and expressed interest in buying Kittredge’s candles, so he started mass-producing them. Four years later, Kittredge outgrew the garage so he moved the Yankee Candle Company to an old mill in Holyoke, Massachusetts. It became the largest manufacturer of scented candles in the US.

 

Bill Hewlett and Dave Packard

In 1939, Bill Hewlett and Dave Packard founded HP in Packard’s garage with an initial investment of $538. Their first product was an audio oscillator and one of their first customers was Walt Disney, who purchased eight oscillators to develop the sound system for the movie Fantasia.

The HP Garage in Palo Alto is known as the birthplace of Silicon Valley and HP is now one of the largest companies in the world.

 

David O. Oyedepo

In May 1983, 29 year old David Oyedepo started the faith based organisation known as Living Faith Church with 3 people from his resident and on table tennis as official working table in Kwara state, Nigeria. Today, the organisation is rated as one of the wealthiest faith based organisations in the world. Through the leadership of Oyedepo Covenant University, Landmark University, Faith Academy and Kingdom Heritage Schools have been established to equip the youth for global influence.

 

William S. Harley

In 1901, 21-year-old William S. Harley drew up plans to create a small engine to power a bicycle. Over the next two years, Harley and his childhood friend, Arthur Davidson, built their motor- bicycle out of their friend’s 10 by 15-foot wooden shed in Milwaukee, Wisconsin. It was the equivalent of a garage because they didn’t have cars.

They officially founded Harley- Davidson in 1903 and today it’s the most well-known motorcycle brand in the world.

 

Steve Jobs and Steve Wozniak

In 1976, Steve Jobs and Steve Wozniak, ages 21 and 26 respectively, started Apple Computers. “The Steves” and their small team hand-built 50 computers in 30 days from a garage in Cupertino, California. Today, Apple is the most valuable technology company in the world.

 

Larry Page and Sergey Brin

As Stanford Graduate students, Larry Page and Sergey Brin started what’s now known as Google from Susan Wojcicki’s garage in September 1998. Soon the project was interfering with their schoolwork, so they tried to sell it to Excite for $1 million. Excite rejected the offer and now Google is the most trafficked site in the world.

 

My goal is to remind you that there is enough opportunity where you are and with what you have. Begin now!

 

Mamora Victor