Entrepreneurship 101 Workshop Offered for Small Business Start-ups

ASBURY PARK, NJ – Starting a small business is a risky proposition.  Thirty percent of all new operations go out of business within two years and that number increases to just about 50% in five years.  How can a would-be entrepreneur come out on the winning end of those odds?

The answer is solid preparation and a realistic assessment of the market before you hang the ‘open for business’ sign.  That’s why Interfaith Neighbors has teamed up with UCEDC to offer an intensive six-week workshop for start-up businesses (those in the idea/planning phase or in operation less than a year).  The next session of Entrepreneurship 101 is scheduled for Monday evenings (6:00 – 9:00 pm), May 12 through June 16 at Interfaith Neighbors’ new Business Development Center in Asbury Park.

Interfaith Neighbors is a leading economic development and neighborhood revitalization organization serving Asbury Park and Monmouth County.  UCEDC is a statewide, nonprofit small business lender and training provider.  The two organizations are working together on a variety of small business initiatives

A Reality Check for a Business Dream
Participants will be guided through a real-world assessment of their business idea and market feasibility as well as their own ability to handle the demands of business ownership.  The steps to opening a business in New Jersey, choosing a legal structure, developing a business plan and establishing cost, revenue and cash flow projections will be addressed in a variety of interactive exercises.

“Being a business owner is hard work and this workshop is equally demanding,” says Jamie Mitchell, UCEDC training officer.  “But we’re going to work with you both in and outside of the classroom to make sure that the class material is relevant to your specific needs.  And, we stick with our graduates for 12 months, providing free mentoring and counseling services.”

Lasting Insights Gained in Six Weeks
Recent graduate of the entrepreneurial program, Maureen Shafer, owner of Mingletoe, a business strategy consulting firm for medtech companies, started her business after 25 years in the medtech industry. She enrolled in the workshop when she realized she needed some strategic planning of her own.  “I thought I knew a lot about running a business, but I quickly realized I didn’t. It was eye-opening,” she says of the Entrepreneurship 101 experience. 

The challenging nature of the program appealed to Maureen Fry, who started Rainbow Ice Company after retiring as a Lt. Colonel from the Army.  "I liked that we HAD to do homework. That there were lesson plans. Information on Quickbooks was really awesome, the pricing module was great and the development of the business plan.  All those programs allowed us to mold it into what we needed to take away from it."

Entrepreneurship 101 is a component of UCEDC’s Entrepreneurial Training Initiative, an ongoing small business training effort, offered in partnership with the New Jersey Economic Development Authority.   Sessions for start-ups and established businesses are held throughout the state.

Registration is now open for Entrepreneurship 101.  Complete information can be found on the UCEDC website  at www.ucedc.com/events  or by calling 908-527-1166.