Entrepreneurship comes with challenges, but people from Indiana aren't afraid to tackle those challenges
by: John Herrick
STATEWIDE-Many Hoosiers are starting their own businesses. A recent study by the Kauffman Index shows that there is a slight increase in startup activity and entrepreneurship in Indiana. The state ranked 21st in startup activity, 11th in main street entrepreneurship, and 19th in growth entrepreneurship. Records show that Indiana has nearly 500,000 small businesses in operation, employing 1.2 million Hoosiers which makes up 45% of the state's private sector workforce. First Internet Banker CEO David Becker has started over a dozen businesses. He says you first need to have a good idea. "You need to find a problem and come up with a solution. Then test your idea, gather feedback and see if it will really work. The ideal situation is to keep your day job and start your business on the side. There's the rule of 3. It's going to take 3 times longer and it's going to cost 3 times as much as you think it's going to in the beginning," Becker said. He also says it pays to have a good accountant, a good attorney, and a good banker. The website entrepreneur.com also advises you to establish a budget, identify your market, set up a great support system, and find the right investors if you can. You can go to that website for more helpful advice if you're trying to get your business off the ground.