According to the Kauffman foundation, a small-business research and education group, higher percentage of Americans started their own businesses each month in 2008 than they did in 2007. Anthony Siu from San Jose State University took a few minutes of his busy schedule to give some advice and share his experience.
What is MyTuti LLC? “MyTuti is a website for college students to get in touch with other classmates to buy or sell textbooks in their local campus with no charges or fees. MyTuti’s mission is to help college students save money by making textbooks more affordable.” Said Architect Anthony Siu, Information Systems major, of MyTuti LLC. There is a lot of different ways to starting a business Siu said, “We started by researching what it would take to create a website and to start a new business. It felt very overwhelming when you first start because there are a lot of details that you need to pay attention to, including the safety and security of your end-users and the liability that comes with running a business. Fortunately, the Internet is your friend and there are a lot of helpful websites that will give you good tutorials on any subject you need to research. It took us a little over two months from the inception of the idea to actually publishing the website.” Some resources Siu used to start the company, “We used the Internet as the resource for all our needs including looking up code samples, browsing forums for debugging issues, and researching how to start a limited liability company. We have been up and running about 2 ½ months now. Some of the advertising and promotions MyTuti has are the use of social media, volunteers passing out flyers at local colleges and universities.”
How does someone start their own business without getting into debt?? Siu advised, “To start a business, I would suggest a person to save rather than to get into debt. However, there are alternative options. You can start out with a good idea that will fit a need, create a business plan for it and try to get seed money from potential investors by promoting your plan to the right audience.
Starting a new online business is become the next biggest move, the biggest challenges Siu has faced in this position are, “Promoting the website. We have been somewhat successful in the Bay Area because we have friends who help spread the word. However, promoting a larger audience across the nation is somewhat difficult.” Siu’s advice to others wanting to start their own business is, “Start with a good idea and draft an actionable business plan. Have partners you can trust and get along with. Do your research and pay attention to all the fine details. Pursue your dreams.” Many people often doubt the talk of a new business because of the way the economy now. Many people doubt the idea of starting a new business Siu said, “Some people dissuaded us from starting the business because they didn’t think it would be profitable. Even if it turns out not to be profitable, the knowledge and experience obtained from this venture has been invaluable to us. We all have doubts and insecurities on our own capabilities. It is important that you keep motivated on your goal and you will find a way to make things happen.”
Take a pause and reflect on the advice from this student, that is a successful entrepreneur. Who has conquered the fields of technology, education, retail, real estate and more. Check daily for more interviews to help you with your start up!
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Quote of the day
Most of the important things in the world have been accomplished by people who have kept on trying when there seemed to be no hope at all.