Interview with Russell Smith, Owned a Design and Art Studio

SC: Did you have a business plan when you started your business? 

RS:   I did not have a business plan. I had a DBA. And had no idea what I was doing. I wasted 12 dollars getting a DBA.

SC: Do you think business plans are necessary for entrepreneurship? 

RS: The things I know now, yes a business plan is important. Especially if you plan to get investors or business loans. It will help you plan to expand and understand and evaluate your growth projections.

SC: What three pieces of advice would you offer aspiring entrepreneurs?

RS: Do your research and figure out “are you providing a service or creating something that is new?” Think about your targeted audience/clientele, is it going to be hard in the area you are in to drum up business? Is it worth it to stay in that area to build your business? Finally fail faster to succeed sooner. Don’t wait for that perfect business idea just do it, if it fails try something else. Rinse and Repeat.

Also 4th advice- Find someone who has what you want. Do what they did. Get what they got.

By Sara Carraway, student in Arts Entrepreneurship at SMU