Ask the Experts

There is an old adage which states, “A true entrepreneur knows the difference between an idea and an opportunity.” Assuming you have a written business plan clearly defining the opportunity, consider these three key areas when executing your plan here in the Garden State:

1. Financing.  While friends, family and savings are common sources of funding, consider pitching groups like the Tri-State Private Investor Network (www.angelinvestorfunding.com), the NJ Technology Council (www.njtc.org) or the Venture Association of NJ (www.vanj.com). Another great source is the NJ Economic Development Authority (www.njeda.com), whose Web site offers the latest about grants and tax breaks available to growing businesses.

2. Location.  Determine which part of the state will best provide the resources you need. For example, life science and technology business space and labor pools are prevalent in the central and southern part of the state, including the Technology Centre of NJ and business incubators associated with a few colleges and universities.

3. Guidance.  One can never underestimate the value experienced business owners and entrepreneurial advisors can offer, providing insight which can help your opportunity become a reality.  If you have access to these sources, use them.  Additionally, helpful checklists and information can be found at www.nj.gov/nj/business.