University of La Verne SBDC Small Biz Blog

By Joshua Botello Starting a business is difficult when it comes to finding the money to launch. Not every business owner has savings or credit for a business loan. There are many options for small business owners to get their business off the ground and they don’t always involve getting a business loan. You discover 5 ways to fund your business start-up from bootstrapping to crowdfunding find out which is right for you. So let’s get started. Bootstrapping Bootstrapping a business comes the phrase “pulling up by one’s bootstraps”. Essentially, this means you are going to fund your business yourself. This may mean you have a full-time job and your new business becomes a “side hustle” that you grow. How it works For many business owners with simple ideas or who don’t want or can’t go to a bank to fund their business, this is their option. If you are starting a consulting business or even a small eCommerce business this may be the easiest way, to begin with, the least amount of initial i

Starting a small business with a family is a natural first for entrepreneurs because of the accessibility and trust with relatives. However, family-owned businesses have their own set of challenges that we will explore today. My guest is Dr. Giacomo Laffranchini , an associate professor of management, here at the University of La Verne College of Business and Public Management. Dr. Laffranchini’s expertise is in the strategy and management of family-owned businesses here in the U.S. and abroad.    The challenges of managing a family-owned small business with relatives The main challenge of a family business whether it be a small business or a professional organization is the coexistence of 3 subsystems: the family, the shareholder, and the management. Those systems overlap so you have family members who are also shareholders and are also involved in the management of the firm. The challenge is to instill in the organization some kind of discipline. So how can we keep the temptation of