The Edmond Sun

Business

March 7, 2013

Think you're too old to start a new business? Think again.

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“With over 80 percent of early-stage business owners using personal funds to finance their companies, founders are decidedly willing to take on risk,” said Legal Zoom’s CEO John Suh.

“However, these business owners need additional financing if they are to succeed in helping drive our economy forward. Of the 60 percent of respondents who said they face business difficulties, 45 percent cite lack of access to credit.”

And just how difficult is it for a startup to become successful?

In findings revealed by researcher and lecturer Shikhar Ghosh, and reported by The Wall Street Journal, three out of four startups fail miserably.

Noam Wasserman, who’s a professor at Harvard Business School told a New York Times reporter that many startups fail because having a good idea that investors eventually buy into is one thing, but taking those investment dollars and doing the right things to grow your company is an entirely different skillset.

“When you’re the creator of a company, you’re increasing the chances that you’re going to get fired," he said.

“And when you’re a smashing success, you’re also heightening the chances you’re going to get fired. There are some very concrete reasons for that. Often you begin with a technical founder, a scientific founder, someone with deep knowledge who is the best person to lead the charge during the early development of the product.”

“But as soon as they succeed at hitting that milestone, they have to go and build a company. Often they have the exact wrong set of skills for the next stage of development,” he said.

And as far as that wonderful dream about creating your own app and becoming the next beloved whiz kid, you may want to dream a different dream. The reality of the situation is that two-thirds of the new apps released fail to get even 1,000 downloads, so of course they have to close up shop.

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Business
  • A Q&A on ‘Obamacare’ Court Rulings

    On Tuesday, two federal appeals courts issued conflicting rulings on the legality of tax subsidies being provided to people who bought “Obamacare” health insurance policies in Oklahoma and 35 other states.
    Here’s a look at the rulings’ potential impact in Oklahoma.

    Q: I’m confused. What did the courts rule today?
    A: A three-judge panel of the U.S. Court of Appeals circuit in Washington, D.C., decided that the government can’t provide tax subsidies for Affordable Care Act plans purchased in 36 states where the federal government is operating the health insurance exchange. Oklahoma is one of the 36 states. A few hours later, the U.S. Court of Appeals circuit in Richmond, Va., issued a conflicting ruling that upheld the legality of the health-care law’s tax subsidies.

    July 22, 2014

  • June healthy month for Oklahoma jobs

    Nearly 10,000 new jobs in Oklahoma were created in June, according to the U.S. Labor Department.
    Gov. Mary Fallin said Tuesday the state experienced one of the largest increases in employment in the nation in June. More than 9,600 additional people joined the state’s workforce in June.
    The unemployment rate in June dropped to 4.5 percent, its lowest ratio in six years. June’s rate was down a percentage point from 4.6 percent in May and April, according to the Oklahoma Employment Security Commission.

    July 22, 2014

  • UCO campus 3.jpg University of Central Oklahoma recognized as having friendly work environment

    The Chronicle of Higher Education named the University of Central Oklahoma as one of the “2014 Great Colleges to Work For.” Central is the only higher education institution in the state recognized on the list and one of only a handful of institutions in the nation given the distinction of being named to the Honor Roll for being cited most often among all the recognition categories.          
    Central joins Duke, Baylor and Notre Dame on the list of the 10 universities named to the large institution honor roll.

    July 21, 2014 1 Photo

  • Council approves funds toward ADA update

    City Council members have approved a $398,800 professional services contract with Accessology, a McKinney, Texas, firm, to establish an Americans With Disabilities Act transition plan for the city.
    Title II of the ADA requires state and local governments to make their programs and services accessible to persons with disabilities. It includes access to government facilities, programs and events and relevant policy changes.
    Accessology was selected out of a pool of five finalists by a five-member committee to create Edmond’s plan. The firm will partner with Kimley-Horn and Associates, a design consulting firm located in North Carolina.
    Edmond’s last ADA transition plan was created in 1992.

    July 21, 2014

  • Panel approves jail services agreement

    City Council members have approved renewal of the city’s jail services agreement with Oklahoma County for prisoners incarcerated at the county jail on city charges.
    The current annual agreement expired June 30. It provides the feeding, care, housing and upkeep of said prisoners. Edmond uses the county jail when the city jail is at capacity.
    The sheriff’s office proposed a slight increase from $46.25 to a $46.50 daily rate per prisoner. City staff said the current agreement is working satisfactorily and believe the proposed rate is reasonable. The new agreement took effect July 1. The city can hold prisoners in its current jail  up to 10 days; a new jail with 10 male and five female cells will be available inside the new Public Safety Center next year when the facility opens.

    July 21, 2014

  • Panel establishes 911 phone rate

    City Council members have established the rate for the 911 emergency phone service fee for calendar year 2015
    Council members set the rate at 3 percent of the recurring charges as designated by the tariff for exchange telephone service or its equivalent within Edmond beginning Jan. 1, 2015.
    Fees collected by wireless and voice over Internet protocol companies are established under a separate statute. To continue collection of the locally authorized service fee on landline phone bills, local governments must approve a resolution on an annual basis to set the actual fee.
    Governments must also through the Association of Central Oklahoma Governments notify the appropriate incumbent local exchange carrier and competitive local exchange carrier phone companies by Sept. 1, 2015.
    ACOG recommended for calendar year 2015 to maintain service fees at their current level of 3 percent.

    July 21, 2014

  • Council approves $2.5M extra for utility

    City Council members have approved the transfer of a $2.5 million appropriation for Edmond Electric.
    The action was needed due to higher natural gas prices. Those increased prices caused wholesale electric purchase costs to exceed the department’s budget estimates for Fiscal Year 2013-14. To cover the increased costs, a transfer of funds from the “Transfers” category to the “Other Services and Charges” category was necessary.
    It will maintain state law requirements and not increase Edmond Electric’s budget.
    The action occurred during Monday’s meeting and was approved unanimously.

    July 21, 2014

  • The Escape Edmond entrepreneurs sleuth their way to success

    Tripadvisor.com led Andrew Gipson to an industrial complex outside of Dublin, Ireland, about a year ago. The recent University of Central Oklahoma graduate was in the midst of an extended stay in Australia and the United Kingdom when he walked through the doors of XIT Live Escape Adventure Game. According to Tripdadvisor, it was the top attraction in Ireland. He had to go.
    An hour later, Gipson, 24, exited the facility inspired.

    July 19, 2014 1 Photo

  • McAlister’s Deli sets ‘Free Tea Day’ for July 24

    McAlister’s Deli, a leading fast casual restaurant, will celebrate its sixth annual Free Tea Day on July 24.

    July 19, 2014

  • Steffen and Farrow Steffen and Farrow celebrates 40th anniversary

    Steffen and Farrow Orthodontics recently had a ribbon cutting at its Edmond location, 1601 S. Boulevard, to celebrate its 40th anniversary.

    July 19, 2014 1 Photo

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