EUGENE, OR / MAY 25, 2022 / Terrence Schehen is the owner of a successful electrical contracting company, but he didn’t get there overnight. Schehen was born into a broken, lower-income family in Eugene, Ore. However, troubled youth and numerous obstacles never stood in the way of him creating a successful business and coming out on top.
Schehen explains he brought survival skills he learned in his early years to his business life. His resilience, steadfast positive mindset, and desire to work hard allowed him to reach countless goals. He now uses his knowledge to help upcoming entrepreneurs create successful businesses.
Terrence Schehen recently discussed the steps entrepreneurs must take to start a business.
Table of Contents
Create a Clear Idea
The idea to start a business may form on a whim. However, an entrepreneur must fully develop the concept for it to become successful. Schehen expressed the importance of creating a business that revolves around the entrepreneur’s passion or something in which they excel. They must analyze their competition and determine what will make their idea better than the rest.
Make a Business Plan
Schehen explained that one of the essential parts of creating a successful business is making a solid business plan. The entrepreneur can return to the business plan to ensure progress is on track. They may also provide a copy of the business plan for potential investors.
The business plan is the roadmap to the company’s success. It must contain market research, a description of the products or services, and financial projections.
Evaluate and Find Finances
Schehen warned potential entrepreneurs not to start a business until they have their finances in order. For some, this means they have the cash available to start the business. For others, it means having a plan to acquire investors, taking out a small business loan, creating a crowdfunding campaign, or asking friends or family members for financial assistance.
An entrepreneur should have enough cash or investments to cover start-up costs and business operations for one year.
Hire an “A” Team
Hiring the right team is one of the most critical parts of starting a business, according to Schehen. He explained that his success with Doug Palmer Electric is due to the group of hardworking, experienced individuals he chose to help him reach success. Every team member must be on board to help the company, and themselves, reach success.
Terrence Schehen and Entrepreneurship
Schehen is no stranger to entrepreneurial success. He has always had a passion for building businesses and learning new industries. In addition to Doug Palmer Electric, he and his wife owned Got Juice Vapors and NGM Detail. When Schehen isn’t working on growing his company, he is helping young entrepreneurs take the steps required to reach their goals.