Gail Eagle: From Entrepreneur to Coach

Do you have the stuff it takes to succeed as an entrepreneur? If you can feed on joy and angst in almost equal degrees the answer may be yes. Both emotions routinely greeted Gail Eagle when she awakened in the morning, and when she was jolted awake in the middle of the night too. For 15 years Eagle ran Gail Eagle Associates Custom Publishing, an East Brunswick-based business she sold just about one year ago. Eagle, whose company had as many as 10 employees, has moved from running a business to advising others on whether the life of a small business person is for them. She is now assistant regional director of the Mercer/Middlesex Small Business Development Center. "Owning a business," Eagle says, "becomes an obsession. It overtakes your life in some ways," she says. "It requires you to accomplish things you never thought you could do." But it can be wearing. Anyone thinking of taking the plunge would do well to do so with eyes wide open. Here are some key considerations:

Make a business plan. This is not new advice, but this it could not be more important. "Would you drive from New Jersey to Wyoming without a map?" asks Eagle. Creating a business plan is even more important. It provides key information on demographics, demand, finances, personnel and so much more. But even more than that, it is a test. If a person is unwilling to go through the work of creating a business plan, says Eagle, that is a pretty good indication that he is not cut out to be an entrepreneur.

Be ready to wear a rack-full of hats. "Can you be the CEO, CIO, COO, CFO, facilities manager, marketing director, and then, at the end of the day take the garbage out?" asks Eagle. If the answer is no, think twice about the entrepreneurial life.

Know your strengths -- and weaknesses. What about someone who is prepared to assume three or four or five of the above job titles, but knows he would be no good as a CFO? Or who thinks he can do it all -- except the marketing? No problem, says Eagle. Self-knowledge is critical. If a would-be entrepreneur knows he has no talent or maybe no patience for one or more essential tasks, he needs to set aside funds to outsource that task or to hire someone to perform it.

Check your personal assets. Successful entrepreneurs, says Eagle, tend to be resourceful, organized, good negotiators, and risk takers. Add a sense of humor and family support to the list, and all the personal ingredients are in place.

Be ready for a roller coaster ride. The one personality who might not make it as a business owner is the non-flexible, super-organized type. An entrepreneur has to be ready for anything, must realize that change is the only constant, and must take it all in stride.

Don't look for free money. Lots of people think it exists, but, says Eagle, it doesn't. The SBDC can put entrepreneurs in touch with lenders, but the lenders expect to be repaid. What they look at, she says, is an entrepreneur's credit history, his collateral, and the amount of his own funds he is going to commit to the venture.

Watch out for cash flow. More businesses -- many, many more -- fail for lack of cash flow than for any other reason. So is bigger cushion going in the answer? No, says Eagle. The key is planning, scrupulous planning for every facet of the business.

Ask the SBDC for advice, and keep asking. The SBDC exists to help all entrepreneurs, those for whom a business is still just an idea, and those who have been working a business for many years. Help includes one-on-one counseling to determine feasibility, sessions with lawyers, accountants, marketers, and other professionals, and workshops. Counseling sessions are free, and workshops carry, at most, a small charge.

Business is now brisk at SBDC workshops, Eagle says. Clients are showing interest in consulting, retail, and technology. A former SBDC client herself, Eagle says she enjoys shepherding others through the process. Succeed or fail, she says, owning a business teaches so much that "you can apply to every part of your life." The lessons even spill over to the next generation. Both of Eagle's children have benefited from growing up in an entrepreneurial family, she says. Her son, Scott, is a national sales manager for Disney-owned radio stations. Her daughter, Dana, is a comedian and actress, who recently moved from New York City to Los Angeles. Dana, she says, understands the business side of entertainment. For Eagle herself, a decade and a half as a business owner continues to pay dividends. "It gives you such a sense of confidence," she says, "a feeling that you can do anything."

Mercer/Middlesex Small Business Development Center, 216 West State Street, Trenton 08608. Lorraine Allen, director. 609-989-5232; fax, 609-989-7638. E-mail: sbdc@njchamber.com. Home page: www.njsbdc.com Free professional business consulting services and affordable training programs. Also on campus of College of New Jersey, at Trenton Business and Technology Center on 36 State Street, and in Piscataway.

New Jersey Small Business Development Center, 49 Bleeker Street, Newark 07102. Brenda Hopper, director. 800-432-1565; fax, 973-353-1110. E-mail: sbdcinfo@newark.rutgers.edu. www.njsbdc.com.

Service Corps of Retired Executives (SCORE), Chapter 631, 231 Rockingham Row, c/o Princeton Chamber, Princeton 08540. Ray Orens, president. 609-520-1776; fax, 609-520-9107. Home page: www.score.org Volunteer arm of the US Small Business Administration -- private counseling at no charge.

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