Indianapolis Times, Indianapolis, Marion County, 26 November 1950 — Page 19

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Brave Rain to [riumph N. J. Nov. 23 defeated Dartand a 65-mile 0 7, today in a its first undee 1935. fternoon.

ved they would

onement come ter, and. both anager to rea ch es were felled je the stadium 1der track was

ttended of the tickets in ad-

its two touch1d period: after cored its only first quarter, ne game was a n of crazily 5, straight-up ng running. g Runner was the hero vas throughout Princeton seanped 32 yards 1e first touchup the second wn with a 22 allowed Jack over from the

ion try having a leading All- , took matters nd ran end for he try for the itst Princeton ake McChandd the slippery s from center, t h touchdown reens had the their backs. an 26 yards to ~ Dey convert-

ity Flag coring in the eam with the unted 40 or 50 e team facing | and fumbled ining yardage made the gridmoment. recovered a mouth 14 yard ot even score

» Booth, wiped players’ faces Ince he threw penalty. The ards away and , amid laughs e didn’t throw

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western union s available to 3 covering the 7 managed to hone, set-up to t -

ove Wins tkes— yal, Nov. 253 the East beat t when Alfred kt Move raced ength victory in the $25,000-

Stakes for 3ollywood Park

ea filly proved tle of best 3950 with her time for the ith on a fast .

dule in the Dear

on Apprentice, 11 joutheast Jets. .13 is

Richardson

P 3 aker Cleaners, 7 \y. Sunday games all FR. 0500. South Side Ture finals today at PRA rs Wa vrn-Up on: No..2 in an.

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SUNDAY, NOV. 26. 1950

Start a Business on $1000—

Work, Id

Lack of ‘Know-How’ is Biggest Hazard

CHAPTE R ON E

By LANSING. M. PAINE and POLLY WEBSTER MALL business has always held a vital place in the development of American industry. . Big business as we know it today would not exist if it were not, for the men who had the courage to start and the ability to carry on and expand little businesses. Down through the Years, the urge to be independent has made America great. Too often, however, sound enterprises have been launched with high hopes, only to founder on the rocks of inexperience, Each year tens of thousands of new ventures are undertaken with enthusiasm, confidence and every expectation of success, but more than a third fail to survive the first year. To start a business of your own is easy; to stay in business is not.

More business failures are due to lack of “know-how” than ability, and the “knowhow” is not hard to learn if

you have the determination to find out in advance all you can about all the factors involved in running your business Don't be afraid to ask for advice or information from people who know. Local, state, and Federal bureaus are ready and able to help you to succeed. Never guess, whenever it is possible to find the right answer by some other means. It is true that many of the great inventions that are commonplace today resulted from a lucky guess. But at the same time, remember the thousands of wrong guesses that may have preceded them and the millions of dollars lost because of then ” n = YOUR CAPITAL you yourself put into your business—can be compared ‘to the corpuscles in the blood stream. Lack of them may cause a person to become anemic, just as inadequate capital may make Your business wither and die, even though vou have almost everything else — courage, determination, experience, and ability. That is why we ask you to cut your sail to your cloth. You may have $1000 or only $100. It is not the amount of capital that you have in hand. The important thing’ is “whether it is enough to launch the business of vour choice.

the money ~

A new automobile company, requiring many millions of dollars to organize, might still fail for lack of working capital. An ofiice equipment repair service, which now covers four Middle Western states, was started by a man whose total capital consisied of $17 in cash

or automobile.

eas

Can You Run

a Business?

Before you finally “go into business for yourself,” check this list—then use your own judgment: Have you had experience in the business you have

chosen?

per

Have you ever purchased merchandise? Do you know all that you-can about the merchandise line you intend to handle? Do you have the: technical skills -you will need in

your chosen business?

Have you ever hired people?

Met a payroll?

Have you ever dealt with the public? Do you like to meet people? Have you ever successfully sold anything while

working for someone else? Can you boss yourself? a self-starter?

Drive yourself? Are you

Do you have a great deal of energy? Can you fight down disc ouragement over obstacles?

Beep plugging? EDITOR’ S NOTE: This § is the first of a series of six articles which prove, by actual example, that the pioneer spirit still lives in America. It tells how men and women with small capital but with ideas and courage ‘became their own bosses’ by starting their own business. The authors are highly qualified to write these articles. Lan-

sing M. Paine was associated with an investment banking house for twenty years. He is

now ‘in business for himself. Polly Webster is a self-con-fessed ‘idea person’ and author of “How to Make Money. at Home.” : The articles are from the book, “Start Your Own Business on Less Than $1000,” just published by McGraw-Hill Rook Co.

and a set of small tools, but it was enough. The ideal financial setup for vour business is to have enough capital so that it is not neces. sary to borrow until you are well established. You must have something to show besides confidence in

‘yourself and your business be-

fore you seek a loan. You must have proved that you can run a business successfully and are a good risk. To borrow money on satisfactory terms, you must have a substantial amount of equity capital invested in your business in relation to the amount of loan" capital—or borrowed

money that you expect to obtain. Equity capital is YOUR

money and there is no obligation to repay it-—except to yourself. The risk is all yours, ~ ” 5

IN GENERAL, your business will require capital for two main purposes. First, you may need certain fixed assets such as machinery, furniture and fixtures, a truck While much of

the original cost t of these assets may be financed over a period | of months part must be paid down out. of your capital. Secondly, you will need working or. operating capital. | This is the money you use to provide for the purchase of merchandise and supplies, and for paying wages, rent and other operating expenses. If vou extend credit to your customers, this also must come out of ‘your operating funds. For you will be paying your expenses before your customers will be paying you. It is going to take a lot of thought and study on your part to strike a proper balance between your. fixed—and working capital requirements. Too much cannot be allocated to one at the expense of the other, As a rule-of-thumb guide, after the purchase of whatever fixed assets are necessary, working capital should be sufi- | cient to pay operating expenses for at least two months. =n n ~

YOUR BEST business. friend should be your banker. There ig probably no one in your com- « munity who is better fitted by training and experience to help you in the many different phases and problems of your work than this same friendly banker. Most bank officials feel a civic pride and duty in helping local industry whenever it is safely possible. Most will gladly help you in every way. Make it a point to take him into your confidence. Tell him all about your plans, hopes and ambitions... But tell him also your problems and, yes, even your mistakes. The more he knows about your business, the better he can serve you. Many others have gone to him with their own particular troubles, and while they may differ in some respects from |.

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THE INDIANAPOLIS TIMES

elp You Be ‘Your Own Boss’

’ yours, there is Srobably enough similarity so that. knowing from experience what has helped others, he can help you. Do not try to conceal difficulties from him or be secretive. Frankness is part of a’ good banking relationship, banker's ethics do not permit him to betray confidences. If you take -him into your confidence, he will have more confidence in you. :

” ~ ” “ HOW OFTEN in the course of a casual conversation some‘oné has jokingly said, “I'll see my lawyer about this.” Though said in jest, it is sound advice to take before you launch your own business. A new business—every busi-

ness, in fact—must operate in accordance with, and subject to, federal, state, and local

Begins 30th Year ‘As Phone Worker

C. R. Weber, 5210 Crawfords[ville Rd.,

today observes his 30th anniversary in telephone work. Mr. Weber was born in Switzerland and started his telephone career in Indianapolis in 1920 as an installer. He has been located here since. “He i§ a member of the Hoosier State Chapter, Telephone Pioneers of America.

~ Mr. Weber

Plan FetharSon Night

Fathéf and Sons Night will be observed by the Council, Knights of Columbus, at 8:15 p. m. tomorrow. gram will include three boxing matches and father and son entertainment acts,

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laws, regulations and nances. 2

. There is the danger, however, that either you or they may overcome some legal phase of ‘your business with which you + are not familiar or which you did not think. applied to you. You may never do it, but if the time ever comes when you want or need to incorporate your business, the services of a lawyer will be required Having a good lawyer is following the old “ounce of prevention is worth a pound of cure” theory. Consulting your lawyer in the beginning may cost ‘a little, but in the end may save you a lot TOMORROW: Ideas which have been tested and have paid ott.

ordi-

pyright, 1850, by L. M. Paine and =k Ss “Web ste

Scout Fair, Assembly Will Be Held Tuesday

A Scout Fair and Annual Assembly will be held Tuesday at Washington High School The long tradition of a banquet, business meeting and speeches will be ignored this year. Booths will represent 25 phases of Scout. Cub Scout and Explorer programs.. Officers will be elected during a short business session.

Lions to See Movie “The Quarterback.” a. film-eén the free enterprise system will be shown to Indianapolis Lions Club members at their weekly meeting Wednesday Hotel.

noon in the Claypool

' said.

Wandering Heifer

| Loses 400 Pounds

BLOOMFIELD HILLS, Mich, Nov. 25 (UP)—Travel may broad-

en people. but it’s sure tough on.

cattle, a dairyman said today. i The owner of a wandering heifer that escaped her pasture a week ago said that the animal lost 400 pounds in ‘her travels over the Michigan countryside. Joe Pinter captured the young cow: several miles from home after it had eluded a search by land and air for a week. “She weighed T00 pounds before she jumped the fence,” Mr. Pinter “Now she's down to a spindly 300.

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