Read the whole article at FOX Business
Are your business struggles knocking you down? Before you consider wallowing in those daily dilemmas, tap into the determination of five entrepreneurs who found a way to succeed despite the most trying professional and personal hardships.
……George Burke, BookSwim.com, Newark, NJ
George Burke, 28, started his online book rental business with his best friend in 2007. The setbacks started early. First, they paid a consultant to draw up the specs of their business model, but never saw any results. They were out $1,500 and still had no plan.
After finally cobbling together a Web site, the company started operating with a little help from his partner’s parents, the basement of their home became the center of operations. That is, until the township’s zoning board learned of the home-grown operation and forced them to move. Not long afterward, Burke’s partner decided he wanted out of the business.
“First, moving into a warehouse compared to a rent-free basement was a scary prospect,” Burke said. “At the same time, my partner and I are negotiating the terms of him leaving. I had a real fear that there was no way I could do this on my own.”
Meanwhile, Burke’s chief financial officer unwittingly let bills “slip by,” which led to the company losing its line of credit. Burke slipped into a depression. After hitting rock bottom, he underwent hypnotherapy to conquer his fears and give it another shot. He then hired the right people to help him run the business.
Today, he has eight productive employees. He worked out a deal with his former partner, who now receives a portion of monthly revenues. In 2009, revenues are expected to top $1.5 million.
“I challenge myself to make sure this thing works,” Burke said. “You see these rainbows of hope and doors that open but it’s a matter of having the confidence to walk through them. Seeing small successes really keeps me going.”
