UOPX alumni on how to build a business

5,481,437. That’s the number of new business applications filed in 2023, according to the Commerce Institute. While enthusiasm for entrepreneurship is arguably high, it feels safe to also say no one wants to be among the 595,000 or so whose small businesses fail each year. That’s where some clear-eyed preparation and effort are useful. Here, we present two firsthand accounts of what it takes to build a business. 

If you want to build a business, you have to have a clear vision, a strong business plan and, as these two UOPX alumni reveal, enough motivation to see you through the challenges.

After earning his associate, bachelor’s and master’s degrees in business administration from University of Phoenix, Jorean Henderson felt ready to tackle entrepreneurship and build a business. In September 2023, he launched Momo’s Cajun Eatz, an Alabama-based mobile food business that’s going strong, thanks to key partnerships (which keep Momo’s booked solid) and the following lessons Henderson learned along the way.

Henderson’s mentor is a former supervisor, and while they don’t currently work in the same industry, Henderson continues to find his mentor’s advice and guidance invaluable. “You can’t put a dollar amount on having someone who will take the time to answer questions and help you on your journey,” he says.

Henderson’s experience included working at brick-and-mortar restaurants, but not a mobile food business. While he did his homework on many fronts, he wishes he’d understood the importance of bookings earlier. “As we have evolved, we have had a lot of bookings — five times the number we had when we opened,” he explains. “If we had done the research about places that needed lunch and catering, we could have had these bookings a year ago.” 

One of the most useful things Henderson learned at UOPX wasn’t in a business course but in a religion and culture class. “No matter what business you’re in, you’re in the people business, so whether you agree with it or not, you need to know what makes people tick,” he says. “In my classes there were students from all over the place — different states and cities — and understanding different cultures helped me.”

Every entrepreneur is going to have rough days, says Henderson. That’s when you need to come back to what’s most important: “My ‘why’ is more personal. I want to have something to leave behind for my family when it’s time to leave this earth. That ‘why’ for me is a big one. It helps me during those days.” 

When Briaca Duesette launched her creative education company, Animation Discovery Studio, in Detroit in August 2023, she wasn’t an experienced entrepreneur. In fact, her UOPX degree is in medical billing and coding. Still, she credits her time at the University for helping to “instill discipline, self-motivation and resilience — qualities that have been essential in my entrepreneurial journey.” Here’s some advice Duesette shares with other new business owners.

“Start where you are, with what you have,” she says. “Don’t wait for perfection. Clarity and confidence grow through action.”

When your total number of employees is one, it can be hard to hand off tasks. But it can be critical to getting your business off the ground. “I was trying to do everything myself until I realized how much smoother things run when I lean on others and focus on the big vision,” explains Duesette.

Delegating might mean hiring a part-time accountant to track your books and taxes, getting administrative help to research and book calls with prospects, or investing in software to automate some marketing and customer relationship processes.

When you build your community early, says Duesette, “your network will open doors you didn’t even know existed.” Animation Discovery Studio delivers hands-on animation workshops to schools, nonprofits and community organizations, making ongoing outreach a critical part of its success. 

If you want to build a business, one option may be to buy a franchise from an established, well-known brand.

In this model, the franchisor, a company or person, grants a license to a franchisee to conduct business under their name. The benefits of purchasing a franchise vary but typically include building your business (the franchise) on a recognized brand name and getting support and training from the franchisor to help you succeed. Because franchising offers a more structured, proven path to owning a business, it’s an attractive option for many.

Here are some things to consider before you jump into the franchise pool.

To learn more about a franchise you’re considering — including details about their legal, financial and personnel history — request their Franchise Disclosure Document. If you’re already talking to a franchisor, they are legally bound to supply this at least 14 days before money changes hands or papers are signed. 

For example, if things go well, will you be able to purchase additional franchising areas in a particular geographic area? “This is a good time to look at where you want to be in five years,” suggests Michael Kotubey, chair of the Greater Phoenix Chapter of SCORE, who has owned a franchise. “You may be able to negotiate the right of first refusal if a new franchise comes up in your territory.” 

“If they do, that means they have skin in the game, too — and a vested interest in seeing you succeed,” Kotubey says. 

Some franchises give you a manual and send you on your way to build a business. Others offer plenty of ongoing support, which can include providing customer referrals, marketing campaigns, lead generation, and hardware and software, making the franchise basically turnkey.

Naturally, the amount of investment varies widely, and keep in mind that many contracts require franchisees to pay royalties to the franchisor. To fully understand your obligations as a franchisee, closely read the Franchise Disclosure Document.

The following three powerhouses offer dozens of no-cost resources and support for both new and experienced business owners:

• U.S. Small Business Administration: sba.gov
• SBA Small Business Development Centers (SBDCs) provide counseling and training to small businesses: sba.gov/sbdc
• SCORE Business Mentoring: score.org

You can also use the U.S. Chamber of Commerce Directory to find your local chamber of commerce at uschamber.com/co/chambers.

If you want to build a business, it helps to have a strong educational foundation in business structures, financial management and operations. University of Phoenix offers an introduction to these topics with its online business degrees and its Small Business Management and Entrepreneurship Certificate.

Request more information to learn details.