Among your students, you may have many who are already entrepreneurs and others who have a dream of becoming entrepreneurs. Some popular small businesses include:

• arts and crafts
• clothing and textiles
• specialty foods
• repair services
• cleaning services
• child care
• computer technology

The same personal financial skills that your students learn in your classes apply to successfully operating a small business, including budgeting and creating spending plans, watching expenses, not using too much credit, and buying only what’s necessary.

Here are some questions that your students may find helpful in determining if they are ready to start a business:

• Do you have a clear idea for the business?
• Do you have a business plan?
• Do you have experience in your chosen business?
• Are you motivated and determined to develop this idea?
• Are you realistic about the potential your idea has for growth and income?
• Are you familiar with basic financial tools such as bank accounts?
• Are you a good communicator?
• Do you have the self-confidence to sell yourself and your idea?

When your students are ready to start a business, there are many organizations that can help. Local Native-based resources are a good place to begin. Microenterprise Development (MED) organizations, such as the Association for Enterprise Opportunity, can help with many aspects of setting up a small business. Native CDFIs and IDAs are good ways to fund a new business. The Native CDFIs provide training and technical assistance as part of the lending process, so they are a great partner for a new business owner. There may also be other active organizations in your student’s area that can help with business start-up including TBICs (tribal business information centers), BIA/tribal credit offices, tribal colleges and universities, the Small Business Administration (SBA), and Small Business Development Centers (SBDCs).