National Small Business Week, Reno woman encourages local entrepreneurs [Video]

RENO, Nev. (KOLO) – This week is National Small Business Week, an opportunity to recognize local entrepreneurs. Nevada’s Small Business Development Center is a statewide resource for business owners who are starting, growing or developing a business.

“Starting your business, having a small business is risky. It’s not for everybody,” said Winnie Dowling, the Executive Director of Nevada’s SBDC.

According to The Lending Tree, the Silver State ranks 5th among all states with the highest rate of small business failures. Nearly 30% of small businesses fail within the first year of operation. The national average is 23%.

“It’s difficult. If you do not have a good understanding of your business, your competitive advantage, how to track your finances and how to have cash flow. It will be challenging.”

The most common challenges small business owners face are adapting to inflation, finding new customers and funding.

“The biggest challenge in the beginning was not having a background in retail. Having …