They say the sky is the limit, but for entrepreneurs forming an LLC, opening up to global markets will truly allow a company to grow and succeed.
Experienced global entrepreneur Larry Farrell met with business leaders in Memphis, Tennessee, and encouraged them to think globally as they move from startup to stable business.
“There’s more money out there than there are good ideas, but if you have a great concept, then you can’t be stopped,” he said. “It’s such an exciting time to be an entrepreneur, but you have to think beyond Memphis. Think about selling globally.”
Farrell, who has experience working in several countries, says that entrepreneurship acts to put everyone at an equal level – which means individual effort alone will reward hard workers.
Yet he understands how difficult it can be to start a new business. His own research suggests that two-thirds of all startups fail, and the amount of personal capital needed to fund a new business is approximately $14,000.
Farrell has an extensive background that has helped inspire his entrepreneurial spirit, including time as a Peace Corps volunteer. He attended Harvard Business School and has served as a top executive at several major corporations.
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