Try something that sparks your interest

Date: 2015-10-07; view: 507.

"Every time I try to make money, I fail. Every time I do something I love, the money comes," says Barbara Racich, who started a business after college that helped people put together flattering wardrobes. She parlayed that enterprise into an upscale women's clothing store in Princeton, N.J. Although she puts in long hours, Racich says it isn't hard to stay fresh and enthusiastic because she truly enjoys what she does.

Think about it. Running a successful business takes a huge amount of time and constant innovation. Only a labor of love will provide the energy needed to convince yourself and your customers that your enterprise is worthwhile, Racich says. And because you're excited by your work, new ideas are always bubbling just below the surface.

"Look for romance" in the business you start, advises Chapman, who tried freelance accounting while in college before devising the bankruptcy idea. He did well enough filing client tax returns, but hated it.

Once Chapman realized that chasing dollars owed by bankrupt firms would be fun, he was hooked. He started visiting the local courthouse frequently to retrieve bankruptcy filings for attorneys and creditors. Then, reasoning that many people might want the same papers, he multiplied his profits by sending postcards to everyone owed money by each bankrupt business, offering to keep them informed of the status of the proceedings.

Next, he moved from "truly unimportant bankruptcies" to multibillion-dollar actions and switched from postcards ("How was I going to send postcards to 100,000 creditors?") to newsletters. As his expertise and knowledge of the major players grew, he began to invest in the debt of bankrupt companies, a profitable move.

Chapman says that owning his own business continues to be fascinating, and provides him with a far better income than he'd be earning in corporate life. He's also convinced that if he can do it, so can most new grads.

v Comprehension check

o Answer the following questions using information from the article to support your ideas. Remember to use the article vocabulary to the maximum:

1. What is Chapman's business revolving around?

2. Is starting your own business fraught with risks? Why?

3. What does it take to have a successful business?

o Explain what is meant by:

Not to take orders well

You've got what it takes

o Translate in written the paragraph “Fraught with risks” and the paragraph beginning from “Once Chapman realized…” up to “…of the status of the proceedings”.