Fueling the entrepreneurial spirit in Alaska: business growth summit shares path to success.

• Author: Slaten, Russ
• Position: ENTREPRENEURS

An entrepreneur is defined as someone who starts a business with the goal of economic gain, but who may also undertake risks in the process. In Alaska, the pioneer spirit established the Last Frontier as the economically-rich state it is today. And although most people today are not coming to Alaska to strike gold, there are still many Alaskans who see the beauty in discovering a new niche in the market or a venture that fits their passion.

The Alaska Small Business Development Center of the University of Alaska Anchorage and Wells Fargo hosted an educational forum in October for Alaska small business owners looking to grow their business, discover pitfalls to avoid in the process, and find resources to help them realize their dreams.

The business growth summit was well attended and featured several guest speakers, including business owners with their own stories to tell, an attorney who spoke of legal considerations when starting a business, and a videographer who discussed the advantage of using social media and video for effectively marketing a business.

Owning a Business

Guest speaker at the event Nick Hale owns Team Hale Snow Removal in Anchorage. His father started the business and began by hauling gravel in 2005 after a career in the finance industry.

"My dad wanted to get out of the financial sector after working thirty years as a regional manager for a large financial company, and he wanted to do something a little dirtier," Hale says.

The business began with his father buying two dump trucks and a short client list from a retiring friend. Hale, barely old enough to obtain his commercial driver's license, began hauling gravel through the summers for his father during his time off from school, he says.

Hale learned from his father's company and started a winter season business in snow and ice management, which many companies in the construction industry do to keep a steady cash flow.

Hale took over as the owner of the business from his father this June. He says a key component of his success has been sustainable growth.

"We don't go out and buy all the biggest and newest equipment we can. We really think about what we need and maybe pick up one large piece of equipment a year. We try to schedule our purchases so we can grow comfortably," Hale says.

Legal Considerations

Andrew Mitton is an attorney who owns Vellum LLC, which provides consulting services and conducts lawful business for potential and current small business owners.

...