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Who Do Entrepreneurs Turn to Before Starting a Business? September 1998 — Thinking of starting a business? You may want to test the viability of your venture by getting a third party perspective. According to entrepreneurs who participated in last month's survey, a majority reported that they talked with others about their "big ideas" before moving forward. Of those who participated in the survey, 42 percent said they obtained counsel from local business owners, 29 percent turned to a family member for advice, 17 percent bounced ideas off of colleagues, and 12 percent contacted their local SCORE chapter before starting their business. In terms of funding their new businesses, a majority of survey participants used their own money to fund start-up costs. 48 percent of survey participants tapped personal savings and 16 percent used a personal credit line to fund start-up costs, while 21 percent received a loan from a financial institution and 17 percent received a loan from a relative. Click here to view the results of previous surveys.

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