Out of Work? Start a Company

His current attempt, Mcube, has been an easier sell, he says, largely due to his decision to start the venture with his brother, Arun, an asset-management expert who has written books on the topic. "My brother's personal contacts have been a big part of getting appointments with potential customers," the former finance executive says. "And if we just sign up a good part of his Rolodex, that will give us enough revenues to grow for a couple of years."

So is starting a venture the right move for you? Spinelli, who advises 50 to 100 would-be entrepreneurs a year, says a first test might be to ask how much you worry about money. "If you find you can't get your mind away from the resource requirements, even before you start the opportunity, it might be a sign that it's not right for you," he says. "The entrepreneurial mind is one that focuses first on opportunity."

Then, vet your idea with as many experts as possible. "That helps build the opportunity," says Spinelli, and while people may not immediately cotton to a new idea, "if you bring it to a half-dozen industry experts who you're trying to recruit and they all say, 'No thank you,' that might tell you something." Finally, be ready to pull the plug after a year if you're not hitting the milestones you've set. "The closer to a year you get, the closer to a job you should be," Spinelli says.

As for Steve Peterson, with one customer having installed SentryTrack's product in the company's first month, and more bids expected, he is glimpsing what he hopes will be both professional and personal happiness. "If we are able to develop this business and create success," he says, "it is our hope that we won't have to worry about unemployment again."

How to Succeed in Business...By Really Trying

• Make sure you're familiar with the industry and territories you're entering — or find partners who are.
• Get your family on board with the idea; it will affect them, too.
• Assume that you will spend more time at work, and that results will take twice as long as you expect.
• Learn to love selling.
• Be ready to pull the plug if you haven't made any progress after a year.

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