NYConvergence: “FinTech Innovation Lab Makes Wall Street Sexy Again”

In a double play … Professor Bruce Bachenheimer’s recent quote in MIT’s “Technology Review” concerning Wall Street losing some of its allure due to the financial crisis was picked up by NYConvergence.com, which reports on digital media technology in the Tri-State region.

Since Wall Street’s profits and prestige have slumped, the best and the brightest are looking elsewhere for jobs, making it harder to lure promising recruits. Bruce Bachenheimer, director of entrepreneurship at Pace University, told Technology Review that in the 1990s it was ”exciting and sexy to say you were working on Wall Street.”  But that’s changed. Those formerly positive perceptions have flipped 180 degrees.

Meanwhile, the prospect for tech entrepreneurs joining startups with the potential of a lucrative IPO is looking brighter all the time, reported NYConvergence in an article about the FinTech program.  Launched in December 2010, the lab is an incubator of NYC-based financial technology startups.

Technology Review: “Wall Street’s Search for Innovation”

Lubin Professor Bruce Bachenheimer, Director of Pace’s Entrepreneurship Lab, discusses the technology brain drain from Wall Street, how it’s become possible to be a force in financial services development without being in Manhattan, and what Wall Street is trying to do about it.

New York is investing in financial startups to make sure technologists and new ideas stick around.

After banking deregulation took off in the 1990s, it became “exciting and sexy to say you were working on Wall Street,” says Bruce Bachenheimer, clinical professor of management and director of entrepreneurship at Pace University. Money and prestige helped lure top academic talent, including mathematicians and computer scientists, to hedge funds.

But that has changed, beginning with 2008 and the financial meltdown. 

“The perception of working on Wall Street went from positive to negative,” Bachenheimer told Erik Sherman, author of  the article, “Wall Street’s Search for Innovation,” published in MIT’s Technology Review on March 16. Wall Street reached its latest low this week when a Goldman Sachs executive resigned and publicly excoriated the company’s ethics in a New York Times op-ed.

Meanwhile, places like Silicon Valley, Boston, and other hotbeds of high tech suddenly look like the most attractive places to be. With the recent spate of Web-company IPOs, technology startups are also potentially a faster ticket to wealth than Wall Street, where bonuses fell 14 percent last year, continuing a multi-year slide.

“Perceptions of desirability are very important in entrepreneurship. [Technologists] want to go where the action is and want to be doing cool stuff,” says Bachenheimer.

U.S. News & World Report: “Weigh Costs of Part-Time and Full-Time M.B.A. Programs”

The Lubin School of Business’s Part-Time M.B.A Program offers working professionals like Morgan Stanley’s Saj Sahni (pictured) the opportunity to earn a graduate business degree while continuing to pursue a full-time career. Sahni discusses the challenges of balancing his school and work lives.

Pursuing a part-time M.B.A can offer flexibility, as well as financial and professional advantages.

However, even for M.B.A. candidates for whom a part-time program makes the most sense, there are potential issues beyond finances to consider.

For part-time Pace University Lubin School of Business student Saj Sahni (pictured), balancing his responsibilities poses daily challenges, he told U.S. News & World Report’s Katy Hopkins in the March 14 article,  “Weigh Costs of Part-Time and Full-Time M.B.A. Programs; The major difference is often not in what you pay, but how.”

“It’s really difficult with the workload and your deadlines at work and trying to balance your school work,” says Sahni, who squeezes in homework during lunch breaks at Morgan Stanley. “It’s tough, but you have to do it for the short run.” 

 

 

MO.com: “Live Deliberately”

MO.com – a website for entrepreneurs that stands for Modus Operandi or Method of Operating – interviewed Professor Bruce Bachenheimer about his passion for entrepreneurship, early influences, how he fosters creativity and innovation in his students, mentors, social entrepreneurship, job challenges and his most important piece of advice for those ready to embark on the adventure of starting a business.

MO.com interviews entrepreneurs from all walks, across all industries, and from around the world.  The online publication recently spoke with Pace’s Bruce Bachenheimer and asked him to share his strategies and business philosophies with its readers.  The article is embedded below or read it online where you can vote for Professor Bachenheimer as giving the month’s best interview by clicking here

“Live Deliberately”

Written by MO

Bruce Bachenheimer, Pace University

Director of the Entrepreneurship Lab

http://webpage.pace.edu/bbachenheimer/

Bruce Bachenheimer is a Clinical Professor of Management, the Director of the Entrepreneurship Lab and a Faculty Fellow of the Wilson Center for Social Entrepreneurship at Pace University. He teaches undergraduate and graduate courses, primarily in the areas of entrepreneurship, management, and strategy.

Bruce has been widely quoted in a variety of publications, interviewed on radio and television, and has spoken on entrepreneurship at numerous conferences, including the Annual Youth Assembly at the United Nations, the Global Consortium of Entrepreneurship Centers, and the Make Mine a Million $ Business program, where he also served as a judge. Mr. Bachenheimer is a reviewer for the CASE Journal, the founding faculty advisor of the Pace Association for Collegiate Entrepreneurs, a Students In Free Enterprise (SIFE) Sam Walton Fellow, and the organizer of the Pace Business Plan Competition and the Pace Pitch Contest.

Bruce is a member of the Board of Directors and past Chairman of the MIT Enterprise Forum of New York City and has served on the organization’s Global Board. He also serves on the Board of Directors & Advisors of LeadAmerica and has served as a consultant to the NYC Department of Small Business Services and the New York City Economic Development Corp. He founded Annapolis Maritime Corp. and co-founded StockCentral Australia.

Bachenheimer began his career as a Wall Street trader then had the courage to take a step back from the rat race and go sailing … for several years. After sailing through the Caribbean to South America, he headed to Annapolis, Maryland, where he launched a business importing teak lumber and taught himself yacht joinery. Bachenheimer then transitioned to a career in high-tech forensic science, where he served as the International Product Manager for an entrepreneurial venture, conducting business in over 20 countries. Several years later, he received the prestigious McKinsey & Company Leadership Scholarship to pursue and MBA degree, which he earned from the Australian Graduate School of Management. While completing his degree, he co-founded StockCentral Australia, which grew to become one of the largest financial websites in the country. A Pace alumni, Bachenheimer earned a BBA, Summa Cum Laude, from the Lubin School of Business. He was conversational in Japanese and spent a semester at Tsukuba National University in Japan as an undergraduate.

MO: Where does your passion for entrepreneurship come from? Who or what were your early influences or inspirations?

Bruce: I grew up in a somewhat rural area and there were hardly any local businesses where neighborhood kids could find part-time or summer work. Out of necessity, I created my opportunities; building things such as rabbit hutches and photographing neighborhood homes, which I printed, mounted and sold myself. I also did a fair bit of hiking and camping, which instilled a sense of independence and self-reliance. Another early influence was Henry David Thoreau’s Walden, particularly the line “I went to the woods because I wished to live deliberately, to front only the essential facts of life, and see if I could not learn what it had to teach, and not, when I came to die, discover that I had not lived.” I later bought a boat and sailed from New England to South America and back to Annapolis, Maryland – I named it Deliberate, which is how I try to live.

MO: How do you foster creativity and innovation in your students? Is creativity something that we’re born with or can it be taught and developed?

Bruce: Some people are certainly born with more creativity than others, but I believe creativity and innovation can be taught and developed. I use a variety of methods to encourage students to think and act more innovatively. Conducting engaging classroom exercises, selecting non-traditional texts, using interesting case studies, bringing in dynamic guest speakers, showing inspirational video clips, incorporating business simulations in the curriculum, assigning challenging projects, and taking students on filed trips or extracurricular activities are some examples. I try to remember something Confucius said: “I hear and I forget. I see and I remember. I do and I understand.”

MO: Have you had any mentors during the course of your career?

Bruce: Sure, there were many and I’m grateful to each of them. Instead of a seeking an individual mentor for general career or life advice, I have turned to a variety of mentors for help in specific areas: interviewing, negotiating, presenting, managing, serving on a board, and teaching.

MO: Why do you think that the field social entrepreneurship has recently exploded? Why are people looking for more meaningful ways to carve out a career and how will this trend impact the start-up landscape?

Bruce: There are so many reasons. But in a way, I believe it is just a natural progression for people in an advanced society – a sort of move up Maslow’s hierarchy towards self-actualization. Generally, I think we are increasingly aware of important social issues and have more resources available to address them. Entrepreneurship is really about finding new ways to solve problems and add value, commercially and/or socially. More locally, it appears that the 9/11 terrorist attacks have had a profound and lasting impact on people’s desire to find meaningful careers. I’d recommend David Bornstein’s book ‘How to Change the World’ to better answer the question.

MO: You’re in constant contact with bright, young innovators. What aspects of teaching and mentoring are most inspiring for you? On the flip side, are there any aspects of your job that you find specifically challenging?

Bruce: I really do enjoy working with bright, young, motivated entrepreneurs and innovators. I am inspired by them and honestly believe that nobody learns more that the person standing at the front of the classroom. I don’t only work with my own students, but many throughout Pace and from numerous other universities. I organize the Pace Pitch Contest, which attracts competitors from schools such as NYU, Columbia, Princeton, Harvard, MIT, and Stanford. It’s been great to help teams prepare for the competition and then see them ace their pitch. I’ve kept in contact with many of them and am proud of what they are accomplishing. I have also enjoyed working with young entrepreneurs as a member of the board of the MIT Enterprise Forum of New York City over the past decade and as a mentor at the Kairos Society Global Summit this past year. I guess the biggest challenge is being as critical as I believe is necessary, while not dampening passion or discouraging persistence. But that’s passion and persistence, as opposed to arrogance and stubbornness.

MO: What is the most important piece of advice you have for those looking to start a business?

Bruce: Start by looking for something you’re truly passionate about. If you haven’t found that, don’t start a business – keep looking. There are so many challenges in launching a new venture – requiring so much time, energy, resources, social capital, and emotional commitment – it better be something you really love. Another thing is to find great people – great mentors, great partners, great advisors, and great employees.

 

Westchester County Business Journal: “Bachenheimer now runs E-Lab”

Pace University’s new Entrepreneurship Lab, known as the E-Lab, is available to all Pace students, in New York City and in Pleasantville.

Pace University’s new Entrepreneurship Lab, known as the E-Lab, now has a CEO –  it’s professor Bruce Bachenheimer of Chappaqua. A clinical professor of management at Pace, Bachenheimer is now also the director of the E-Lab. It is available to all Pace students, in New York City and in Pleasantville.

Bachenheimer will advise all aspiring student entrepreneurs, in everything from accounting and computer science to law and the performing arts, noted the Westchester County Business Journal.

He came up with the idea for the annual Pace Pitch Contest and Business Plan Competition, which he introduced in 2004, just after joining the Lubin School of Business faculty.

“The Entrepreneurship Lab aims to foster an entrepreneurial mindset – a way of thinking and acting that focuses on developing new ways to solve problems and create value,” said Bachenheimer. “These skills are important not only for those seeking to establish a new venture, but are increasingly critical in a wide variety of professional careers given today’s hyper-competitive marketplace, where rapid technological innovation and globalization has led to corporate downsizing and a dramatic change in the very nature of work.”

Bachenheimer began his career as a Wall Street trader, and then took several years off to sail through the Caribbean to South America. After that, he launched an importing business and then moved into high-tech forensic science before joining Pace.

U.S. News & World Report: “Amidst M.B.A. Inflation, Executives Recommend Business Doctorates”

Students who choose to supplement their graduate work may benefit from an evolving doctoral business field, which increasingly caters to students who want to work in industry rather than academia.

Some say that business-related Ph.D.’s and D.B.A.’s provide the exclusivity M.B.A.’s once offered.

Admission to doctoral programs is very competitive, and many doctoral students and executives recommend that students get practical work experience between graduate school and doctoral applications, writes Menachem Wecker, education reporter at U.S.News & World Report in an article on doctorate degrees which featured one of Pace’s recent DPS graduates.

Andrew Forte, president of Forte, Inc., which operates the Stroudsmoor Country Inn in Stroudsburg, Pa., recommends a doctorate to aspiring executives. Forte says that whereas M.B.A. programs teach students the tools and methods of how to do things, doctoral programs train students to understand why situations arise in organizations. 

“When I finished my M.B.A., I wanted to know more [and get] more perspective,” he says. Forte has also been able to leverage his doctorate to land positions on boards of local nonprofits and corporations—something that he says he wouldn’t have been able to do with just an M.B.A. 

Students who are considering a doctorate can prepare by getting used to heavy academic reading and demanding schedules, and by laying some groundwork in statistics, says Forte, who holds a doctor of professional studies from the Lubin School of Business at Pace University.

Inc.com: “New York Gets New Start-up Lab”

Pace University opens up entrepreneurship lab, hoping to incubate interdisciplinary collaboration between students—and create some new companies in Lower Manhattan.

ENTREPRENEURS

February 17, 2012

New York Gets New Start-up Lab

Pace University opens up entrepreneurship lab, hoping to incubate interdisciplinary collaboration between students—and create some new companies in Lower Manhattan.

Before they were entrepreneurs, Rob Caucci and Jeremy Pease were students by day and residence hall RAs by night. That meant after classes in Pace University’s Lubin School of Business and computer science program, respectively, then would come home to “have to mediate dozens of conflicts every day between roommates,” Caucci says.

In an effort born of that frustration, the pair launched their first company, a roommate-matching software called Reslutions, which they dubbed “eHarmony for college roommates.” Then, after winning Pace University’s 2010 Pitch Contest with that idea, the pair shifted their plans: They are now looking for a $500,000 investment for their roommate cost-sharing and household management start-up, called SpaceSplitter.

Pace is the latest university trying to foster just this kind of partnership—in which a business school student meets an undergrad programmer and begins a lasting entrepreneurial relationship. On Thursday night, the Lubin School of Business at Pace held a reception launching the school’s new entrepreneurship lab, an open-floor-plan space decked in computers and Idea Paint tucked into a corridor of Lubin School. The secret sauce: any student from any school within Pace may apply. The lab’s director, Bruce Bachenheimer, who also organizes the Pace Business Plan Competition and Pitch Contest, said he’d gotten a call from a nursing students asking if she could apply for the lab, hopefully to find a collaborator for a piece of health-care software or an app.

“Entrepreneurship is interdisciplinary problem solving and no one can be expert at everything; therefore well-coordinated collaboration is at the heart of what we strive to instill in our students,” says Neil Braun, dean of Pace’s Lubin School of Business and former president of NBC and chairman of Viacom Entertainment. “The lab is a conducive space for students, faculty, entrepreneurs and city officials to identify opportunities and needs and build a plan to make something good happen.”

Thursday night attracted other bold-faced New York start-up names, including Harold Levy, managing director of Palm Ventures and former NYC Schools chancellor, and Robert Walsh, New York City Small Business Services commissioner.

“New York is a thriving hub of entrepreneurship, but we’re still in the second and third inning,” compared with Silicon Valley’s thriving technology industry and start-up scene, said Somak Chattopadhyay, a partner in Tribeca Venture Partners, who spoke at the Entrepreneurship Lab launch. “We’ve been missing a critical mass of incubators and accelerators.” —Christine Lagorio

Pictured: Robert Walsh, Commissioner of the New York City Department of Small Business Services

Crain’s New York Business: “Pace University launches entrepreneur lab”

Following the lead of schools like New York University and Columbia University, a group at Pace University has created a space for the school’s budding entrepreneurs to call home.

Downtown business school creates a space to foster entrepreneurialism among its students

By Emily Laermer
February 15, 2012
 
Following the lead of schools like New York University and Columbia University, a group at Pace University has created a space for the school’s budding entrepreneurs to call home. 
 
The lab, located on the third floor of 163 William St., will open Thursday. It was the brainchild of Neil Braun, the dean of the university’s Lubin School of Business. However, it will be available for use by all Pace students, not just those from the business school, he said. 
 
“It’s about more than starting companies. Entrepreneurship, to me, is a mindset, a way of thinking and interdisciplinary doing,” said Mr. Braun, adding that the lab will be open to students in all of Pace’s specialized schools, which include programs for computer sciences, business, education and health professions, as well as an arts and science program.
 
Before becoming dean of Lubin 18 months ago, Mr. Braun was the president of NBC Television Network and CEO and chairman of Viacom Entertainment.
 
Mr. Braun would not disclose the financials of the lab, but he noted that funding will come from the university. He said the university “reallocated funds that were used for other things that outlived their utility,” adding that he expects future successes from the lab will justify the cost.
 
The lab will include space for students to conference with investors, a studio for them to work and a large meeting room for speakers. Bruce Bachenheimer, the director of the lab and a professor at Lubin, says he plans to reach out to some of the thousand-plus Pace-area alums who self identify as entrepreneurs to be potential guests.
 
“This will be very student focused,” Mr. Bachenheimer said. “It’s important for me to see how the students are using the lab and what is providing them with the most value.”
 
In fact, Mr. Bachenheimer says he has seen an increase in student interest in entrepreneurship in recent years. He blames this on the economy and the high unemployment rate. Students see creating their own companies as a safer route.
 
“They also want to make something meaningful and create something,” he said.
 
Part of the inspiration for this lab stemmed from competitions at other schools like Stanford University and Massachusetts Institute of Technology. Locally, New York University launched its Innovation Venture Fund in 2010. This group offers seed money for startups built at the university. In November, the organization helped organize an Entrepreneurs Festival for its students.
 
NYU also partnered with Columbia University to organize hackNY, an group that aims to connect tech-minded students with startups. Columbia has its own lab, Columbia Technology Ventures, which launches about a dozen startups per year.
 
Pace will be hosting a ribbon-cutting event Thursday evening at the lab to mark its official launch. In addition to members of the Pace community, speakers for the reception include Gurbaksh Chahal, the founder, chairman and CEO of online advertising network RadiumOne, and Robert Walsh, the commissioner at the city’s Department of Small Business Services.

NEWS RELEASE: “Pace University Opens Entrepreneurship Lab to Foster Student Innovation, Initiative and Commitment; Bruce Bachenheimer Named Lab’s First Director

Pace University has deep “roots” in innovation and entrepreneurship. Pace was founded more than 100 years ago by two exemplars of entrepreneurship, the brothers Homer and Charles Pace. With a $600 loan, they rented a classroom in Lower Manhattan to teach the principles of business to men and women aspiring to a better life.

Pace University Opens Entrepreneurship Lab to Foster Student Innovation, Initiative and Commitment

Professor Bruce Bachenheimer – Serial Entrepreneur, Board Member of the MIT Enterprise Forum, and Authority on Collegiate Entrepreneurship – Named Lab’s First Director

NEW YORK, NY, February 13, 2012 – A ribbon-cutting ceremony on Thursday, February 16, to be attended by members of New York City’s “entrepreneurship ecosystem” will mark the official launch of the new Pace University Entrepreneurship Lab (E-Lab), which is expected to both nurture the entrepreneurial spirit on campus and serve as a beacon for innovation in the Lower Manhattan community. 

Those scheduled to be on hand at the inauguration of the new space on the third floor at 163 William Street in New York City and give brief entrepreneurial-encouraging remarks at the invitation-only reception include (in alphabetical order):

  • Bruce Bachenheimer, Director of the Entrepreneurship Lab and Clinical Professor of Management, Lubin School of Business
  • Neil S. Braun, Dean of the Lubin School of Business and former President of the NBC Television Network and CEO & Chairman of Viacom Entertainment
  • Gurbaksh Chahal, Founder, Chairman & CEO of RadiumOne.  A die-hard internet entrepreneur, “G” also launched ClickAgents and BlueLithium.
  • Somak Chattopadhyay, Partner at Tribeca Venture Partners – Early Stage Venture Capitalist
  • Harold O. Levy, Pace Trustee and Managing Director of Palm Ventures, Former NYC Schools Chancellor
  • Robert W. Walsh, Commissioner – New York City Department of Small Business Services

They’ll be joined by Robert Caucci (Pace BBA ‘11, Entrepreneurship; Pace BS ‘11, Business Economics) and Jeremy Pease (Pace BS ’12, Computer Science), co-founders of Reslutions, who had the 2011 Winning New Business Concept Pitch at Pace’s Seventh Annual Pitch Contest. Reslutions is a platform that digitizes and streamlines all of the processes associated with a collegiate housing department and stemmed from the co-founders experience as college resident advisors.

Entrepreneurship: The Heart of Business Education 

In addition to 163 William Street in Manhattan, Pace will be simultaneously opening an Entrepreneurship Lab at the Goldstein Academic Building on its Pleasantville, NY, campus. Both E-Labs will provide the tools and mentoring for the development of business plans and the seed capital for new ventures. The E-Labs will also host events featuring guest speakers, workshops and competitions, many of which will be open to the public.

“Entrepreneurship, in its broadest sense, is a personal approach for developing ideas into plans and plans into reality. It is interdisciplinary ‘doing.’  Entrepreneurial leadership is as important in large companies as it is in startups; it’s a mindset toward relentless problem solving that leads to successful execution” said Braun, who in his career has assumed many different type of roles, including internet entrepreneur, television network president, corporate attorney, CEO and film producer. “It is therefore at the heart of business education; it is the ultimate capstone for applying the knowledge and skills of the discrete disciplines to a product or service for a specific market opportunity. 

Professor Bruce Bachenheimer is ideally suited to lead the E-Labs and grow the program,” continued Braun.  “Bruce’s relationships throughout the New York City venture community and beyond will be an important building block as we seek to further enhance our standing in, and access to, professionals in the field.” 

Bachenheimer is the visionary behind the annual Pace Pitch Contest and Business Plan Competition, which he introduced in 2004, shortly after joining the Lubin faculty. Additionally, he is a member of the Board of Directors and past Chairman of the MIT Enterprise Forum of New York City and has served on the organization’s Global Board. Bachenheimer also serves on the Board of Directors & Advisors of LeadAmerica and has served as a consultant to the NYC Department of Small Business Services and the New York City Economic Development Corp. He founded Annapolis Maritime Corp. and co-founded StockCentral Australia. 

“The Entrepreneurship Lab aims to foster an entrepreneurial mindset – a way of thinking and acting that focuses on developing new ways to solve problems and create value,” said Bachenheimer, who drafted the initial proposal of the E- Lab. “These skills are important not only for those seeking to establish a new venture, but are increasingly critical in a wide variety of professional careers given today’s hyper-competitive marketplace, where rapid technological innovation and globalization has led to corporate downsizing and a dramatic change in the very nature of work.”

Bachenheimer began his career as a Wall Street trader then had the courage to take a step back from the rat race and go sailing … for several years. After sailing through the Caribbean to South America, he headed to Annapolis, Maryland, where he launched a business importing teak lumber and taught himself yacht joinery. Bachenheimer then transitioned to a career in high-tech forensic science, where he served as the International Product Manager for an entrepreneurial venture, conducting business in over 20 countries. Several years later, Bachenheimer received the prestigious McKinsey & Company Leadership Scholarship to pursue and MBA degree, which he earned from the Australian Graduate School of Management. While completing his degree, he co-founded StockCentral Australia, which grew to become one of the largest financial websites in the country. A Pace alumni, Bachenheimer earned a BBA, Summa Cum Laude, from the Lubin School of Business.  He was conversational in Japanese and spent a semester at Tsukuba National University in Japan as an undergraduate. 

 About Entrepreneurship Studies in the Lubin School of Business at Pace University

The Entrepreneurship Labs on the New York and Pleasantville campuses (www.pace.edu/entlab) build on Pace’s well-established undergraduate and graduate entrepreneurship curriculum and activities such as the Pace Pitch Contest, Business Plan Competition, and Entrepreneur In Residence program. www.pace.edu/entrepreneurship 

About Pace University 

For 105 years, Pace University has educated thinking professionals by providing high quality education for the professions on a firm base of liberal learning amid the advantages of the New York metropolitan area. A private university, Pace has campuses in New York City and Westchester County, New York, enrolling nearly 13,000 students in bachelor’s, master’s, and doctoral programs in its Lubin School of Business, Dyson College of Arts and Sciences, College of Health Professions, School of Education, School of Law, and Seidenberg School of Computer Science and Information Systems. www.pace.edu

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Pace Media Contact: Samuella Becker, sbecker2@pace.edu; 212-346-1637 (office) or 917-734-5172 (mobile)

New York Daily News: “Your Money: Bouncing back. Laid-off NYers get fresh start wth home businesses”

While hiring seems to be picking up again, the financial meltdown that began in 2008 resulted in a surge of home-based businesses as millions of laid-off workers scrambled to find a way to pay their bills.

In 2009, 18.4 million Americans worked at home, an increase from 16.5 million the previous year.  A little over half of all small U.S. businesses are based out of people’s homes, according to the latest Census Bureau data available.

But before would be self-employed moguls get started, they need to look realistically at what they’re hoping to accomplish, Bruce Bachenheimer, a professor of management and Director of Entrepreneurship at Pace University (pictured), advised Fran Golden of the New York Daily News

“Do you have a real strategy?  A lot of people in this bad economy see home-based as a way to be employed, fill a gap on the resume or whatever,” Bachenheimer said. “But it’s not as easy as it appears.”

To start a home-based business, Professor Bachenheimer gave New York Daily News readers the following EXPERT ADVICE:

  • SET REALISTIC GOALS:  To launch a business does take capital, time and money, and always twice as much as you think.
  • FIND A MENTOR: Talk to people who have started home-based businesses, join entrepreneur and small business groups, and get feedback about start-ups. Smart entrepeneurs surround themselves with even smarter experts.     
  • THINK SALES: A lot of people have a romantic vision that working at home means making your own hours and making money.  But the reality is, no matter what you’re offering , you need someone to buy it.  Entrepreneurs are optimistic by nature, but don’t confuse passion and stubborness.  You need someone to actually open up their wallet and want. 
  • BE HONEST WITH YOURSELF.  Not everyone is cut out to be an entrepreneur.  The best are risk-takers confident in themselves and their ideas.