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Follow one entrepreneur's story as she builds a company from scratch.

The Dream

From the time I was a young girl, I had the good fortune of knowing exactly what I wanted to do with my life: choreograph dance. I wanted to create shows with movement, speech, and music that could be shared with audiences around the world. Sound crazy? Definitely! But inside that starry-eyed little girl was a critical characteristic of an entrepreneur, passion.

The Question

So I was thirteen years old and I knew I wanted to be a choreographer. How could I make this dream a reality? Maybe, I thought, if I wished hard enough, I would become a world famous ballerina (even though I was already approaching six feet - not on pointe), and Baryshnikov would ask me to come choreograph for him? Hmmm.Not likely. Or, maybe I could ask my "dancer-friends" if they would be willing to make up some dances and we could perform them in front of our families. Hmmm.I had already been doing this since I was five years old.

I needed a plan.

Turning The Dream Into a Goal

In my opinion, an individual reaches a critical point in time when she turns a dream into a goal. When I was seventeen, I turned my dream of being a choreographer into a goal when I developed a plan that would give me the skill set I needed to pursue this particular career. I decided I needed to build an organization that would contract dancers annually to perform my choreography. To do this, I needed expertise in two areas: dance and business.

Dance - I had been training as a jazz-ballet dancer for eight years. Since I was sixteen, I had been teaching and choreographing at different studios in Vancouver , Canada (my hometown).

Business - I didn't know the first thing about starting a company! How would I be able to pay dancers? Set up performances? Lease a studio space? Realizing I didn't have the faintest idea how to run a business, I set a goal for myself: go to business school to learn how to set up a dance company.

Getting The Skills

I chose a university program where I could receive an honors business degree and a major in entrepreneurship. It was also important to me that I could maintain my daily training as a dancer while completing my academic studies.

So, I began my business studies and found myself surrounded by a group of peers who had dreams of becoming investment bankers on Wall Street and accountants at The Big Five (which turned into the Big Four and finally the Big Three before I finished my university degree). But, I wanted to be a choreographer.

University Experience

I tend to characterize my university experience like this: I went to economics class with my hair in a bun and carrying a water bottle. I went to ballet class wearing a suit and carrying a coffee cup. I loved both my "hats", and it seemed to work out in the end. I graduated summa cum laude with a 4.0 GPA from Temple University in May 2004.

First Milestone Reached

I achieved my first corporate milestone while still a student. In May 2004, The Rebecca Davis Dance Company won the Annual Business Plan Competition at Temple University . With cash winnings of $6,000, I officially had start-up capital!

Starting The Business: Incorporation ("Organization")

Within a month of my graduation, I had organized my business as a LLC in the state of Pennsylvania . (I used the term "incorporated" for the first two months before learning that there is no such thing as "incorporating a LLC." You "organize a LLC." But this was the first of many entrepreneurial mistakes!)

Building a Support Network

I began plowing through all the paperwork of starting a business: creating bylaws and articles of incorporation, registering trademarks, applying for an Employer Identification Number (EIN), and getting a business license. It quickly became apparent to me that I was going to need help - lots of it!

The tricky part was figuring out how to get good help while spending as little of that $6,000 as possible. There were a few different strategies I tried:

(a) Free Resources: There are a great deal of helpful publications and services available to entrepreneurs if you can figure out where to find them. In particular, I used:

•  SCORE

•  IRS website & hotline

•  SBA resources & publications

(b) Mentors:

The most valuable "asset" an entrepreneur can have is a good mentor!

I was fortunate to have created mentor relationships with a number of business leaders and business owners through my academic studies and extracurricular activities. I sent these individuals my Executive Summary and Business Plan to obtain critical feedback. I sought their advice in choosing the right legal structure and evaluating different financing alternatives. I asked them for references when I needed specialists in certain fields (eg. legal assistance and intellectual property issues).

I am now in the process of formalizing this group and identifying key supporters who are interested in helping me build my business.

Back-and-Forth & Making Mistakes!

I have already become accustomed to making mistakes! Now I don't spend time trying to avoid mistakes; instead, I spend time trying to reduce the financial risks and consequences associated with mistakes.

By the time I received my filing documents back from the Bureau of Incorporation in Pennsylvania , I had already decided that I wanted a different legal structure. Now I was going to apply for tax-exempt status as a 501c3 organization. Technically, the LLC structure was still needed in order to submit Form 1023 for 501c3 status, but this still represented a major shift in the strategic direction of my business. And the reason for this change? Realizing the true challenges of raising start-up capital!