“Entrepreneurship is at the core of the American dream. It’s about blazing new trails, about believing in yourself…” — Derek Hutson
In 1979, Frank Covich departed from his successful role as Director of Operations at a medical center and consulting firm. He recognized a significant opportunity: talented staff consultants burned out from constant travel could become home-based business brokers serving their local communities.
After training under an established business broker in New York, he discovered three critical gaps in the market. First, trained business brokers were virtually nonexistent. Second, no formal training organizations existed for this profession. Third, entrepreneurs lacked guidance on launching a brokerage practice independently.
These factors pointed to an underserved niche. After placing a simple newspaper advertisement, clients came immediately. He developed a specialized training program and founded the National Association of Independent Business Brokers (NAIBB) in 1980, offering instruction without franchise restrictions or regulations.
Success requires vision, diligence, and consistent effort. The clientele ranges from farmers and household workers to retired corporate executives, all seeking to build independent practices earning performance-based fees.
Entrepreneurship and the American dream in practice
Entrepreneurship and the American dream have always been tied together, and Frank’s own story shows how. In 1979 he saw gaps that others had missed: few trained business brokers, no formal training organizations for the profession, and little guidance for people who wanted to launch a brokerage practice. He chose to fill those gaps, and he built a career around helping others do the same.
You can look for gaps of your own. Pay attention to problems that people around you complain about, ask potential customers what they would pay to solve them, and start small enough that you can learn without risking more than you can afford. Training, a mentor, and a realistic plan make the early steps much safer.
Believing in yourself, as the opening quote puts it, is only the beginning. Entrepreneurship and the American dream both reward preparation, patience, and steady effort, and the people who succeed usually combine ambition with careful research.
Related reading
- SCORE free business mentoring
- Business Opportunity Marketplace: The Earn From Anywhere Guide
- SBA guide to planning your business
Sources and background: Wikipedia: American Dream and Princeton University.
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