Starting a business may seem impossible for many BYU students preparing to enter the professional world. It takes careful and strategic planning. Even if everything begins smoothly, the potential for failure and bankruptcy loom overhead.

About 80 percent of small businesses fail within 10 years, according to Small Business Administration.

But one BYU graduate was able to find his niche and is discovering success.

Terry Forsyth, a 2000 BYU graduate, created Translator Planet, an online-bidding Web site for company-related projects. It's similar to eBay - companies post job listings and translators bid on jobs they would like.

The idea didn't come to Forsyth until he left BYU. He initially planned on attending law school, but he changed his mind and entered the work force. After graduating with a Korean linguistics double major and computer science major, career opportunities looked dim.

"I had a hard time getting a job," Forsyth said. "During that time I was thinking, 'What could I do to help other people out?'"

Inspiration hit one night and Forsyth found a way to merge his linguistics and computer knowledge. He thought a lot about eBay, surfed the Internet, and researched various Web sites. That's when he got the idea of a reverse auction site.

"Doing it that way you can have a person with almost no experience and a person with lots of experience bid," Forsyth said. "As you bid more, you get more feedback and you can grow your own business."

Forsyth found that creating an idea and putting it into force are two different things. Often, entrepreneurs require the assistance of other people.

"I did it completely on my own, but I hired someone to do some of the back-end work for me," Forsyth said. "Although I have a lot of computer knowledge, I didn't have the time."

It took about a month from conception to finalization, Forsyth said.

"The Web site is constantly changing," he said. "It's an ongoing, learning process."

Translator Planet isn't the end for Forsyth.

"I'm always thinking about what I could do to make different Web sites," he said. "I'm very excited about technology and how it can affect different people. I like to set up Web sites to accomplish something."

It takes a lot of work to start your own business and sometimes people and don't realize the effort required, Forsyth said. But in the end, the work pays off.

"You get to create something and see the end product," he said.

Forsyth said that BYU students who are looking to start their own business should build up rapport in their area of excellence and with the people they are serving.



Copyright Brigham Young University 24 Jun 2003