When Kevin Abt started Take Out Taxi, he was living out his dreams. He took a chance. He broke out of the usual. He said, "If I don't do this, my life will be incomplete." You hear these same words every week at the closing of each episode of this television show on your local PBS-member station. You can find out more right here -- watch weekly -- how people take an idea from their mind to the market.

Key Idea# 1: If you personally have a need for a product or service, other people probably do also. Kevin and his wife had a dilemma. They had a baby and couldn't go out to eat three to four times a week as they had before the baby was born and they were too tired to cook at the end of the day.

Kevin discovered that many of his friends had the same problem. That was enough to convince him that he'd found a need to fill and his business was born.

Kevin says that there are many good ideas, but the execution of the details necessary to create a business is what will separate a dreamer from an entrepreneur.

Topic for discussion: As a class, list some businesses you think could be started today that would have potential for growth. Why is Kevin's idea working? (The service fills a need and he has a systematic plan -- direct mail -- for building customer base. Also, he is franchising the concept which provides capital infusion as well as exposure nationwide.)

Key Idea# 2: It takes money to make money. Kevin quickly liquidated his savings to start his business, then he sold his house, then he borrowed more money from banks. When this story was taped, he had just closed a deal for $4 million in venture capital. He bought out his biggest competitor and brought the leadership of that company into Take Out Taxi. He is quick to admit that raising money is an on-going activity for most entrepreneurs.

Topic for discussion: Why doesn't Kevin use earned profits to grow his business? (Because he wants to grow at a faster rate than his earned profits will allow. For example, to recruit and train franchisees for 30 new locations could take years if he used only accumulated profits. By borrowing, he incurs risk, but he also facilitates immediate growth.) What does it take to grow into a nationally known brand?

First, you must have an idea that will work everywhere. Kevin's idea is that a "time famine" exists throughout this country, particularly in the cities. Therefore, he locates franchises where harried people live and restaurants are located. Urban areas are great for Take Out Taxi but so are mid-sized cities that are the areas experiencing the most growth today. Cities like Tampa, Indianapolis and Phoenix are big enough for Take Out Taxi but much more livable than Los Angeles, New York, or Miami. In addition to having an idea with broad appeal, to be big you have to think big. Kevin worked for a big company and believes that Take Out Taxi can and should be big.

Key Idea# 3: Your friends and family must support you emotionally as you start and grow your business. Kevin says you will work harder in your own business than you ever would for someone else. Therefore, the people close to you must be tolerant of the long hours and possible sacrifices. In Kevin's case, he and his wife had good paying corporate jobs so, they had a lovely home. They sold their house to raise money. If his wife had not been agreeable, serious problems could have resulted.

Topic for discussion: What would you do if you shared a business idea with your family and they disapproved?

You might give up the idea. On the other hand, you could provide them your research and explain why you think your idea is good. It is very important that people close to you are comfortable with your actions. If you have small children and a spouse who is concerned with financial security, you might decide to wait until the children are grown before you start a business. Or, before you quit your job, you might decide to save enough money to live for a year in the same lifestyle you now enjoy.

Key Idea #4: Get some accounting software. This part of the episode comes from a segment called, Business Basics and it is titled, Staying on Track

» Track expenses and keep a current balance sheet.

Categorize expenses so that you can see if you are spending what you thought you were going to spend on what you thought you were going to spend. Keep a balance sheet so that you know what liabilities as well as what revenues are in front of you. The old standard was to check these items with every closing. With today's real-time accounting, people are increasingly checking daily and weekly and, of course, monthly.

Topic for discussion: Why do so many business owners avoid accounting and accountants?

Many small business owners aren't interested in the process, so they procrastinate. Also, they may think it is too expensive to hire a bookkeeper or accountant and that they will do the books themselves. Often total panic sets in on April 14 because the good intentions of doing the record keeping are lost amid the daily pressure of running a business.

» You must choose accounting software carefully.

Select a software program that you can understand and feel comfortable using. We have used both QuickBooks and Small Business Accounting 2006 from Microsoft (very inexpensive). If your program is too difficult, you won't use it. Determine what you need to track, then look for a software package that will do what you need. If you are not sure which software package is right for you, consult your CPA for recommendations.

Topic for discussion: Should you decide that you cannot or do not wish to handle your own accounting, what are your options? According to Craig, many small business owners tend to avoid the process altogether, which can be disastrous. The best option is to outsource your accounting. In other words, hire an independent accountant to keep track for you. For more ...

Key Idea #5: Out-think your competition! This comes from a segement titled, Streetfighter Marketing.

Jeff Slutsky is forever saying, "Don't outspend your competition, out think them."

A testimonial letter from a happy customer can be a powerful marketing tool. However, it's difficult to get a customer to take the time to write, so in this segment Jeff solves that problem.