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      The challenges of owning a business

      Owning a business is a challenge that few take on, and many struggle to find success.

      Redfella Records of Marquette closed their doors earlier this month, but Andrew Lorinser, the founder and owner of the media production company, is proud of what his business accomplished over six years.

      Lorinser said closing Redfella was a personal decision.

      "Yeah, we had a good run, but it's time, it's time to go...something else," said Lorinser.

      Redfella started as only a recording studio, but the company developed, over time, to include several facets of media production.

      "I think when a lot of people start a business, they think they can create a demand, and we knew that we were never going to be able to create a demand for our customers. We would just follow what they wanted from us," Lorinser said about Redfella.

      That flexible mindset follows what David Saint-Onge tells his clients at Black Ink Assets in Marquette.

      Saint-Onge, the president of the business consulting company, said entrepreneurs have three issues to address: have a good product or service, understand the market for it, and most importantly, manage cash flow.

      "Many aspiring business owners, young business owners, make a fatal mistake of getting money in the door and they spend it on things that they shouldn't spend it on," said Saint-Onge.

      Saint-Onge has found that many people are only capable of handling one or two of the three issues.

      "And so the key is that they have to surround themselves with somebody else on their team who can do the things that they're not good at," he said.

      Lorinser agreed.

      "Never be afraid to ask for help," he said. "We've had some great business consultants with us throughout the years. No one person knows what everyone collectively knows together."

      As for the future of entrepreneurship, Saint-Onge pointed to people buying existing businesses.

      "How do these baby-boomer age business owners retire from their businesses, get their wealth out?" he asked. "And it may be an aspiring entrepreneur who wants to take the business over."

      Saint-Onge added that recent economic struggles have not changed what it takes to start a business. He said it still takes a unique person with the right plan.