Don't be 'motivated by money' when starting business

An interview with Richard Felicelda, owner of Star Lab in Franklin Park.

Q: What motivated you to start this business?

A: My wife used to work as a home visiting physical therapist. She goes to patients' homes to perform their treatment. That gave me an idea of also sending phlebotomists to patients' residences for their convenience. At the beginning I just did phlebotomy services, then sent out my specimens to other laboratories, but later on, when the traveling phlebotomy company had grown, I transitioned to becoming a full-service clinical laboratory and continued offering in-home phlebotomy services.

Q: What is the biggest challenge you face in growing the business?

A: The biggest challenge for me in growing my business is the expansion of more tests to be done in-house, because it requires great investments in adding more equipment to run new tests. It is very difficult for a new business to access capital, as banks are very strict in granting loans.

Q: How did the Emerging Leaders program help you meet that challenge?

A: Emerging Leaders opened my eyes to not just look at your bank account balance in managing your business finances. You have to look at the whole picture of your finances before making any business decision.

Q; What is one tip you'd offer something starting their own business?

A: One thing I can advise to aspiring businessmen is to not be motivated by money when you start your own business. Focus on your value proposition and communicate it well to your market and revenue will follow.