The Not So Secret Path For Business Success, And Tools to Get You There

If you’ve ever watched ABC’s “Shark Tank” you’d agree that the true value for a business owner to take on investors isn’t really about the money. Let’s face it, in a financial pinch, most of us could probably resort successfully to the famous three Fs of finance: Family, Friends, and Fools.

The elements that make investors worthwhile are their contacts, their industry experience, and more importantly, their business knowledge. Here’s how Mark Cuban, a self-made billionaire and regularly an investor on Shark Tank, puts it: “entrepreneurs don’t fail for lack of resources, it’s their lack of brains.” That’s not to say we entrepreneurs are somehow less smart or unimaginative, but it does reinforce the idea that we don’t know it all and, like professional athletes, we too must to go back to basics regularly to acquire new insights and new knowledge.

Just this morning, GE released findings from its annual survey on innovation; and business education topped the list of priorities among entrepreneurs.

To that end, I recently came across the Goldman Sachs 10,000 Small Businesses Initiative, and not only is the program measuring its success by the companies it grows, plus business genius Warren Buffett is involved — best of all — it’s a free opportunity. Of course you must meet certain criteria, but it’s simple.

Here’s what I have on the program: The Goldman Sachs 10,000 Small Businesses is a $500 million investment to help small businesses create jobs and economic opportunity by providing them with greater access to business education, financial capital, and business support services. The program is based on the broadly held view of leading experts that greater access to this combination of education, capital and support services best addresses barriers to growth.

If you’re in Southern California, the criteria to be eligible is:

• Applicant must be an owner or co-owner of a business
• Business in operation for at least two years
• Business revenues between $150,000 and $4.0 million in the most recent fiscal year
• At least 4 employees (including the owner)

Again, it’s a free program, please take advantage. Here’s where to sign up:
http://socal10ksb.com/apply/selection-criteria/

If this program isn’t for you, make somebody’s year and share it with them.

October: SBA National Women’s Small Business Month Web Chats

The U.S. Small Business Administration (SBA) will host a series of four web chats during the month of October – National Women’s Small Business Month – for women considering launching their own business.

Each week, the SBA web chats will feature prominent subject experts who will guide participants on best practices for putting together business plans, navigating challenges of entering competitive markets and establishing the foundation for a successful, profitable and long-lasting company.

On Oct. 4, at 3PM participants can join “Starting & Growing Your Business” with Erin Andrew, of SBA’s Office of Entrepreneurial Development. Participants can play an observer’s role from the comfort of their computers, and also post questions beforehand.

3 Wow Factors to Producing Kick-butt Events

From Avatar Star to Modern Family Mom to Superstar Director, they were in one place...

Last year alone, our company produced or co-produced more than 50 events, and over 250 since the business was founded just five years go. Before making the entrepreneurial jump, I had the daunting task and delight of producing events that included two U.S. Presidents (at separate times) and Fortune-100 CEOs as keynotes.
The point is, I’ve learned that no matter the type, the fundamentals of producing a kick-butt event that audiences are willing to travel and pay good money for are the same. I call these fundamentals the “wow factors.” Here they are in order of importance:

Why Businesses [really] Fail: What to Do

In working with chambers of commerce and business associations I’ve met many business owners who strongly believe that access to business capital is their number one barrier to growing their companies – and to some extent, and now as an entrepreneur, I can relate. The number two and three reasons usually stated are raising costs of health insurance and taxes. Most times these are also the same factors blamed for a failed business.

However, I believe those factors are more symptoms than the root cause, and the infographic alludes to that idea. The real problem? Intellectual capital (or the lack there of). This is the brainpower provided by a person or persons who know your industry better than you do; they know the who, the what and the when of things, and they sometimes have access to key figures to plug-in to. They see your business from a different perspective and could even provide you with an advantage over your competitors.

As you look at the infographic below, think of your business and the pains that afflict you, and then think of who specifically would best solve that problem, their skill set, is it a consultant, and MBA, a SCORE mentor perhaps? Think of that person and don’t limit yourself by money, or as Harish R. Rao says: “pay enough so that money isn’t an issue, then give high recognition, autonomy, and the opportunity to learn and grow,” and watch your team excel. The right person, after all, could be the catalyst for growth in your business and thus worth the investment.

Folks, we as entrepreneurs need to stop trying to do it all ourselves and instead need to hire, outsource, or create partnerships – in other words; delegate to the right people!

Develop a Team of [Business] Ideas Using the SUN

At the center of absolutely every great company there’s a group of people who are equally great. And it’s not just that these are good individuals, they are above all, a team better than the sum of its individual parts. In essence, each makes the other better, in turn making the team better, and ultimately making everything they do great. It’s a beautiful virtuous cycle.

But like in any team environment (business, sport, or other), the success of the group is measured by their execution of the strategy or plan. And because a plan is a set of ideas, it is easy to surmise that in order to have a great team, one must first develop a team that creates, or births, many ideas.

Grabbing the Spotlight: Takeaway from #Latism11

Whenever crime stories are on the news I often cringe and cross my fingers in hopes that it’s not a Latino perpetrator. It makes me think of the village idiot who gives everyone in town a bad name, and in our case, eclipsing all the positive things that ARE going on, which of course hardly ever gets coverage. But, I digress.

Like many of you, I’ve always wanted mass-media to paint Latinos with a different brush. I mean, we’re not only the leaf-blower or the maid who watches novelas, and we’re definitely not all in gangs or the drug-dealers you see on TV. So, who are we?