Save Your Business

This is a collection of articles I have found interesting and, hopefully, useful in our current economy. All of these deal, in one way or another, with strategies, tools, methods, and techniques to make the most out of what you have or to take advantage of what others might think is a bad situation. They deal with cost savings, harvesting, economies, and other planning and implementation techniques, which are part of applied entrepreneurship. I hope you will find them useful, will comment if that might help others, and will suggest other, similar articles you have found valuable.

What you find below is a “starter set.” I plan to add many more shortly, and to keep adding as long as there appears to be an interest.

Since I’m a lawyer, I’m compelled to state a disclaimer. I have not received anything from any of the companies, so I have no axe to grind on any of these tips or the companies mentioned.  I do serve as a pro bono SCORE counselor with the Louisville, Kentucky chapter of SCORE.

I also do not endorse any of what you find below, but I would not have put them there and published this list if I didn’t think there might be merit for some in considering what is said, suggested, or offered below. As we lawyers love to say, caveat emptor (let the buyer beware).

COST CONTROL

Cost Control Tips for Your Business

“As more and more small businesses are failing each day, companies are trying to develop new strategies in order to stay alive and earn profit. It may be the perfect time to shed a light on some useful small business cost control tactics and the fact that they can mean the difference between success and failure of a business.”

INVENTORY CONTROL

How to Cash in on Your Excess Inventory

“Excess inventory can be a serious financial drag for any business. But what to do with excess items – no matter what they are or where they came from – can be a difficult dilemma…”

MANUFACTURING

Free or Low Cost Help for Small Manufacturers

“There is a low-profile but high-octane national network of 393 manufacturing assistance centers —stocked to the gills with cutting edge expertise — whose sole purpose in life is to help small widget makers like yours become more tech-savvy, more efficient, more competitive and more profitable…”

SHAPE UP YOUR BUSINESS

6 Weeks to a Better Bottom Line

“You have to be pretty lean now, but there are opportunities to grow if you are in a position to take advantage of them,” says Edward Marram, a senior lecturer at Babson College’s Arthur M. Blank Center for Entrepreneurship in Wellesley, Mass. “It’s a good time to evaluate your business, find ways to conserve cash and improve. Then look at where other competitors aren’t making it and go after those opportunities.”

50 Ways to Save Money in Your Business

“On a shoestring budget (and what entrepreneur isn’t?), it really pays to scrimp and save. Just in case you’ve forgotten the value of a hard-earned penny, we’ve come up with a slew of money-saving ideas to boost yourbusiness’s bottom line-from cutting your legal bills to inexpensive ways to draw in customers. Though some tips will save you more money than others, the end result of your overall spendthrift strategy could add up to a bundle.”

RESOURCES AND LISTS

The Top 100 Resources for Small Business

“The What Works for Business 100 is our annual list of the best websites, organizations, products, services or other solutions for your business. Some are household names — others you’ve probably never heard of. The common bond is that they are terrific at what they do and can help your business in a critical area.”

“What Works for Business continuously seeks out, rates and analyses thousands of business resources.”

Small Business Resource Links

“These links are provided for the convenience of SCORE Web site visitors. They are not an endorsement of the companies or Web sites listed, or the products and services offered by them.”

SCORE

SCORE is a Resource Partner with the U.S. Small Business Administration. It provides free counseling as well as low cost seminars. The Web site provides numerous resources for small business owners.

Business.gov

IRS – Tax Information For Businesses

SBA

SBDC Locator

USA.gov

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Join the Applied Entrepreneurship group on LinkedIn. Membership is free and I try to post about ten articles a day there. We have some great discussions going and if you are an entrepreneur, we hope you will join us.

Lessons I Learned Today 6/23/09 – Entrepreneur Crowdsourcing

This is a digest and recap of highlights, quotes, and comments from articles and discussions posted on this date on the Applied Entrepreneurship, LinkedIn group site.

  

*Traits of a Successful Entrepreneur

“Success and failure always depend on the entrepreneur.”

Here are the traits of a successful entrepreneur:

• Whether short term or long term, a successful entrepreneur never misses setting his goal.
• Successful entrepreneurs know how to revise or rewrite goals whenever there is something that needs to be changed.
• An entrepreneur knows how to search for opportunities that may not be visible for most people.
• An entrepreneur knows how to take advantage of these opportunities.
• An entrepreneur knows his strengths and weakness.
• An entrepreneur always wants to be the best.
• An entrepreneur enjoys what he does and knows how to enjoy as well.
• A successful entrepreneur loves his work and enjoys what he is doing but does not make his business his life.
• An entrepreneur knows when to get help.
• A successful entrepreneur recognizes that he could not do some things alone and needs a hand in order to get things right.

 

*Have a Purpose in Life? You Might Live Longer by Kathleen Doheny

“If you have a purpose in life — lofty or not — you’ll live longer, a new study shows.”

“It doesn’t seem to matter much what the purpose is, or whether the purpose involves a goal that’s ambitious or modest.”

“When comparing scores, Boyle found that those with a higher sense of purpose had about half the risk of dying during the follow-up period as did those with a lower sense of purpose. And that was true, she said, even after controlling for such factors as depressive symptoms, chronic medical conditions and disability.”

“What this is saying is, if you find purpose in life, if you find your life is meaningful and if you have goal-directed behavior, you are likely to live longer,” she said.

 

*Crowdsourcing: What It Means for Innovation by John Winsor

“Some have predicted that crowdsourcing is the future of the marketing, advertising, and industrial design industries. The phenomenon, they argue, will accelerate creativity across a larger network.”

“The current global economic conditions have forced all of us to do more with less. Participants sharpen their creative skills, stay involved with the things they love to do and—most important—get noticed at crowdsourcing marketplaces such as InnoCentive, TopCoder, uTest, and CrowdSpring.”

“The increasing complexity of problems has caused a rise in mass collaboration.”

“New forms of social editing will emerge that allow customers, experts, and brand advocates to curate crowd-created ideas to sort through the ideas and stay on strategy. For now, the most important thing is to jump in and try.”

“As crowdsourcing continues to accelerate, the biggest question is how it will affect business writ large. But it will certainly usher in radical changes to business models and business systems.”

 

*Turning Nonprofits into For-Profits by John Tozzi

“Social enterprises like Bikestation often don’t fit neatly into existing ownership structures. Those that register as nonprofits have trouble tapping private capital to expand, while for-profit companies risk compromising their missions because they must put shareholders’ returns first. But growing interest in hybrid business models has spurred recent efforts at the state level to create new corporate structures that allow entrepreneurs to integrate nonfinancial goals into for-profit businesses. “The intentions of entrepreneurs and investors have evolved over time to include a desire to create social value as well as shareholder value.”

“One new form, known as the Low-profit Limited Liability Company (or L3C), is intended for companies that put their missions before profits. The structure lets them qualify for “program-related investments” from foundations—loans or investments that further a foundation’s goals and also may yield financial returns.”

“The nonprofit remains essentially a holding company for the intellectual property, though Bikestation plans to use the licensing revenue to make grants. As part of the agreement, the nonprofit got a small ownership stake in the new Bikestation and controls a seat on the board.”

 

*A Brief Guide to Personal Branding Using Social Media by Hasan Shirazi

“Developing a brand over social media is a step-by-step non-linier process, and it will take some time before you start seeing the results. Remember, creating a personal brand is directly proportional to creating value for other people.”

“Besides blogging, to further extend you personal brand, creating accounts on other social networks and media platforms help a lot.”

“The concept of personal branding is closely associated to that of leadership and at the heart of its passion. There is much more you can do to standout and become a brand. Remember, Online personal branding using social media is depended on creating quality relationships. Try to look for ways to help those who are best placed to help you, they’ll be more inclined to help you, and if you need to call on them they’ll remember who you are.”

 

*Employees: The Direct Route to Customers’ Hearts

“The link between employee engagement and business outcomes has been well established: employees that are more engaged in their work and with their companies are more likely to stay, more likely to recommend the company and its products, and more likely to go the extra mile to get the job done. But employees can also be a window to customers, and more importantly, a barometer for their satisfaction with your company’s products and services.”

“Research involving more than 30,000 customer service employees conducted earlier this year by the Corporate Executive Board indicates that there is a close connection between employees’ work experience and customer opinions. Departments where employees reported they had the authority to take actions to meet customer needs, make decisions on their own to improve quality, and respond to problems without waiting for approval had the highest levels of customer satisfaction.”

“The study also discovered that even a small change in employees’ ability to get the job done for customers can yield big dividends. Improving the percentage of employees who reported they had the ability to easily correct customers’ problems by just 5 percentage points yielded a 10% increase in customer satisfaction. Satisfied customers buy more of your products and services and recommend your organization to others. In fact, the relationships between employee and customer viewpoints were so strong that employee opinions about their ability to serve customers could be used as a bellwether for client concerns.”

 

*Learning from Pirate Communities – Entrepreneurship by John Horn

“According to an up-and-coming business publication, the Harvard Business Review, “entrepreneurs look at financial challenges or a recession and, instead of wringing their hands, find ways to innovate and spin them into gold for social transformation.” The biggest immobilizer today is fear. Fear to take risks. Fear to innovate. Fear to change.”

“Yes, many – or most – of the pirates are gangsters. No, this doesn’t make hostage-taking okay. But this article has outlined some of the ways that these seagoing thugs are dealing with a recessive global economy. “Pirates were the first people to rebel against this world,” says Hari. They didn’t like the rigour, restrictions and “oppressiveness” of the seafaring alternatives of, say, the Merchant Marine or Royal Navy, so they chose a more independent, democratic and risky life at sea.”

 

*Dusting Off a Big Idea in Hard Times by Reena Jana

“As recession-racked companies search for ways to cut costs, some are rediscovering automated innovation. In the early 2000s, auto-innovation was trumpeted as the Next Big Thing. Instead of relying on engineers and designers, HAL-like computers would create goods on their own by exhaustively combining bits and pieces of previously successful products.”

“Now that companies are under intense pressure to get more out of every dollar, automated innovation is making a comeback. Rather than being used to create products, however, it’s turning into an efficiency tool to improve business processes.”

“Successful innovations are often built on the backs of failed ones.”

 

*Seniors as Entrepreneurs: Their Time Has Come by Stacy Perman

“Economic volatility plus more boomer retirees have moved the starting age for startups and led to a surge of senior-run businesses.”

“In recent years, the number of individuals starting their own businesses during what is usually considered the “retirement years” has been rising, according to economists and small-business observers. And so has the age at which they are starting their own ventures: According to the nonprofit AARP Public Policy Institute, in 2008, 21% of the self-employed were between 55 and 64, while 10% were 65 and older. Experts believe the stock market’s recent brutalization of retirement accounts will prod additional older Americans to start their own businesses.

“While many have elected to become first-time entrepreneurs after 60, a number of economic factors and a job market perceived to be biased against older workers have pushed a number of people into starting their own businesses. With many retirees finding their pensions and 401(k) plans dented—and a rising U.S. unemployment rate, now at 9.4%—the trend toward aged entrepreneurs is poised to grow.”

 

*Governing in a Recession by Beverly Behan

“As board members wade through today’s grim business headlines of massive layoffs, tumbling stock prices, and chief executive officer terminations, many are asking themselves what they should do differently. Here are four critical things boards must consider in responding to today’s tough business environment.”

• If your corporate strategy was set six months ago or earlier, you should look at whether it’s best to stay the course or make some critical changes to respond to the tough new economic environment. Take the time at your next board meeting (three or four hours for a really good discussion) to go back to the underpinnings of the strategy—the classic SWOT analysis (strengths, weaknesses, opportunities, and threats), with emphasis on the opportunities and threats presented in today’s economy.
• Spend another two to three hours at an upcoming board meeting talking specifically about risks. Focus on five major risks facing the company. How might they have changed in view of the current economic environment?
• As board members, you must ask yourselves: Do we have confidence in the CEO and the management team to lead the company through this tough economic situation? If the answer is no, then it’s time to pull an AIG. If the answer is yes, then it’s important to let the CEO manage and keep the board members governing.
• When losses mount and big investors rattle their sabers, boards always feel pressured to fire the CEO. Whether you should take the plunge goes back to the earlier question: Does the board still have confidence in him? If the answer is no, the board must consider the timing and ramifications of pulling the plug.

“Tough times call for some tough boardroom discussions. Make sure your board steps up to them in the right way.”

 

What I Think

I think a couple of common threads come together when I look at the random articles posted on this date. The Entrepreneurship Process blog article, Traits of a Successful Entrepreneur, makes the point that success and failure always depend on the entrepreneur. John Horn’s article, Learning from Pirate Communities – Entrepreneurship, makes the point that one of the biggest immobilizers today is fear to innovate or to take other risks. Pirates, glorified or seen as humorous to some extent in recent movies, are, as Horn states, gangsters who should be seen as neither glorious nor humorous.

What some pirates do have is a life so harsh at “home,” that taking almost any risk seems less dangerous than doing nothing. We all have a comfort zone where we like to stay because it is more comfortable than any alternative of which we are aware. Some simply fear any change, yet a fire or tornado can cause all but the most reluctant to leave in the face of clearly impending disaster. We have seen, of course, before and after Katrina and other disasters, that some will never leave, regardless of the certainty of the impending destruction of their homes. Most, however, have a great enough sense of self-preservation, that they can be forced to accept the uncertainty of the future after escape, as opposed to the certainty of destruction of everything they know, should they choose inaction.

If you look at crowdsourcing from the macro level, at one level entrepreneurs themselves are forming a global crowdsourcing case study. Some are staying where they have been most comfortable and successful in the past, hoping things will turn around. Few are unblemished by the sagging global economy, but undoubtedly many are well enough off to experience little or no change in daily life, despite lower profit margins or even losses in their various enterprises.

Stay with me on this. If you analogize our current global financial crisis with a Katrina type storm approaching our home, some entrepreneurs will have anticipated this, and made sufficient disaster preparation and recovery preparations so that they will be “OK” and survive the storm. Some will not have made those plans, but will detect the early warning signs, and move away from the “storm,” by cutting costs, reducing obligations, trying to speed up cash flow, looking for “disaster-resistant” goods and services, etc. This is kind of like buying plywood before the storm and checking your insurance coverage again.

Some, of course, will ignore the storm warnings, thinking the storm will turn away at the last minute, as it usually does. Those who live or have a vacation home in the Carolinas or Florida are probably accustomed to watching the early warning radar and tracking tropical storms during the hurricane season. Based upon that experience, I’ve often watched those storms form, grow, and start on their destructive path in a direction pointed at my property. Many of those storms have turned into hurricanes and actually gotten close enough to knock down some trees, but in every case, so far, they have turned away. If you do this enough, you can become complacent, thinking “it will never happen to me.”

It seems too many of us have fallen into this storm “watching and ignoring” pattern with the economy. I didn’t live during “The Great Depression,” but those I know who did, have a different view of saving and living frugally than many of us “younger” folks. Their paradigm is simply different from ours, based in large part upon the hardships they faced and became accustomed to as they tried to survive that storm.

It seems to me, entrepreneurs, as a macro group, are showing signs of a changing paradigm. Some have not made sufficient plans or have chosen to ignore the storm, and will undoubtedly perish, in terms of having sufficient resources to remain in the entrepreneurial community. Some of my own clients have been so economically damaged by trying to hold onto a sinking business, that they will likely never be able to must the financial energy to re-emerge as a business owner.

Most of the survivors, however, are those currently scurrying away from the storm in one way or another. They are changing the way their business thinks and works. They are using strategies, such as the employee empowerment tactics described in the Business Week article, Employees: The Direct Route to Customers’ Hearts. They are finding ways to determine what their customers really want, finding more efficient ways to provide this to them, and to doing what they must to survive.

How are you handling the storm? If it has already destroyed your business, do you have the strength to make it rise from the ashes? If it has not hit you yet, at least to the point of making you alter your thinking about the potential to cause you serious damage, have you made realistic disaster preparation and recovery plans? Many of the old rules seem to be going out the window with this storm. It could, in fact, become the perfect storm. Some will survive it. Some will not. Which are you and how will you make that a certainty, as opposed to a possibility? One way might be to continue to watch the macro entrepreneurial crowdsourcing patterns forming now, and to say with those who are getting to “higher ground.”

  

If you enjoyed my impression of these articles, why don’t you read them for yourself and see what you and I missed or hit? Join the Applied Entrepreneurship group on LinkedIn. Membership is free and I try to post about ten articles a day there. We have some great discussions going and if you are an entrepreneur, we hope you will join us.

Lessons I Learned Today 6/16/09 – Looking for the Silver Lining

This is a digest and recap of highlights, quotes, and comments from articles and discussions posted on this date on the Applied Entrepreneurship, LinkedIn group site.

 

*Divorced – but still in business together by Joseph V. Tirella

“The firm, co-owned by Joseph Carini, 47, and Aurelie Lang, 37, sells rugs and tapestries that are handwoven in Nepal using Chinese silk and wool from sheep that graze the Himalayas. Prices typically range from $8,000 to $10,000.” 

“Carini and Lang – he’s an artistic New Yorker, and she’s a native Parisian with a no-nonsense approach to both business and life – married in 1996 but are going through a divorce (they are legally separated). They live on the same Brooklyn block and share custody of their three children: Celia (8), Leonardo (5) and Gregory (4). Although the breakup was heart-wrenching, the process has been amicable. They recently drew up papers splitting the firm fifty-fifty.” 

“We’re still in business together because we trust and respect each other and bring different skills to the table,” says Carini.

 Despite their complementary styles, they don’t always see eye to eye. Although Carini and Lang agree on their firm’s problems, they often disagree on possible solutions. 

The article business details advice given the couple by three experts hired by Fortune magazine. 

 

*Expanding your biz, despite the downturn by Emily Maltby

“Like many business owners fighting the recession, Mark Rickard is looking for ways to draw in new customers. The challenge: How to expand beyond his firm’s traditional services without confusing customers or taking on more than his company is equipped to handle.” 

“Rickard List Marketing is a direct mail marketing company that Mark and his sister have run since their father’s retirement. Rickard wants to use this slow period to rebrand the company, but he has questions about how to make the transition. He’s brought the issue to a gathering of The Alternative Board (TAB), a panel of seasoned business owners who meet monthly to swap advice on their business challenges.” 

“Think about the long-term future, Buonfiglio says. Building up new lines of business will inevitably take some of Rickard’s time away from current customers and projects, but that temporary trade-off can be worth it if the expansion will pay off for the company down the road.” 

“You’ll have to consider opportunity cost versus reward,” he says. 

The best way to grow is through “baby steps,” Labriola emphasizes. “You don’t want to be too far from the core. Insulate it and expand into areas that are safe. Pick a few things off your list just to elevate who you are. It takes a long time.” 

“You have a million ideas and directions. Take a holistic look and examine the risk factors associated with each idea. Look at where you are with each one today and where you want to go. Then, you can start to execute those ideas. And only then should you think about marketing.” 

 

*A frontline view of the Great Recession by Emily Maltby 

“Behind every statistic about whopping job losses and the shrinking economy are thousands of small businesses battling the everyday realities of trying to survive with less staff and fewer customers. A group of entrepreneurs from peer advisory group The Alternative Board (TAB) gathered to discuss their view from the frontline of the recession.”

“To adjust to the new economic realities, business owners are shaving their staffing down to the bone. Businesses with fewer than 50 staffers have collectively shed 1.4 million jobs in the past six months, according to estimates by payroll processor ADP.”

“Managers are taking a hard look at their remaining staffers – no one can afford to carry marginal performers these days.”

“There’s one silver lining for business owners in the grim job market: When they need to hire, they can hold out for an exceptional candidate.”

“Economic experts say there are signs the economy may have already hit bottom and begun its rebound, but down in the trenches, business owners see a hard slog ahead. Those gathered for the TAB meeting predicted it will be at least a year or two longer before they feel the effects of an economic turnaround.”

“I think we’ll see some recovery in the first quarter of 2010, but the aftermath may last a year,” said Owen Mester, the baker. “The unemployment numbers, for example – I can see them lagging for months.”

 

*Recession: A Great Time to Start a Business! By NicoleR

“Despite a struggling economy with high unemployment rates, tight salaries and a crumbling corporate world, a recession is actually a great time to start a business.  History has shown that recessions can be birthing grounds for some of hardest working, most successful and creative entrepreneurs today.  A recession can teach an entrepreneur a lot about running an effective business that has the potential to do great things in a sprouting economy. Practices such as learning to operate on a budget, investing more time in client satisfaction and taking time to trial and error your business model are essential to operating a successful business.  The truth is if a business can survive even the toughest of times, that business is most likely to be a forerunner in the best of times.”

“Many businesses do not keep as close of a watch on their financials as they should.  A recession can force a business owner to closely monitor its spending habits on marketing, advertising, operating costs and other company investments.  In a recession, a business is more likely to search the market for the best deals on software and supplies, the largest ROI advertising opportunities and alternative methods to marketing aside from ‘big name’ publications, television airtime and costly PR campaigns.”

“More attention on customer satisfaction and retention is another valuable practice a small business will attain during a recession.  Since a recession leaves many individuals watching their pennies and focusing more on product quality and credibility, it is the perfect time for a company to devote more time to their customer service department.”

 

*An office where work is a family affair by David Koeppel

“After taking a six-week, fully paid maternity leave earlier this year, Francine Gemperle was anxious to resume her job but reluctant to be away from her infant daughter, Veronica. Fortunately, she didn’t have to choose between them. Maya Design, a Pittsburgh-based creative consulting firm, allows parents to bring newborns into the office.”

“Maya’s CEO and president, who argues that the policy builds loyalty and helps parents shift back into work mode.

“Babies at work, four-week vacations, continuing education — it’s important to strike a good balance between work and life,” he says.

“As part of its balancing act, Maya shares up to 20% of quarterly profits with its employees.”

 

*Strange brew: Beer and office democracy by David Koeppel

“A Colorado brewery views perks like free bikes as a core part of the company ethos. The perks aren’t just for fun, though. The free bikes help the environment.”

“Operating a business in a way that is consistent with your values is particularly pleasing,” says Jordan, 50.

Those values include employee ownership. Workers own 33% of New Belgium, which has 320 employees and posted $93 million in revenue last year. A large proportion of the staff participates in strategic planning and budgeting. “People are engaged and committed,” Jordan adds.

Some workers “get sucked into an entitlement mentality. Ownership investment gives the company a sense of cohesion, but giving everyone ownership can undermine the hierarchy.”

 

*Magic Johnson’s captivating customer service by Desa Philadelphia

“As an NBA Hall of Famer, Earvin “Magic” Johnson faced down such giants as Larry Bird and Julius Erving. Diagnosed with HIV in 1991, Johnson has fought off full-blown AIDS for the past 18 years. Now, as a coffee shop proprietor, he’s fighting his latest battle against…scones.”

“My customers in urban America are so skeptical, we have to win them over,” he says — and the skepticism extends to exotic pastries. “So in my Starbucks, we serve sweet potato pie.”

“When Johnson makes public appearances, he isn’t just signing autographs. He also gives his office phone number to any customer who complains to him personally, even if the problem is a dearth of sugar packets. If the problem persists, he wants to know about it. “

“Minorities appreciate that, because we are used to corporations coming in, opening up their building, but then disrespecting us with their service,” Johnson says. “If you don’t engage us, we’re going to cut you off our list.”

Selling sweet potato pie instead of scones, he says, “shows customers that you’re trying to figure out how to serve them in new ways.” By targeting a less affluent market, Johnson benefits from less competition, greater loyalty and, paradoxically, more revenue in the long run.

“The lifetime value of his customers can be quite high, even if they don’t bring in as much money in the short term,” Hanssens says. “Everybody loses business in a recession. But it’s better if your existing customers stay with you and just spend a little less.”  

 

*Drive-by message: One entrepreneur’s crusade against guns by Alyssa Giacobbe

“John Rosenthal has a long history of social activism — and the prison record to prove it.”

“He launched Stop Handgun Violence, a nonprofit advocacy group dedicated to reducing gun violence without banning guns. Rosenthal was a card-carrying member of the National Rifle Association and an avid rifleman (he shoots skeet, not animals), which makes him a voice of moderation in the often polarized debate on gun control.”

Businesspeople solve problems every day; that’s what we do,” says Rosenthal. “If more entrepreneurs involved themselves in activism, we could solve every problem this country has — and for a lot less money.”

 

*The six-year fight to start a Boston company by Malika Zouhali-Worrall

“Erroll Tyler doesn’t give up easily. For six years the Melrose, Mass. entrepreneur has been battling the cities of Cambridge and Boston to get his amphibious-vehicle sightseeing company, Nautical Tours, off the ground and into the water. His case is pending in federal court.”

This article gives some of the details of his journey through the Cambridge License Commission, Massachusetts Department of Public Utilites, Boston Police Department, and United States District Court.

 

*Training entrepreneurs to save cities by Sheena Harrison

“In the midst of a struggling economy, the Small Business Administration is hoping to create jobs and generate wealth in hard-hit urban communities by boosting small-business growth through its Emerging 200 initiative.”

“The six-month program, which launched last year and began its second session a month ago, aims to provide training to small-business owners in 15 major metropolitan areas that have experienced flat or negative job growth rates in recent years. Initially intended to train 200 entrepreneurs per session, the program has attracted enough interest that around 215 companies have been accepted for 2009.”

“The project’s goal is to provide talented entrepreneurs with the skills and contacts they need to grow their companies and create more jobs in their communities.”

“The group’s business owners attend classes every other week, which are hosted by officials from local SBA branches or by partner organizations such as chambers of commerce. On the off weeks, the attendees gather for peer-group sessions, at which smaller groups of four or five participants collaborate on class homework and discuss the ups and downs that their businesses face.”

“At the end of the six-month program, E200 participants walk away with a written, three-year growth plan – a helpful document to have handy for entrepreneurs looking for business loans or investors.”

“Other E200 lessons include primers on analyzing financial documents, new marketing techniques, and human resources strategies that can increase productivity and help business-owners delegate tasks. Bienko describes program as a “mini-MBA” for entrepreneurs.”

 

What I Think

I think one common thread in the articles posted on this date is the ways entrepreneurs struggle to find solutions to their problems and try to capitalize on the problems of the competition. Trust in the old English idiom, every cloud has a silver lining, would seem to be helpful here.

What could seem worse than having your biggest asset take the form of a troubled business, which you own with a spouse you are divorcing? The Tirella article, Divorced – but still in business together, teaches us that it is possible to make even this work. With help from some experts, the owners of this business were working on strategies to turn around sagging sales and resolve other business issues. Stress in managing a business together may have been at least partially responsible for the breakup, but the net result for the business, based upon assistance from the experts, may very well end up being a stronger business than was the case during the marriage.

NicoleR’s article, Recession: A Great Time to Start a Business, makes another great case for the silver lining.  The lack of available capital becomes a great teacher of frugality. In all likelihood, entrepreneurs starting a business during a recession are going to have to economize on start-up expenses and operate with a minimal burn rate. They will also develop a short pipeline, out of necessity, between startup and income stream. More good news can be found in the ready availability of one of the most important assets of any business, exceptional employees.

Several of the articles focus on entrepreneurs who are making a difference in their community, as well as making a profit in their business. Magic Johnson is achieving great success by giving great, personal service. Others are giving their employees exceptional perks instead of cash, while still others manage to focus on community service issues, as part of their business plan.

In several of the articles, the silver lining was discovered with the help of one or more consultants. In some cases, it was simply the perseverance of the entrepreneur or the ability to innovate. To some extent, a few of the turnarounds seem to simply be possible because the entrepreneur was able to make the proverbial lemonade out of lemons.   One thing is clear, however, in essentially all of these situations, a lesser “entrepreneur” would have quit or sold out, but the entrepreneurs in these articles have had the dedication and talent to recognize a problem and to stay with the path to finding the silver lining.

 

If you enjoyed my impression of these articles, why don’t you read them for yourself and see what you and I missed or hit? Join the Applied Entrepreneurship group on LinkedIn. Membership is free and I try to post about ten articles a day there. We have some great discussions going and if you are an entrepreneur, we hope you will join us.