Missouri Small Business and Technology Development Centers Blog

If you are a business owner, and your accountant tells you that for every dollar you’ve put into your company, you’ve made $7, you would probably think that was a fair return on your investment.

I thought it appropriate on this Independence Day weekend to pause and consider the rate of return on one of the best investments in U.S. history — the Servicemen’s Readjustment Act of 1944, or as we have come to know it, the GI Bill. Economists have determined that for every 1944 dollar invested in the education, home ownership and business creation of returning World War II veterans, our country received approximately $7 in return through enhanced economic productivity, consumer spending and tax revenues. Not bad.

The idea for the GI Bill came from the American Legion, the World War II era’s most powerful veterans’ organization. Its goal: compensate the servicemen of World War II for their lost time and lost opportunities. The legislation offered the nearly 16 million returning servicemen an array of government-subsidized loans, unemployment benefits, educational support and technical training. It put in motion the most far-reaching transformation of a culture and a country in recorded history. And it altered the expectations of not only the members of the Greatest Generation, but those of their children and grandchildren. Senator Bob Dole, himself a recipient of the GI Bill, calls it, “The biggest piece of legislation the country ever passed.” (more…)

Like most of you, I’m buried in information from a variety of sources — magazines, journals, newsletters, Twitter, Facebook, emails and various nuggets of information that others copy for me and leave on my desk. I try to take a few minutes each day to at least skim all of that information and put the best ones in a folder for more careful reading later. It’s time to share.

Here’s a recap of some of the best quick reads on entrepreneurship:

Many entrepreneurs call themselves “unemployable.” That, they say, is why they work for themselves instead of someone else. And most acknowledge they have “control issues,” adding they simply “want more.” This is basically what research has shown over the years, but it’s interesting to see it self-reported by the entrepreneurs themselves.

Most entrepreneurs wish they had jumped in sooner. I think this must be something akin to people waiting to have a family. We hear them say, “We’re waiting until we can afford it,” and the response from the older, wiser, sage parents is, “Don’t wait. You never will.” Seems many entrepreneurs feel the same way. Now in business, they view the two or three years they waited for the time to be “just right” as time lost to their dreams. So, don’t wait until you know everything. You never will.
(more…)

How many times have you complained about a product or service, and then dismissed your unhappiness with a shrug and a comment: “If they had asked me about this, I could have told them”but, well, they didn’t ask me.”

Well, they’re starting to.

Consumer-driven innovation – or simply asking us what we as customers want – has gained more traction in recent years. Seems rather obvious, doesn’t it? But for many decades, consumer goods and services were designed around what company executives and business owners thought we wanted.

Now, not only are they asking us more about what we want, in many cases they are asking us to design products ourselves, often taking the old-fashioned focus group into the new technological age using online communities and social networking. (more…)

When I stopped for gas the other day, I visited with a self-employed home remodeler who watched as the digital numbers on his pump ticked by. It took more than $68 to fill his truck.

As he replaced the nozzle, he told me, “This is killing me. I don’t want to pass the cost on to my customers, but soon I won’t have any other choice if I want to stay in business.” Even by trying to consolidate and plan his trips more efficiently, he’s still spending more than $700 a month on fuel. That’s a huge share of his bottom line.

For the first time since he’s been in business, he’s turning down jobs outside Boone County, because the fuel costs cut too deeply into his profits. (more…)

The U.S. is a giving nation.

In 2006, according to the Giving U.S.A. Foundation, individuals and businesses donated nearly $300 billion to charity, more than the GDP of all but 33 countries.

Eight in 10 American consumers say that support of charitable causes helps earn their loyalty to a store or a brand. This is particularly true of younger consumers, ages 18-25, who say they routinely research a company’s charitable giving and citizenship before deciding to buy.

Simply put, giving is good business. (more…)

The other day I happened upon some powerful essays written by young people whose parents are military veterans – and entrepreneurs. I’d like to share some of what they wrote with you:

“From being a former Marine and now being in the Army National Guard, my dad has developed many skills”that have helped him better himself and his business. He has been taught to treat people with dignity and respect. My dad also motivates people. As with any job, there needs to be self-motivation, and my dad certainly has it. It is hard starting up a business, but he is motivated to make it successful. You will never see a day when my dad wants to quit what he is doing. He loves what he does. He enjoys serving his country and his community.”

“Since his unit is a volunteer group, and everyone has to pay for everything themselves, like uniforms and stuff, my dad will use his company to sponsor new recruits with uniforms and activity expenses when someone needs help. He encourages his employees to join the Guard, and if they participate regularly, he will pay them if they miss work for missions or exercises. He also gives them the day off with pay on Veterans Day”I am so proud of my dad”"

And justifiably so. (more…)

When the MU Extension business development programs survey business owners regarding their needs, one of the items that invariably tops the list is the challenge of time management. “Give me more hours in the day and more days in the week,” is a common refrain.

Unfortunately, no one can provide that. But an honest assessment of the problem, combined with some solid tips for handling it can help you make the most of every minute of every day.

The most common problems experts report include a lack of focus, clutter (both physical and mental) and an unwillingness to delegate. Many managers mistakenly believe that they alone can get everything done. Seldom is that the case. Others lack systematic processes for completing work, so every time they encounter a chore, they are re-inventing the wheel in terms of its completion. And, that the experts, business owners fall into the trap of working only on what is urgent and not on what is important. (more…)

Imagine owning a home-based business and opening your door every morning to find seven of your customers standing on your porch, eager for your attention.

That’s literally what happens to Faye Nowell, owner of Southpaw Acres, LLC, Interactive Boarding for Dogs (www.southpawacres.com), when she steps outside her home each morning and is greeted by seven wagging tales.

Home-based business owners tell us that’s the hardest part of the gig – never quite feeling like they get away from the company. No one knows that better than Faye. But she wouldn’t have it any other way.

“This is a ‘happy’ business to be in,” Faye says. “I have met the nicest people and dogs in the past six years. Several clients have become close personal friends. I enjoy seeing happy dogs coming back to us time and time again.”

And happy they are. I know this for a fact, because Southpaw Acres (SPA) is one of my dogs’ favorite places. If I tell Bonnie and Bud that they are going to spend time at “the spa,” they run to pack their toys and kibble, grab their leashes and get in the car. It’s a wonderful service for folks who travel and need overnight accommodations for their dogs. The only problem is that I sometimes wonder if Bonnie and Bud enjoy better accommodations than I do during those trips. (more…)

Entrepreneurs are known for many things – a tolerance for risk, the desire to be their own boss, creativity and problem-solving ability among them.

But they are also known for their desire to give back. Successful entrepreneurs are committed to the customers and communities that make them successful. They feel strongly about returning some of their good fortune to those who supported them in their quest for business independence.

One of the most notable was a woman whom many consider to be the first self-made African-American millionaire in this country – Sarah Breedlove, or as she came to be known throughout her career, Madam C.J. Walker.

Born in 1867 on a plantation in Louisiana’s Madison Parish, which was a battle-staging area during the Civil War for the Union troops, this daughter of emancipated slaves became a laundress – and a mother – at the age of 14. From there, she was, in her words, “promoted to the cook kitchen, and from there I promoted myself into the business of manufacturing hair goods and preparations.” (more…)

As a true reflection of our nation, the face of small business is poised to undergo some vast transformations in the coming decades. Entrepreneurs will be far more diverse than their predecessors in age, origin and gender – a change that will have an impact on both the U.S. and the global economies.

No longer will entrepreneurs come from the ranks of the middle-aged. The entrepreneurs of the future will be predominantly younger or older than their mid-life counterparts and will be either those just embarking on their careers or those exiting other careers but still wanting to engage in some activity for either fun or profit.

Generation Y – those currently aged 5 to 25 – has been described as the most entrepreneurial generation ever. These young people, alternately called the Digital Generation or Net Generation, are the first group to have come of age in a purely digital world. As a result, their approach to communication, information and work is dramatically different than that of their parents and grandparents. (more…)