Entrepreneurs: You've Got Help!

Financial advisors often find themselves consultingfinds new customer segments.
to successful entrepreneurs about how toInvestors and inventors find value in a flooring
continue to grow their assets after the businesscompany start-up.
has been sold or taken over through a carefullyAn environmental product company breaks past
planned succession strategy. But developing athe $15 million mark with a new product.
small business (defined here as having less thanAn ornithology hobby becomes a successful
$50 million in annual revenues) is not sobusiness venture.
simple.After the initial burst of business successAn outdoor equipment manufacturer finds a
and survival in the first three years, many smallpotential acquisition.
businesses encounter struggles that can leaveCustomer purchase decisions and perceptions are
them feeling isolated. What can assist a 30-yearrevealed to a manufacturer.
old consulting firm whose personal presence andAn automotive aftermarket tool gains distribution
paper products face a changing world ofoutlets across the U.S.
electronic presence and high travel costs byA "hot" tool is offered to the propane and
helping them with development of electronicplumbing industries.Part of the success of these
products? What can encourage a small playgroundentrepreneurs and a couple of hundred thousand
equipment manufacturer to move from $1 millionothers is due to the one-on-one relationship of
to $2 then $5 million in annual revenues by helpingthese advisors with their entrepreneurial clients.
her with facility expansion issues? What can help aDeveloping business plans, wading through loan
successful cookie baker beat the competitionapplications, securing critical market research,
through strategic partners, cause marketing andexploring product design options, identifying a
high tech kitchen equipment?Small Businesslasting competitive edge---these are typical of the
Development Centers can.According to the Smallservices that SBDC's can provide to the
Business Administration these SBDC's gaveentrepreneur.These services are nothing to be
face-to-face help to more than 247,000 clientssneezed at. In another state, South Carolina, the
last year. A treasury of business answers lieseconomic impact on the state's economy in 2005
waiting and ready to assist at 1,100 top collegesalone was $86 million, resulting in a return on
and universities across the United States,investment of $121.11 for every dollar of state
according to the SBA. These centers are fundedfunding, according to Regional Director Jill
by a combination of federal, state and localBurroughs as quoted in the Greenville News.
government monies as well as with private sectorFurther explaining the power of the program,
dollars.Here are just few examples from theBurroughs said that breaks down to $45.7 million
State of Wisconsin. The University of Wisconsinin capital formation, 1038 jobs created, nearly $25
at Whitewater hosts a Small Businessmillion in wages paid, $869,000 in additional sales
Development Center at Its email is This center istaxes and $15 million in contracts awarded to 381
also affiliated with the Wisconsin Innovationbusinesses.SBDC's are located in all 50 states, the
Service Center, that "takes pride in an extremelyDistrict of Columbia, Guam, Puerto Rico, Samoa
high rate of client satisfaction...nearly 75% ofand the US Virgin Islands. If you conservatively
clients have been referred by former clients andcut the impact of South Carolina in half and
professionals. The Wisconsin Innovation Servicemultiplied by the 50 states, you would have a $2.1
Center charges an "affordable fee" to provideBILLION impact.This is a powerful treasury of real
companies with enough information for improvedriches that spills over to the rest of the economy
product and market development decisions.A fewfrom the struggles of entrepreneurs who refused
diverse examples of this university-relatedto let their dreams be defeated by the obstacles
treasury of successes include these:A localthey encountered. They got help.By Simone J.
gardener gained international attention for a uniqueNathan, author of "Going for Gold After 50: An
gardening tool.Illustrated Guide to High Probability Investing," and
An innovative drywall finishing product offersManaging Partner of GA50, Inc., founded to
significant benefits over competition.increase savings sensibility and add quality to
A new product helps a honey producer grow.longevity.
A business in the electrical equipment industry