Saturday, November 29, 2008
Tuesday, November 25, 2008
Advice for Entrepreneurs in an Uncertain Economy
(ARA) - The news ticker on the TV at the gym shows the dollar falling, the morning paper forecasts economic doubt, and the economic outlook appears to be dreary everywhere you turn. While it may seem counter-intuitive, business experts will tell you that now is a great time for entrepreneurs looking to start a new business. Often, times like these are when fortunes are made.
But how can an aspiring entrepreneur go about starting a business when the market seems against them? How can someone with big plans and new ideas ensure success in a dramatically different economic atmosphere? There are two things that will always be essential in getting a new business off the ground; a water-tight business plan and capital.
From Drawing Board to Blackboard
Those possessed by the entrepreneurial spirit and raring to get their business up and running sometimes find it difficult to translate great ideas into a well-thought-out business plan. For those, a trip back to the classroom may be necessary. Many entrepreneurs consider enrolling in an MBA program in order to fine-tune business practices and methods before a real-world launch.
“I get to see people who are very talented walking in the door a little lost -- perhaps lacking some skills, habits or practices -- become great business people,” says Phil Siegel, a successful serial entrepreneur and teacher at the Acton School of Business.
While traditional MBA programs have faced criticism for churning out risk-inclined financial speculators and investment bankers that led to the near-demise of Wall Street, other MBA curriculums with a focus on sound business practices and principled entrepreneurship are seeing a spike in interest.
“An MBA isn’t just for someone looking to land a job on Wall Street anymore,” says Siegel. “There are a few great schools offering an education that teaches how to really start and run a business from the ground up.” A handful of respected schools focus on the skills necessary to build and operate a business by offering MBA programs with entrepreneurship-specific tracks. Acton, where Siegel teaches, furthers the trend with their intensive one-year MBA in Entrepreneurship, an entire program focused on developing principled entrepreneurs and teaching them the tools, skills and judgment they need to run their own businesses.
Finding an Investor
For those who have the entrepreneurial enthusiasm, the know-how, and the structure in place to start building a business, but don’t yet have the funds to do so, the next step is finding an investor. Siegel says not to get discouraged even though investors may seem more tight-fisted given the economic downturn. “If you’re looking for money for a new venture, there are plenty of investors out there,” says Siegel. “The current economy hasn’t really affected the enthusiasm for great ideas.”
However, he cautions that all the normal “do’s and don’ts” of seeking funding are magnified in this kind of environment. Siegel urges entrepreneurs to:
1. Have a plan. “Come up with a business plan that is clear, concise, internally consistent and reasonable for the market opportunity.”
2. Know your customer. “Understand your customer and know why they would buy your product or service instead of what they buy today. Do market research, and have customer ‘pilots,’ if necessary, to prove that your product has value.”
3. Seek out experts. “Bring experts to your aid; they can help increase your credibility. In good times, people tend to believe your story, but in bad times, they’re more skeptical.
4. Prepare for profits. “Having done your business planning and preparation, ask yourself how you’re going to spend the money you are seeking. Who do you want to invest in your venture? What milestones are you going to reach in this round of investment capital? What will you need in terms of financing after you achieve your initial goals to get cash flows to break even?”
There will be many stops along the path to any entrepreneur’s first ribbon-cutting. Whether an MBA, an investor, both or neither are in their future, the advice given here should help any startup weather the economic storm.
“People are still willing to write checks,” concludes Siegel, “they’re just a little bit more careful, and a lot more cranky.”
For more information on the Acton School of Business’ one-year MBA in Entrepreneurship program, please visit www.actonmba.org
Courtesy of ARAcontent
Sunday, November 23, 2008
WEI Board Member, Anna D. Banks, Speaks at "Managing Violence at Home" Conference in Philadelphia, PA
Managing Violence at Home Workshop of 2008 - Special Guest Speakers – Dr. Rosalyn Pitts, Beverly Mays, MA and Anna D. Banks, GCDF. The panel and discussion was moderated by Commissioner Bridgette Obradovic, Governors Advisory Commission on African American Affairs.
Responding to the need for discussion, education and awareness about domestic violence issues, the Women’s Empowerment Initiative (WEI) of the Presbytery of Philadelphia, PCUSA and the Governor's Advisory Commission on African American Affairs (GACAAA) sponsored the “Managing Violence at Home” workshop on Saturday, November 22, 2008. The workshop was hosted at the Women’s Empowerment Center at 4950 Aspen Street, Philadelphia, PA.
The increasing number of Domestic Violence abuse cases especially among the women, in Philadelphia,Pennsylvania, is alarming. The following statistics are an indication of the severity these insidious crimes:
• Currently, Philadelphia is averaging about 1 out of every 4 women being abused, either physically or sexually, or otherwise coerced into sexual behavior by their partner.
• One in 6 women and 1 in 33 men have experienced an attempted or completed rape.
• Almost one-third of female homicide victims that are reported in police records are killed by an intimate partner.
• The cost of intimate partner violence exceeds $5.8 billion each year. $4.1 billion of which is for direct medical and mental health services.
Opening remarks were given by Wanda McNeil, WEI President, who issued a warm welcome to all attendees. The half-day program featured a “Managing Violence at Home” panel & small group discussions moderated by Commissioner Brigette Obradovic. Featured panelist included Dr. Rosalyn Pitts of Pitts Psychological Services; Beverly Mays, MA, Therapist, Drug & Alcohol Counselor and Anna D. Banks, GCDF, professional trainer, domestic violence awareness advocate, and radio talk show host from
New Jersey.
Brief remarks were also given by Sonya M. Toler, Executive Director of Governor’s Advisory Commission on African American Affairs.
About Women’s Empowerment Initiative (WEI):
The Women’s Empowerment Initiative (WEI) is dedicated to impacting the lives of women disadvantaged by social or economic circumstances. The initiative will enable women to enhance and develop their quality of life and become architects of their future by presenting opportunities for spiritual, educational and economic transformation.
The imitative is committed to empowering women, thereby strengthening families and transforming communities.
About Governor’s Advisory Commission on African American Affairs (GACAAA):
GACAA is committed to assisting African Americans in gaining full access to all opportunities afforded to the citizens of the Commonwealth. The Commission members, appointed by the Governor, bring extensive talent, expertise and knowledge to the Commonwealth and are dedicated to working with the Governor, his staff and all sincere Pennsylvanians who share a belief in the concepts of equal justice, opportunity and equality for all of our citizens.
The commission is solution-oriented and committed to creating the necessary linkages, both private and public; to assure inclusion of African Americans at all levels within the Commonwealth.
This holistic approach of working with all people of goodwill will insure the success of the Commission and the full citizenship rights of its African American citizens.
Friday, November 21, 2008
Tuesday, November 18, 2008
Saturday, November 15, 2008
Wednesday, November 12, 2008
Tuesday, November 11, 2008
Monday, November 10, 2008
Sunday, November 9, 2008
Saturday, November 8, 2008
Visualize Your Goals
By Anna D. Banks
Are you interested in achieving your goals and dreams by visualizing these in the most powerful and exciting way? CLICK HERE NOW to learn more about the Vision Board software I highly recommend!”
Are you interested in achieving your goals and dreams by visualizing these in the most powerful and exciting way? CLICK HERE NOW to learn more about the Vision Board software I highly recommend!”
Tuesday, November 4, 2008
Sunday, November 2, 2008
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