On September 26,
I participated as one of four panelists of Successful Entrepreneurs discussing
two of the most impactful lessons learned in running their businesses. Other panelists included: Lorna Owens, Basil Bernard and Courtney
Cunningham.
The business
forum was sponsored by ICABA, (Identify, Connect, Activate the Black
Accomplished), at the University of Miami Executive Education Center and was
attended by a large number of black entrepreneurs and professionals.
In June, I
released a book "Small Business Playing Big: The Game of Government Contracting." The book was written to encourage and motivate those that
share a dream of owning their own business and to provide information and resources
to help small businesses grow.
The book is
about my journey as a small business owner, the challenges I faced and the
strategies used. It also shares “Lessons Learned.”
Among the
lessons learned that had a major impact on our business are:
BUILDING
STRATEGIC RELATIONSHIPS
Building
Strategic relationships is very important to small businesses. It helps extend
your organization's reach through partnerships, alliances, joint ventures and
sub contracting agreements.
In seeking
relationships:
A. Choose
partners that add to the strength of the team
B. Select partners
with experience and solid track record. Do your due diligence
C. Seek
out partners with strong financial background.
A good example
of building strategic relationships was the team that helped us win our first major
contract with the Florida Department of Transportation, a partnership of three
(3) women owned businesses.
First off the
team was diverse comprised of one Anglo firm, one Hispanic and an African
American firm, which was representative of our multi ethnic, multi cultural
community.
One of the
partners was with Ryder. She brought lots of experience and the financial
capability to help us qualify. The Hispanic firm had prior experience with the agency and knew the
important players.
Our firm brought
the added diversity needed to make the team work, and we had the capabilities
to produce multi-lingual and multi-media materials.
The partnership was successful because it helped us win the contract
and that open many doors for us.
PROFIT FROM
BEING A PRIME CONTRACTOR
My second Lesson
Learned was that of profitability. Being a prime is profitable and can help you
grow your reputation and your business.
After working
for FDOT for several years, we bid and won a contract as a prime contractor to
provide public Involvement Services for the Reconstruction of Biscayne Blvd./ US
1 from Broward County Line to 135th Street. This is a major accomplishment for a small business because
as the prime you assume added responsibilities and liabilities. You are
responsible for the success or failure of the project. Because the buck stops
with you.
The contract was
for multiple years and this worked out to our advantage providing the necessary
revenues that helped us grow our business.
My personal
experience is that running your own business can be one of the most exciting
and productive journeys that you will ever experience.
6 Reasons to
Start Your Own Business
Each year,
thousands of new businesses are started and there are some great reasons for
starting a small business. Even in a tough economy, starting a business of your
own still offers many benefits. If you’re on the fence and trying to decide if
you should start a business, here are a few reasons to go ahead and take the
risk.
Reason #1 –
Control Your Own Career
Reason #2 –
Better Job Security
Reason #3 – The
Earning Potential is Unlimited
Reason #4 – Make
Your Own Schedule
Reason #5 – Do
Something You’re Passionate About
Reason #6 –
Enjoy Challenging Yourself
Starting a small
business is an excellent choice for many reasons. From being your own boss to
achieving financial freedom, there are many benefits to enjoy along the way.
While becoming an entrepreneur takes hard work, building something of your own
and realizing your dreams makes the effort worth it.
So, for all you
dreamers still sitting on the fence, now is the time. In today's economy'
starting your own business could be more than a dream. It could be your
economic survival.
So for some
people it starts with a dream, I want to be my own boss!
Or for others
the need to start your own business may result out of necessity:
·
Tired
of looking for that special job in today's economy
·
Got
laid off because of the recession
·
Tired
of working long hours for someone else
·
Retired
and seeking a new career path
Start small and
grow your business. There are many resources available today to assist you. Don't
forget that marketing your business is important, if they don't know you exist,
or they can't find you, they can't use you.
And as Oprah
Winfrey said: "The big secret in life is that there is no big secret. Whatever
your goal, you can get there if you're willing to work.”
Also remember:
You cannot win a race if you are not running.
