ENTREPRENEURS; Heroes of the African American Community
Training programs of the Black Dollar Task Force - Available in 2007

The Black Dollar Task Force (BDDTF) believes business creation, growth, and development are cornerstones of job creation in the African American Community. We are pleased to sponsor introductory courses in Entrepreneurship and Business Planning and Development.

BDTF works with minority business entities, in small groups (15 - 20 persons), to assist them in understanding what entrepreneurism is all about and what it really takes to run a business. This introduction is applicable to those seeking to establish a business as well as those who have been in business but have not been able to achieve stabilization -- they need to develop an "Entrepreneur Skill Set".

These training and support services will the gap and accelerate the ramp-up process of businesses who need assistance in getting up to speed to be able to effectively use the existing technical assistance and financial resources available.
 

Development of the Entrepreneur Skill set includes the following:

Development of: Idea / Motivation / Direction / Reason

• Basic Skills Assessment. The customer's basic skills are assessed and documented. Basic skills include: personal characteristics; personal conditions; personal skills; and past experience. Understanding the difference between knowledge and education and filling the gaps!
• Profiling the Business Idea. What are some common characteristics of a successful business? Can the customer communicate the idea effectively to others in the group? What is the business? (i.e., Starbucks sells atmosphere, using coffee as the vehicle). Assessment questions: What is your business idea?; Which business are you in?; Why are you in that business?; Where is the business headed?; Who are your customers/competitors?

Strategic Business Planning

• More info to come.
   

Understanding Profit Motive

• More info to come.
   

Understanding Capital Sources and their Uses

• More info to come.
   

Understanding Cost and Expenses (Accounting and Bookkeeping)

• Evening Training Course in "Business Basics". Quarterly courses are designed for both beginning entrepreneurs and the business owner ready to create or revise his/her business plan. This course is accessible to the working person and offered one night each week. It's primary purpose is to paint a complete picture of all necessary elements of running a successful business. The course does effectively prepare the businessperson for the next steps in moving their business forward. The course does not offer in-depth technical and management assistance.
• Site Visits to Businesses. On an as-needed basis, the BDDTF conducts a site visit to assist the business owner in determining his/her next steps. The site visit most commonly is conducted due to the owner's self-assessment of the need for fiscal management procedures. The visit results in "next steps" for the owner and, most often, prepare the owner for referral to a Greater Seattle area technical assistance agency.
   

Understanding Marketing (Networking)

• More info to come.
   

Developing a Market Niche

• More info to come.
   

Understanding Sales / Procurement Cycle

• Association of Entrepreneurs. The BDDTF assists business owners in organizing an association to help with networking, marketing, and joint ventures for procurement opportunities.
• Web and E-mail Access. An overview of the Internet and the world wide web (WWW) is provided to small groups on a monthly basis. Instruction includes: effectively utilizing the Internet; determining if the WWW is practical for your business; cutting overhead costs through free business software; increasing procurement opportunities; public and private resources available for your business. A computer lab is also available for BDDTF customer use.
• Referrals. BDDTF customers are referred to other Greater Seattle area agencies for in-depth assistance with procurement and extensive marketing.

How to Start a Small Business

Most entrepreneurs are not adequately prepared to go into business. While they may have the motivation, desire and talent, many do not take the time to properly plan, investigate and research the business they are interested in starting.

Like a chess game, success in small business starts with decisive and correct opening moves. And, although initial mistakes are not fatal, it takes skill, discipline and hard work to regain the advantage.

To increase your chance for success, take the time, up front, to explore and evaluate your business and personal goals. Then build a comprehensive and well thought out business plan that will help you reach these goals.

The process of developing a business plan will help you think through some important issues that you may not have considered yet. Your plan will become a valuable tool as you set out to raise money for your business. It should also provide milestones to gauge your success.

Business Plan
An important step in starting your business is to develop a business plan. The plan will help you define what your business is about, how you are going to market your product, and how your business will operate.

The elements of a business plan include:

1. Introduction
2. Marketing
3. Finance
4. Management
5. Operations
    

The Introduction to your business plan should:

• Give a detailed description of the business.
• Explain the type of business.
• Discuss the ownership of the business and its legal structure.
• List the skills and experience you bring to the business.
• Discuss the products and services offered.
• Discuss the advantages over your competitors.
   

The Marketing section of your business plan should:

• Identify the demand for your product or service.
• Identify your customers and their locations.
• Explain how your product or service will be advertised.
• Explain how your product or service will be delivered.
• Explain your pricing strategy.
   

The Finance section of your business plan will:

• Explain your source and amount of initial equity capital.
• Develop a monthly operating budget for the first year.
• Provide three years of projected quarterly balance sheets and profit/loss statements.
• Provide monthly cash flow statements for a two-year period that tie to the yearly profit/loss statements.
• Discuss your breakeven point.
• Explain your personal balance sheet and how you will compensate yourself.
• Discuss how and who will maintain your accounting records.
• Provide ''what if'' statements to address any negative situations that may develop.
   

The Management section of your business plan will:

• Identify the owner/owners and key employees.
• Discuss the skills and experience they bring to the business.
   

The Operations section of your business plan will:

• Explain how the business will be managed on a day-to-day basis.
• Discuss how you will hire your employees and other personnel procedures.
• Discuss insurance, lease or rent agreements and any other issues pertinent to your business.
   

Once you have completed writing the business plan, review it with a Small Business Development Center (SBDC) representative or a business associate that you trust. When you feel comfortable with the content and structure, make an appointment to review and discuss it with your banker. The business plan is a flexible document that will change as your business grows.