Guiding Light
Help From Your Peers
But what you really want is somebody in the trenches with you,
right? There are plenty of peers who are willing to share their
wisdom and introduce you to important players in your industry. Not to beat a dead horse, but the chamber or an SBDC could tell
you what's out there locally. Or just search the Web, where
groups abound, like TechExecs, a Houston-based peer network group for
entrepreneurs, execs and investors in early-stage tech companies;
and the Community
Development Corporation of Long Island, which offers numerous
programs to low-income entrepreneurs, including seminars on finding
capital. Also, see if your industry has a trade organization that
might help you. | Start-Up
Help | Just starting out? Read Cool
Aid for 10 places to find free start-up help. |
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No matter how niche-oriented your business is, you might be
surprised by what's out there. For instance, the Fabless
Semiconductor Association in Dallas provides a networking group for
fabless semiconductor companies and their suppliers—with an
emphasis on helping start-ups. Its venture capital advisory board
offers details on practices and trends; its "Know
Network" answers members' questions about the
industry. "If I'd known how helpful networking groups are, I
would have started my business earlier," says Ron Dresner,
40-year-old CEO and president of Your PR
Department LLC in Farmington, Connecticut. After a lengthy
career in mostly radio, Dresner began his business in 2000 with
$25,000. Today, his company is doing well enough to support three
employees. The first place Dresner turned to for advice was his
chamber of commerce. After that, he approached almost every group
he could find—which is how he found NEXT
Business, a nonprofit in Glastonburg, Connecticut, that helps
its members get to the next level. Only entrepreneurs are allowed
in. And you do have to apply or be invited, but membership is free.
Dresner was invited into the group through a contact he made at
another networking function. He says he leaves each meeting with
about 15 new business cards—and often, that leads to a new
client. Help From the
Academics
You could go back to school for free help. There are 140 active
Small Business
Institutes located at universities nationwide, says Bruce
Kemelgor, director of the Small Business Institute at the
University of Louisville in Kentucky. Every year, the Small Business Institutes help entrepreneurs for
weeks at a time, often daily—and for free. "These are
[entrepreneurs] who are struggling to get going beyond that first
year," says Kemelgor. "We go out and work alongside [the
entrepreneurs], like conducting market and research studies.
We'll do accounting, financial and collection problems,
cash-flow problems—and we don't just do one thing. We
usually try to address two to three needs the client has." But there is one caveat—and this is the guiding principle
at every Small Business Institute, says Kemelgor. The entrepreneur
must "have genuine problems that could be resolved with the
expertise of the students and myself. I get requests from
entrepreneurs who are lazy or don't have enough time," he
says. "They'll ask 'Would you write a business plan
for me? I can't get around to it.'" Well, neither can
Kemelgor. He wants to help start-ups, but he wants his students to
benefit, too. So if you have a genuine need for some added
brainpower that can fix a thorny problem, then a Small Business
Institute is the place to go. | Group
Effort | "Isolation is probably the most common problem of every
entrepreneur," says Larry Kesslin, president of Let's Talk Business
Networks, a New York City peer group. Membership costs between
$3,000 and $5,000 per year--but their services are extensive. If
all you can afford is pizza every Friday night with like-minded
entrepreneurs, here are tips for forming a peer group: - How many should join? "Between eight and 12 people
works best," Kesslin recommends. "If a few can't make
it one week, there's still a minimum number that can keep the
group going. And you're never going to love everybody, [but]
you need to have buddies. There's going to be at least one
person you like, and that's important."
- Who can join? Kesslin advises they have at least the
same experience and revenues as you, and preferably be further
along. "You want to be the smallest fish in a group with
different skill sets," he says. If everyone has the same
opinions and ideas, then you're not going to learn much from
each other.
- What should our objective be? "Everything will be
personal," says Kesslin. "You might want to get rid of
isolation [or] create strategies." Just make sure you're
able to learn and grow from the group.
- How long should the meetings be? "I've
conducted meetings that have run two to three hours," says
Kesslin. "But the most important thing is doing them
regularly. At minimum, you should meet quarterly."
- What should dues be? "It's up to each
individual," explains Kesslin. "I've seen groups work
where they don't charge anything. And I've seen them not
work where they're charging 10 grand. Money isn't the
issue."
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What makes a good client gift?
What guidelines do you follow when buying gifts for your clients? Have you ever received an unusual or inappropriate gift?
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