Small Business Spark

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Congratulations! If you’ve made it this far, you’re probably well on your way to either starting or growing your dream business. The truth is; though, whether your business is big, small, booming or just puttering along, every entrepreneur experiences the inevitable lull. A period where you don’t have quite the same amount of “get up and go” as you did when the idea of starting your business was first born. When moments like these arise, it’s important to not dwell on it, but instead, to stay energized and motivated. We hope this list from entrepreneurs, who have been in your same position, helps revive you to push through to work for your dream.

  • “Quality is more important than quantity. One home run is much better than two doubles.” –Steve Jobs
  • “It is human nature, as we get older, to look for stability in our lives. But if you want to be a successful entrepreneur, you have to fight against that somewhat. Starting a business requires movement. You cannot stay still.” –Robert Herjavec
  • “If people like you, they will listen to you, but if they trust you, they’ll do business with you.” –Zig Ziglar
  • “A brilliant idea doesn’t guarantee a successful invention. Real magic comes from a brilliant idea combined with willpower, tenacity, and a willingness to make mistakes.” –Lori Greiner
  • “Don’t be afraid to give your best to seemingly small jobs. Every time you conquer one it makes you that much stronger. If you do the little jobs well, the big ones will tend to take care of themselves.” –Dale Carnegie
  • “Negativity is a blood-sucking, poisonous, good-for-nothing weed that kills any creative spark you have in business and life. Keep an optimistic attitude no matter what.” –Barbara Corcoran
  • “Move out of your comfort zone. You can only grow if you are willing to feel awkward and uncomfortable when you try something new.” –Brian Tracy
  • “If people haven’t laughed at your dreams, then you aren’t dreaming big enough. Just keep pushing forward!” –Daymond John
  • “It’s very easy to be different, but very difficult to be better.” –Jonathan Ive
  • “Whatever the problem, be part of the solution. Don’t just sit around raising questions and pointing out obstacles. We’ve all worked with that person. That person is a drag.” –Tina Fey
  • “Great entrepreneurs are not just passionate about their idea, but have enough passion to weather all the obstacles and see things through to the finish line.” –Barbara Corcoran

The Do’s and Don’ts of Perfecting Your Pitch

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In this world of instant gratification, making business connections has to be quick. That’s why now, more than ever, perfecting your elevator pitch should be at the top of your career “To Do” list. Use our list of Do’s and Don’ts to make a big impact in a small amount of time.

Be Brief & Don’t Ramble

It’s called an “elevator pitch” for a reason. Respect your audience’s time by keeping your pitch short and sweet— between 10-30 seconds— no more time than a ride from floor 1 to floor 9 would take.

Be Relatable- Not Robotic

It’s true that practice makes perfect (we encourage practicing too!), but remember that you’re talking to a real person. Lose the industry jargon and “keywords” that you sprinkle throughout your resume.

Keep it Conversational

This point is twofold. First, don’t ramble off your laundry list of what you can do and how your company would be a great fit to work alongside theirs. Remember this is intended to be a dialogue not a monologue.

Also keep it conversational in tone. Think about your pitch the way you’d tell your best friend about your dinner last night. You wouldn’t say, “The exquisite appetizers and rustic, yet chic, décor made for a charming evening.” You’d say, “I ordered cheese dip at dinner last night, and it was so delicious that I licked the bowl then ordered a second round.” See the difference?

Be Persuasive, but Humble

You’ve got a reason to be pitching. You clearly bring something to the table. Don’t be afraid to share about your skills, specialties and background! That being said, don’t overshare by reciting all of your awards and accreditations.

Always Be Ready

You never know when an opportunity might arise. Yes, it could be at your monthly networking meeting, but there’s a good chance it could also be in the check-out line at your local grocery store.

Don’t Forget Business Cards

Your elevator pitch is a conversation, not a close. The whole purpose of the interaction is to start a relationship with the person you’re speaking with, so don’t forget to leave them with contact information to remember you.

What’s Next in Growing Your Business

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You’ve successfully maneuvered those challenging early years, and now you might be thinking, “what’s next?” Perhaps you need additional staff or plan to build a new location. All these things require money.

When your business is experiencing growth, a slowdown in cash flow can negatively impact short and long term goals. How can a small business keep up with the demands as it slowly begins to transform into a mid-size company?

Before you begin to panic, Arkansas Capital may be able to help you. Depending on the course and maturity of your business, as well as how much debt you have on the books, you can consider a variety of loans.

Under SBA 504 loans, businesses can purchase real estate, new machinery and equipment, or make improvements like landscaping. Additionally, if you need to renovate your existing office or facility, these funds can help. 

The SBA does not lend the money directly to entrepreneurs to grow a business, but sets certain stipulations for loans made by its partners (like Arkansas Capital). The SBA helps to eliminate some of the risk to lenders by guaranteeing that these loans will be repaid.

Financing a growing business is a good problem to have. Remember, Arkansas Capital is a champion of small businesses and wants to help you thrive. For more information about all our loan programs, click here.

Governor’s Cup Winners Announced at Awards Luncheon

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The Donald W. Reynolds Governor’s Cup is the premier, statewide business plan competition for college and graduate students. The awards luncheon was held April 17, 2017, at the Statehouse Convention Center with over 500 people in attendance. This year’s theme was “The Clash for the Cash,” and the event showcased the entrepreneurial talent of students from across our state.

These entrepreneurs were among more than 2,500 competitors who have been a part of the Governor’s Cup’s prestigious history, representing 839 teams from 24 campuses across Arkansas. The winners have taken away a cumulative $2.05 million in cash prize awards, including the $152,000 cash prize awards that were given away this year.

This year’s winners include:

Donald W. Reynolds Undergraduate Division Award:

First Place: AgChron Technology, University of Arkansas– $25,000

Second Place: Easy Dam, John Brown University– $15,000

Third Place: Pasture Parent, Arkansas State University– $10,000

Donald W. Reynolds Graduate Division Award:

First Place: Rejuvenics Technologies, University of Arkansas – $25,000

Second Place: Grox Industries, University of Arkansas– $15,000

Third Place: RED BioBattery, University of Arkansas – $10,000

Arkansas Farm Bureau Agriculture Division Award:

First Place: AgChron Technology, University of Arkansas– $5,000

Second Place: Ghost Pot Busters, John Brown University– $3,000

Delta Plastics Innovation Division Award, Undergraduate Team Winner:

Vitele, Harding University- $5,000

Delta Plastics Innovation Division Award, Graduate Team Winner:

Grox Industries, University of Arkansas- $5,000

Awards Luncheon Elevator Pitch, Undergraduate Winner:

Easy Dam, John Brown University- $2,000

Awards Luncheon Elevator Pitch, Graduate Winner:

Ghost Pot Busters, John Brown University– $2,000

The top two teams in the Reynolds Overall Graduate and Undergraduate teams now head to Las Vegas for the 10th annual Donald W. Reynolds Tri-State Competition, May 30 and 31, at The Mirage! Good luck and congratulations to our winners!

Since 2001, the Arkansas Economic Acceleration Foundation (AEAF), a 501(c)(3) affiliate of Arkansas Capital, has challenged students with ideas for new or better products or services to see if they could be profitable by putting it through a rigorous and real-world entrepreneurial process — while at the same time having the chance to win big cash awards! Thank you to the Donald W. Reynolds Foundation for their generosity.

For more information about the Donald W Reynolds Governor’s Cup, visit https://acccapital.com/governors-cup/.

Financing Your Expanding Small Business

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To be a successful small business, it takes tremendous passion and incredible work ethic. Nothing comes easy. And nothing is given to you.  504 GROW Loans reward the efforts of small business owners by providing access to more affordable funding that can be applied to a wide range of commercial growth needs.

  • Up to 90% commercial financing (50% lender first mortgage, up to 40% SBA 504 funding)
  • Below market, fixed interest rates (SBA 504 portion)
  • Long amortization terms (up to 20 years)
  • Loans are assumable by qualified, acquiring businesses
  • Large project sizes (SBA 504 portion up to $5.5MM)
  • First mortgage rate set by participating lender
  • $5.5MM for manufactures and loans that qualify under energy efficiency criteria (all others up to $5.0MM for the SBA 504 portion)

If your business needs major fixed assets such as equipment or real estate, you should consider a 504 GROW Loan. Eligible use of 504 Loan proceeds includes:

  • Buy land and construct new building
  • Buy land with an existing building
  • Remodel, convert, expand or renovate existing building
  • Green initiative projects
  • Purchase of long-life machinery and equipment
  • Associated fees and soft costs

“504 Grow Loans are absolutely the best way for small businesses to finance land, buildings and equipment with its higher advance rates, lower down payments and 20-year fixed interest rates. Additionally, it is a great refinance loan product,” says Al Hodge, Executive Vice President, Arkansas Capital.

 

If you’re ready to apply for a business loan now, click here to contact us. To receive more information on small business loans and to find the one right for your business, visit the loan products page.

 

African-American Entrepreneurs in Arkansas

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Throughout its successful lending history, Arkansas Capital saw an emerging need to promote and foster the development of innovation and entrepreneurship. In honor of Black History Month, we want to pay tribute to a few of the great African-American entrepreneurs from our state.

Garbo Hearne, Hearne Fine Art

Founded in 1988, Hearne has grown and evolved her art gallery into a dynamic conduit for the preservation and promotion of African-American fine art. “Most people do not think of art and the creative economy in the same sentence, but everything that happens has a start with a creative spirit.”—Garbo Hearne

African-American Entrepreneurs in Arkansas

John H. Johnson (1918-2005), founder of Ebony and Jet magazines

Johnson was the first African-American to be named to the Forbes list of the 400 Richest Americans. On September 9, 1996, he was awarded the “Medal of Freedom” by then President Bill Clinton.

Sherman E. Tate, President and CEO of Tate & Associates Management

Tate has many firsts. He was the first personnel director of the state Legislative Council and its first employee of color. He was the first person of color to head the state Office of Personnel Management. He was the first person to develop and implement a comprehensive marketing plan for Arkansas/Louisiana Gas Company.

The Abraham Carpenter Family, Carpenter’s Produce in Grady, Arkansas

The Carpenter family has provided Arkansas-grown produce and unrivaled customer service to Arkansans for more than 40 years. Carpenter’s Produce employs around 35 family members and an additional 40 to 50 seasonal workers during the peak planting and harvesting times of the year. As such, they are one of the largest employers in Lincoln County.

Al Bell, Former Owner of Stax Records, President and CEO of Al Bell Presents

In the 1970’s, two of the largest African-American owned businesses in America were Motown Records and Stax Records. Bell, who owned Stax, introduced marketing and promotional innovations that changed the music industry.

This month we celebrate these African-American entrepreneurs past and present, the leaders that came before them and the leaders still to come.

To learn more about Arkansas Capital’s resources for entrepreneurs, visit our website.

Why “Why?” is Vital to Every Entrepreneur

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ARC-Blog-1_11-WHY

Over the past several years, with his juggernaut Tedx Talk Start With Why and best-selling book of the same title, Simon Sinek has popularized a concept first introduced by Stephen Covey in The 7 Habits of Highly Effective People. Although the concept of “beginning with the end in mind” was first applied by Covey to the habits that highly effective people develop, and then later by Sinek to how leaders inspire action, this concept is vital to every entrepreneur.

“Why?” Informs Everything for the Entreprepreneur
Entrepreneurs solve problems. Whether he is a small business owner or a VC-funded entrepreneur seeking to grow and scale a business, understanding the “why” is essential to entrepreneurial success.

The why–or the purpose–drives (or should drive) all strategic decisions for the entrepreneur. As Covey pointed out, the person who has his or her eye firmly focused on the larger why is positioned for success. The entrepreneur who thoroughly understands his “why” and can articulate it clearly is able to inspire others to join his cause, to take action, and to build something that is greater than the sum of the parts.

How to Find the “Why?”
Many entrepreneurs understand the why instinctively. Solving a problem is an impulse for the entrepreneur. He often “just knows” that it needs to be done. And many entrepreneurs are driven, focused and passionate by nature, so they may be able to influence and recruit talent, employees and investors to join them without fully exploring the why. But what does the entrepreneur who understands the power of the “why?” but does not yet have it clearly articulated do?

1. Identify the Problem That is Being Solved
Take the time to clearly identify the problem you are solving. No matter how complex the solution is that you imagine, distill the problem you are solving into one simple sentence. “Our company solves X (problem)”

2. Add The Target Market
You have identified the problem you solve. Now identify who you solve it for. “Our company solves X (problem) for Y (person/group of people).”

3. The “Five Why’s” Exercise
Startup guru, Ash Maurya developed the Lean Canvas as a way for entrepreneurs to easily articulate their basic business model. In the process of filling out a Lean Canvas, Maurya introduces an exercise to help the entrepreneur truly uncover the fundamental problem he solves. It is a simple exercise, but one that takes a little work. Once you identify the problem you believe you are solving, you begin to ask “Why is that a problem?” Once you have an answer to that question, you take that answer and ask the question again (up to five times). Pushing through the simple, obvious answers to this exercise uncovers the deep problem that an entrepreneur is really solving. Once you uncover the problem that is an emotional pain point for your target market, then you are equipped to connect in a meaningful way that will ultimately drive sales and profitability.

The Importance of Artwork in Your Office Space

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artwork in offices

Outfitting a new office is an exciting time for any startup or small business. Choosing desks, computers, chairs, printers, break room appliances and other equipment often consumes most of the office set up decisions, but there is one important aspect of office preparation that is all too often overlooked: art. While some may consider it an extra expense, the right art on the walls of your business can be a powerful tool in increasing productivity, connecting with customers and helping your business grow into a healthy, thriving company. Here’s how:
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How to Effectively Grow Your Small Business Into a Big Business

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You’ve had the idea. You’ve received the capital and resources to make that idea into a reality. You’ve started the business and hired the employees and have provided the service or product for a while now. You’re at the point when you’re established in the small business world. You’ve got a foundation. Your roots are strong in the ground and now it’s time to grow, to branch out. Expansion. It’s the word that every small business owner strives for. Whether that means it’s time to hire, time to move, to add to the product or service line, it means you can officially call yourself a success. But just like when you started out, growing requires a plan. It requires a list of things you need to do to make sure the branches you extend are as strong as your roots. Below are some tips to help you expand smartly and successfully.
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