Small Business Spark

by

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

by

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

by

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.

Three Reasons Why Businesses Fail

by

If someone walked up to the front door of your business giving away “success in a bottle,” would you take it? You may laugh or roll your eyes, but I’d assume that you might give it a go. What’s there to lose, right?

According to Bloomberg.com, 80% of businesses crash and burn within the first year and a half. We use frightening statistics like this to motivate ourselves — what can we learn from these companies? Sure, a percentage probably just runs out of money, that’s understandable. But we think there are more issues that arise before the finances collapse. Here are our top 3 reasons businesses fail, and what you can do to keep your business from being a statistic.

Reason #1: You Put Your Dreams Above Your Customers

The secret to a successful business is the same as that of a marriage — listening! Your customers hold the key to your business’ success, so listen to what they like and dislike. What makes them tick? What are their hobbies, dreams and values? Talk to your customers. Nathan Furr and Paul Ahlstrom say it best in their book, Nail It, Then Scale It, “Which would you rather do — talk to customers now and find out you were wrong or talk to customers a year and thousands of dollars down the road and still find out you were wrong?”

Reason #2: You Don’t Stand Out

We live in a busy, go-getter world that gets busier by the second. There are plenty of distractions and competitors all fighting for the same thing that you are — your potential customer’s business. In this dog-eat-dog world, it’s your job to make your company stand out. What sets you apart from the other businesses? What makes you unique? Figure out the true value you bring to your market.

Reason #3: Take a Look in the Mirror

It may be hard to read — but consider your leadership techniques. Think about sports headlines each week. We’ve all heard about amazing talent like Lance Armstrong, Barry Bonds or Mike Tyson making poor decisions that derail their success. Entrepreneurs’ names may not be plastered on every HD television across the country, but it’s the same, self-sabotaging decision-making in question.

As the founder of your company, it’s your job to lead it. Recognize where your weaknesses are, and build those up. Are you a poor communicator? Do some research on interpersonal communications classes. Anger issues? Take an anger management class.

Now for the good news— you can avoid these mistakes! It doesn’t take but a quick look down the main street in your city to realize that businesses succeed. With the right attitude and business-minded actions, you can not only avoid that expected first-year failure, you can find yourself leading a quickly-growing company with a bright future.

Governor’s Cup Winners Announced at Awards Luncheon

by

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

by

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.

 

The Future of the Millennial Entrepreneur

by

While the word “millennials” often carries a negative connotation associated with social media addicts and the “Me” generation, they are actually proving quite the opposite in the small business world. A recent survey released by Sage, a global software company, states millennials – more than any other generation – desire control over their schedule, are socially conscious of those in need, and have a fierce commitment to the happiness of employees they will manage.

According to Sage, 65 percent of this generation want to start at least one business in the near future, no matter the outcome of the global economy.
[Read more…]

The 4 Qualities That Make Introverts Great Entrepreneurs

by

 

When the term “introvert” is used to describe someone, a person quietly – and intentionally – tucked away and wrapped up in his or her own little world typically comes to mind. While this image may not be untrue, it only depicts a small portion of the introvert’s life, and most certainly doesn’t highlight the many strengths and abilities that go hand in hand with being introverted. For example, did you know that introverts often make great leaders and incredible entrepreneurs? Here’s why:
[Read more…]

Successful Networking Tips for Entrepreneurs

by

 

Networking can play a big role in growing your business, but finding the right event and then making meaningful connections often doesn’t come as easily as we would like. Like any skill, becoming good at networking requires research and plenty of practice. Work the below practices into your networking routine, and you’ll be on your way to making the connections you need to achieve your business dreams.
[Read more…]

Why Arkansas is the Perfect Startup State

by

Photo of city from innpartners.com
Photo of city from innpartners.com
When you think of startup hotbeds, Silicon Valley or New York typically comes to mind. While these cities have been profitable locations for the beginning of countless businesses, they’re also expensive and increasingly oversaturated. Alternatively, Arkansas offers ample investors, seasoned mentors and low business costs – which is bringing people from all over the world to take advantage of the amazing startup opportunity the state provides. Here are three reasons Arkansas calls out to entrepreneurial spirits and has become one of the nation’s startup communities to watch: [Read more…]

Inspirational Quotes from Successful Entrepreneurs

by

InspirationalQuotes   As you begin your business, the only guaranteed thing you can count on is that there will be obstacles. While that seems a grim statement to start off on, it’s the truth. So as you’re bulldozing through those roadblocks, what will keep you going? When you’ve run out of cliché sayings or have read all the motivational posters with pictures of eagles on them that tell you to soar, where will you go for the words you need to blaze through to a successful finish line? If you answered Arkansas Capital’s blog page, you are correct and therefore one of our favorite entrepreneurs. Read below for some of the most inspirational quotes from some of the most successful entrepreneurs. [Read more…]