25th Annual ACC Capital Governor’s Cup Celebrates Southern Student Entrepreneurs, Awards Over $140,000 in Prizes

by

LITTLE ROCK, ARK. – Undergraduate and graduate students from colleges and universities across the Southern United States gathered last week for the 25th annual ACC Capital Governor’s Cup Collegiate Business Plan Competition, one of the region’s premier collegiate entrepreneurship competitions. Powered by Title Sponsor Dhu Thompson and Supporting Sponsor the Walton Family Foundation, the Governor’s Cup challenges students to solve real-world problems through entrepreneurial business plan development and present their ventures to a panel of industry expert judges, competing for top honors across three divisions and a share of more than $140,000 in cash prizes.

This year’s first-place winners are:

● Small Business Division: Retra, Ouachita Baptist University (Arkadelphia, AR)

● High Growth/Technology Division – Undergraduate: TheraLink, Harding University (Searcy, AR)

● High Growth/Technology Division – Graduate: Image Devices, Inc., University of Texas at Austin (Austin, TX)

Participation in the 2025 competition surged, with applications increasing by 170% compared to 2023. The final round included student teams from four states, reflecting the growing regional impact and expansion of ACC Capital’s entrepreneurship initiatives.

More than 600 attendees gathered for the awards luncheon, which featured a fireside chat with John and Miles Stephens, the new co-CEOs of Stephens, moderated by ACC Capital CEO Sam Walls III. Their conversation highlighted the generational impact of entrepreneurship and discussed how capitalism continues to shape the economy and drive innovation across communities.

“As we celebrate the 25th anniversary of the ACC Capital Governor’s Cup Collegiate Business Plan Competition, we are proud to recognize its continued growth and impact,” said Walls. “The expansion of the competition to neighboring states reflects ACC Capital’s broader strategy to extend our products and services beyond Arkansas to support entrepreneurs across the nation. We congratulate all participating teams and are excited to support the next generation of innovators. As we look ahead, we are committed to building on this momentum and shaping the future of entrepreneurship for the next 25 years and beyond.”

Since its founding in 2001, the Governor’s Cup has impacted more than 3,250 students, awarded over $2.9 million in cash prizes, and helped catalyze business ventures, product

commercialization, and entrepreneurial leadership throughout Arkansas and the broader region. As part of ACC Capital’s larger EDGE Initiative (Education to Develop and Grow Entrepreneurs), the Governor’s Cup remains a cornerstone program dedicated to empowering students through education, competition, mentorship, and real-world experience — preparing the next generation of innovators and business leaders for lasting success. For more information about the Arkansas Governor’s Cup, visit https://acccapital.com/.

—————————————

About ACC Capital

ACC Capital is a private, nonprofit lending corporation empowering entrepreneurs nationally. The organization offers flexible capital solutions to meet the unique needs of entrepreneurs, small businesses, and economic and community development projects. Since 1957, ACC Capital has partnered with commercial banks, government agencies, and others at local, state, regional, and national levels to deploy over $2.34 billion in capital financing. Learn more about us on our website at https://acccapital.com and follow us on Facebook and Instagram at @ACCcapitalcorp. You can also connect with us on LinkedIn. Se Habla Espanol.

From Employee to Entrepreneur 

by

According to recent studies, roughly 550,000 Americans each month quit their jobs in pursuit of entrepreneurship. And why not? With dreams of flexible schedules, working from home and an income boost, entrepreneurship sounds pretty nice! And it is. But that’s not to say that financial freedom occurs overnight. It takes a plan to make that plunge successfully, and we’ve got your first few steps here.

 

Step 1: Evaluate

Making the move from salaried employee to small business owner is not a decision that should be taken lightly. So before you quit your day job, think about what’s motivating your future business venture. Are you eager to start because you have a passion that could be the answers to peoples’ problems? Or, do you hate the monotony of a 9-5? If you related more to the latter, entrepreneurship may not be the right route for you.

 

Step 2: Set Goals

No parent would ever hand a child a baseball glove and a pack of sunflower seeds, and push him in the direction of a ball field if he had no prior knowledge as to what the game is. How would he know what to do? What’s the point of the game? The idea is similar in business. If you don’t have both long and short-term business goals set, you and your employees will never know what’s being worked toward or if progress is being made. Luckily, this usually comes in the form of a business plan.

 

Step 3: Network

Whether you prefer, “There’s no ‘I’ in ‘team’,” “It takes two to tango,” or, “Two are better than one;” there’s no shortage of clichés to drive home this point– venturing out on your own doesn’t mean that you have to be on your own. Foster your network of experts and potential customers to continue to grow your business, then start expanding that inner circle. From industry events to community organizations, there are never too many people in an entrepreneur’s network.

 

Step 4: Finance

Generally, experts everywhere agree that the number one reason new businesses fail is quite simple– they run out of money. Using your business plan established in step 2, combined with your growing network we discussed in step 3, determine the amount of startup capital you need to get on your feet. Then, the rest is simple– contact Arkansas Capital!  With low down payments and over 6 decades of experience, we have several different types of loan products to fit your needs.

 

Step 5: Determine your Deadline

Now that you have a plan and you’ve secured financing, pull out your calendar because it’s time to set a resignation date! Though it may not be time to pack up your office just yet, having a plan in mind should help you be able to determine what is and is not feasible. And with Arkansas Capital on your side, you’ll have the lending expertise and support you need to promote yourself from employee to entrepreneur. 

Secrets to Managing Your Business Mistakes

by

Whether you forgot to attach an important document on an email, you lost a client, or you allowed private user data to be shared with third parties (we’re looking at you, Zuckerberg); mistakes are inevitable. Sure, you may feel embarrassed or even ashamed, but with these insider secrets, you can turn your business kink into customer loyalty.

Keep Things in Perspective

Unless you’re a pilot, surgeon or President of the United States; any mistake that you make at work can likely be quickly corrected. So don’t sweat it! Take a deep breath, count to ten and keep things in perspective by not responding in a way that’s bigger than your blunder. As Psychology Today writer, Dr. Suzanne Gelb, puts it, “On the freeway of life, [your mistake] is a parking ticket, not a multiple car pile-up.”

Immediately Admit the Mistake

In work and in life, the true test of character comes out in chaos. After all, how you respond to messes and mistakes could convert a potential business loss into a loyalist. But first, you have to own up to it. Being as swift and concise as possible, start with supervisors and any parties involved, and explain your mistake honestly and thoroughly. Recognize where you went wrong, and explain how you’ll recover from the situation. Your boldness will show your team the importance of remedying problems.

Consider the Customer

Take a walk in your customer’s shoes, and consider what would exceed your expectations if roles were reversed. Yes, you should absolutely apologize, but then follow it up with a “wow” factor. Your customers should leave the experience feeling more than satisfied– they should be excited.

Actions Speak Louder than Words

It’s a cliché because it rings true. The best way to earn back people’s trust and admiration is to be consistent at delivering great work. Take necessary precautions to avoid your past mistakes, and in the meantime, do your very best. With a strong work ethic, any occasional “oops”-inducing issues will be quickly forgiven and forgotten.

Call the Pros

The truth is, there’s nothing you can do to stop problems from popping up. Your response though? That’s in your control. And if you ever have any questions, don’t be afraid to call on professional help. Our staff at Arkansas Capital has provided lending expertise and support to Arkansas businesses for over six decades, so no matter what your inquiry is, we have the information to help.

Learning Leadership

by

If you invited the world’s most successful CEOs to dinner, you would find yourself sitting at the table with a diverse group of people with different personalities, backgrounds and approaches to running their businesses. By the time dessert was being served, you would fully recognize that extraordinary business success comes in all shapes and sizes, and our uniqueness as people directs us to a certain type of leadership style. No one style is necessarily better than the other. But by identifying and better understanding your style, you can become a stronger and more successful leader. That’s where we come in. Read through our top six leadership styles to discover where your strengths lie, and what you can improve upon.

Transformational Leadership

Transformational leaders, in the most simple terms, are innovators. They’re managers that recognize the need to continually try new ideas, and they plan to be that role model of transformation for their entire team. Constantly challenging the status quo to find ways to “be better,” these highly motivational leaders have an eye for spotting what is and isn’t working, but can also be intimidating to those who aren’t as excited about change.

Pace Setter Leadership

You’ll recognize pace setters as the Bill Gates and Elon Musks of the world. They set sprinting paces from the very beginning, and both their company and their industries follow. Although these high-energy visionaries pride themselves on staying at least two steps ahead of competitors and motivating their subordinates to do the same, pace setters’ employees often report a higher “burn out” rate.

Charismatic Leadership

Joining the ranks of Oprah and Barack Obama, charismatic leaders ooze charm, and are often those that people naturally gravitate towards. Because of their charisma, these encouraging leaders naturally inspire employees and build long-lasting business relationships. Although they may be prone to miss some finer details of projects, they’re at their best when working with a team.

Laissez-Faire Leadership

This “hands-off” attitude of leadership is a risky one, but one that has worked well for multibillionaires Warren Buffet and Richard Branson. Laissez-Faire leaders take on more of a mentoring role, delegating work objectives and decision-making to employees, but providing general direction and guidance when requested. This style of leadership is ideal for creative industries or an office of self-motivators, but if accountability isn’t set early on, productivity can quickly diminish.

Coaching Leadership

Contrary to the Laissez-Faire leaders, those who fall in this category tend to take a “hands on” approach to leadership, focusing on identifying and developing strengths their employees possess. Coaching leaders naturally create well-trained successors and a strong bond with employees, but have to carefully toe the line between “teaching” and “micromanaging.”

Authoritative Leadership

These visionary leaders set clear standards and goals, and then step back to allow their teams to reach them. Providing fair and constructive feedback as needed, authoritative leaders thrive in high-stress situations and are known for inspiring enthusiastic and confident teams, but can also result in fearful or underdeveloped employees.

Arkansas Capital has provided lending expertise and support to local businesses for over 60 years, so no matter your leadership style (or combination of styles), we’re here to help! We offer the funding services and industry expertise your business needs to help launch or grow.

Clichés: The Good, The Bad & The Real

by

Whether you hate them, love them or love to hate them; one fact is true– clichés wouldn’t have become cliché if they didn’t resonate. Sure, you still need to “think outside of the box,” but not all clichés are eye-roll-worthy. Take a look at our top favorite ones that we think should be reintroduced to the workplace… and those that should never be used again.

The GOOD:

“There’s no ‘I’ in team.”

Entrepreneurs tend to prefer to do things on their own (they wouldn’t have opened their own business if they didn’t), but it’s important to remember this straight-forward saying. Running a business takes a lot of moving parts, and if business owners want to be successful and maintain their sanity, hiring a team made up of passionate employees is imperative.

“The customer is always right.”

Of course, the customer is not always “right,” but in reality, that’s not the important takeaway with this popular phrase. Instead, use this general concept to face any business issues that arise. Every problem that a customer presents is a chance for your company to address it, make the customer happier and let them feel “righted.”

THE BAD:

“If you want the job done right, you have to do it yourself.”

This cliché is the pessimistic cousin to the “There’s no ‘I’ in team,” phrase, and it’s the root of what causes many entrepreneurs to break or make poor business decisions. Instead of taking on every business task yourself, learn to delegate early on to promote better mental health.

“Ignorance is bliss.”

Sure, there are things you should ignore in your business (we’re looking at you, gossipers), but in order to scale, you have to know what is and isn’t working for your company. Don’t be blissfully unaware of advice that could benefit your business, how your clients feel or how your company is performing. In short, we combat this cliché with one that we think is more accurate– “Knowledge is power.”

THE REALITY:

No matter what niceties you choose to listen to, ignore or create for yourself, every business needs assistance. That’s why Arkansas Capital has provided our financing products and expertise to local businesses for over 60 years. If you’re looking to start a business or grow your existing one, contact us today.

2018 Governor’s Cup Winners Announced

by

Here at Arkansas Capital, our main goal is to empower local entrepreneurs– those of every age. That’s why, in 2001, the idea of the Arkansas Governor’s Cup was formed.

This prestigious, statewide competition challenges college and universities’ best and brightest entrepreneurs to develop and present business plans. The reward? A real-world, rigorous startup experience and an opportunity to win part of the country’s largest cash prize pools for collegiate business plan competitions!

On April 18, with over 500 people in attendance, our awards luncheon was held at the Statehouse Convention Center. Representing more than 30 teams from Arkansas Tech University, Arkansas State University, Arkansas School for Math, Sciences & the Arts; Harding University, Henderson State University, Hendrix College, John Brown University, Ouachita Baptist University, University of Arkansas, University of Arkansas at Little Rock, University of Arkansas at Pine Bluff and University of Central Arkansas; the winners took away a cumulative $154,000 in cash prize awards provided by title sponsor, Delta Plastics.

The 2018 Governor’s Cup Award Recipients are:

Undergraduate Division Award:

Spiritum Solutions | Arkansas Governor's Cup

First Place: Spiritum Solutions, University of Arkansas at Little Rock– $25,000

Second Place: winterterm.com, Ouachita Baptist University– $15,000

Third Place: Monity, Harding University– $10,000

Graduate Division Award:

Spiritum Solutions | Arkansas Governor's Cup

First Place: Lapovations, University of Arkansas – $25,000

Second Place: UChooze Lunchbox, LLC, University of Arkansas– $15,000

Third Place: Ozark Microheater Systems, University of Arkansas– $10,000

Arkansas Farm Bureau Agriculture Division Award:

Connor Innovation Roveround | Arkansas Governor's Cup

First Place: Connor Innovation Roveround, University of Arkansas– $5,000

Second Place: SCAN AG, University of Arkansas– $3,000

Delta Plastics Innovation Division Award, Undergraduate Team Winner:

TiFix | Arkansas Governor's Cup

TiFix, Harding University– $5,000

Delta Plastics Innovation Division Award, Graduate Team Winner:

Ozark Microheater Systems| Arkansas Governor's Cup

Ozark Microheater Systems, University of Arkansas– $5,000

Elevator Pitch Award, Undergraduate Team Winner:

Spiritum Solutions | Arkansas Governor's Cup

Spiritum Solutions, University of Arkansas at Little Rock– $2,000

Elevator Pitch Award, Graduate Team Winner:

Lapovations | Arkansas Governor's Cup

Lapovations, University of Arkansas– $2,000

C. Sam Walls Entrepreneur Educator Award:

C. Sam Walls Entrepreneur Educator Award| Arkansas Capital Corporation

Dr. Chris Brune, Ouachita Baptist University– $2,500

Dr. Kenneth Olree, Harding University– $2,500

The Evolution of Entrepreneurship

by

The pursuit of profit isn’t a new one, and from Marco Polo to Mark Zuckerberg, the world has seen many different faces attempt this venture. One common characteristic, though? Entrepreneurship. Take a look at what it looked like seven centuries ago, and how it has evolved since.

Adventure-preneur

Global business? That’s not a 21st century discovery. In fact, we have the early Renaissance entrepreneurs to thank for that. Craftsmen in the 1300s spent several years working as apprentices to learn their trade, make more money and therefore hold more power in civic affairs. When product demand eventually grew to be more than the average tradesman could provide, trade expanded into other countries, and the “adventure-preneur” was born.

Colonial Expansion

Thanks to ship-building advancement, the first global company, the Dutch East India Company, got its start during this time period. With international travel now booming, merchants began readjusting their selling tactics by strategically setting up trading posts along trade routes to sell supplies to shipping crews. Because colonies didn’t rapidly show profit in these tactics, many English investors withdrew their capital, leaving the market less-competitive– and entrepreneurs more independent than ever (Cue the United States’ independence).

Industrial Revolution

The next evolutionary stage of entrepreneurship introduces the great innovators many of us so commonly know. Inventors such as Benjamin Franklin and Eli Whitney thrived during this era, but they weren’t the only ones in the market. Business owners could taste what success was like, and began rapidly working on inventions to increase productivity, scale manufacturing and reduce costs. And with wind-powered energy a hindrance of the past, they did just that. In fact, we can thank the inventors of this time period for the technology, transportation and communication that we have today.

20th Century

With global trade, electricity and communication now at most entrepreneurs’ fingertips, business in the 20th century was on the rise, with no end in sight. With mass communication now a viable option for marketing a business, 20th century business owners took advantage of it. Advertising spending went up to 45% of the United States’ income, and by 1910, $600 million was being invested into advertising for big businesses alone. For the first time ever, entrepreneurs had newspapers, television and radio as platforms to share their products with the world.

Today

Welcome to the Information Age! Gone are the days when computers fill an entire room. Personal computers are now the norm, and global marketplaces can be accessed with the click of a button. Geographic borders, that were once limitations, have been blurred, and most entrepreneurs can boast a “.com” at the end of their business name. Modern day business owners no longer just spend their time innovating new products and services, but instead, they manage employees and run new companies.

The Future

We may not be able to predict what entrepreneurship will look like in the future, or whose face will represent the next era, but we know one thing will remain the same– our team at Arkansas Capital will be here supporting entrepreneurs and growing local businesses in our state. Since 1957, our team has provided flexible financing products of over $1.5 billion in capital to help meet business owners’ needs. Contact us today to find out how you can be a part of history.

5 Steps to Being a Great Boss

by

The worst thing about being a bad boss is less obvious than you might think. No, it’s not the feeling of conversations abruptly ending when you walk in a room. It’s not even the fact that you’re the only one not invited to parties. It’s that you can be a bad boss, and not even know it. It doesn’t stop there. Bad bosses don’t keep their negativity contained– that poor leadership spreads through employees, often resulting in low morale and even lower productivity. To fight back, take a look at our list of tips and tricks to help you be the best leader you can be– for your employees and your business.

Communicate Your Vision

More often than not, your employees show up to work each day wanting to do a good job, so help them with that! Be certain that your employees understand why they do what they do, and what’s expected of them. This not only engages them, but it also makes them feel more involved and motivated each day at work.

Allow Your Employees to Communicate

That being said, communication is a two way street! Empower your employees by maintaining a work environment where honest communication is not only accepted, but expected. This allows your staff to not feel like they have to handle stresses alone, and it allows for improvement of products, processes and procedures.

Build Trust

Without trust, your staff is more cooperating instead of collaborating. Build this bond by setting an example. Be honest and fair, through both negative and positive situations, and show that you’re a team player who can be relied upon. This not only builds trust, but also team-comradery.

Provide Feedback

In any leadership position, you should never underestimate the power of feedback. In fact, according to Globoforce, 81% of employees showed greater job satisfaction following recognition from their superior. This earned praise helps employees feel valued, confident and accomplished. The return? A more efficient, motivated workplace.

Encourage Happiness

There’s a fine line that separates good employees from great employees. In that line, you’ll find happiness. Whether your employees are flipping burgers, stationed at a computer or interfacing with guests, there’s always opportunity for fun and productivity. Maybe that opportunity is something as simple as verbal encouragement, or maybe it’s something less obvious like a lunchtime desk chair race. Whatever that looks like for your office, don’t allow it to be overlooked. Sometimes the smallest activities or actions are what makes an employee excited to come in to work each day. As a bonus? Chair races are great-team building exercises!

We understand– being a boss is a tough job, and unfortunately, there’s no magic formula to make sure that you’re always being a good one. But with these tips, in combination with our 60 years of lending expertise to new and growing businesses, we’re confident that you don’t have anything to worry about. Contact us today!

Meet the Founders

by

Arkansas Capital Corporation is a private, non-profit lending corporation known for helping grow businesses through our expertise and flexible financing products. We didn’t grow this large overnight though. In fact, Arkansas Capital, originally named First Arkansas Development Finance Corporation, was formed in 1957 to finance the transformation of Arkansas from an agricultural economy to an industrial one. Who were the forward-thinking, influential individuals who sparked this movement? Allow us to introduce you.

Winthrop Rockefeller

Before Rockefeller served his two terms as Governor of Arkansas, he was already known for his economic development. From his purebred cattle business, to his position as founding chair of the Arkansas Industrial Development Commission (now the Arkansas Economic Development Commission), Rockefeller was responsible for bringing thousands of jobs and millions of dollars in capital investment to Arkansas.

John Tyson

John Tyson’s entrepreneurial experience began when he heard word that chickens were selling for more money in the northern part of the United States than in his home state. With this news, Tyson began transporting hoards of chickens to Chicago, Illinois, to sell them for profit. Eventually, this led to the purchase of a broiler farm in Northwest Arkansas, where he began cross-breeding poultry, and growing a name for himself as not only innovative but successful.

Horace Cabe

As the founder of the Gurdon Lumber Company, timber businessman, Charles Louis (Horace) Cabe Sr., was another major player in the founding of what is now known as Arkansas Capital. Later in life, he went on to establish the Horace C. Cabe Foundation, created to grant funds to nonprofits and programs in both Arkansas and Texas.

Harvey Couch Jr.

From modest beginnings to being dubbed the “father of Arkansas Power and Light Company,” Harvey Couch helped create both the Louisiana and Arkansas Railway and the Kansas City Southern Railway into the major transportation systems that they are today.

John Ed Chambers

Vanderbilt graduate, John Ed Chambers, became a Chancery Judge for the 14th District of Arkansas prior to establishing Danville State bank, now called Chambers Bank, as a way to help his fellow citizens of Arkansas survive during the depression of 1930.

Dave Grundfest

Dave Grundfest, known fondly as “Mr. Dave” by his employees, founded Stering Stores Company, Inc., in 1922. In the 50 years following, he expanded to build 100 retail variety stores across the United States, including Magic Mart Discount Department Store, a 50-store venture, that by 1983, allowed Mr. Dave to retire and sell approximately 150 stores.

Charles H. Murphy Jr.

Charles Murphy Jr. took over the family enterprise, Murphy Oil Corporation, at a ripe age of 21, and spent the next five decades building it to where it is today. Mr. Murphy retired in 1994 with two refineries in the United States and the United Kingdom, and a seat on Murphy Oil’s board of directors.

Raymond Rebsamen

After being named one of the nation’s top 50 brokers, Raymond Rebsamen’s business, Rebsamen Insurance, was purchased by Regions in 2001. Since then, he served on many business and community boards in his home state of Arkansas, offering his expertise and business knowledge.

JA Riggs Jr.

After a three-year period of growth, John Riggs, Jr., or J.A., joined J.A. Riggs Tractor Co. (now Riggs CAT). With this expansion, a new branch was opened in West Memphis, and an additional 66 counties were added. Today, Riggs CAT proudly employees over 400 people statewide, and operated facilities throughout the state.

McCloud Sicard

Although Fort Smith was founded in 1817, local historians claim that the town didn’t hold a position in the commercial world until First National Bank opened in 1872. McCloud Sicard took over this operation as President in 1977. Under his leadership, First Bank Corp., National Bank of Sallisaw; Citizens Bank and Trust Company in Van Buren; First National Bank of NWA; Brown-Hiller-Clark & Associates; and Realty Appraisals, Inc. were all founded.

E.O. Yancey

E.O. Yancey served on the Searcy Board of Public Utilities when the city of Searcy purchased the Searcy waterworks system from the White Country Water Company, Inc. This system, now known as the Searcy Water and Sewer System, has operated the water and sewer system ever since.

William E. Darby

In 1929, insurance agent, William E. Darby joined National Old Line Insurance Company. Through hard work and determination, Darby rose to president and then chairman of the board. In fact, the company drew nationwide attention because of its uncommon growth, and by the time he retired in 1972, National Old Line had grown to be a billion-dollar business.

Robert A. Young Jr.

After purchasing Arkansas Motor Freights Line Inc. in 1951, Robert A. Young Jr. began growing. By 1966, Arkansas Best Corporation, a multi-million dollar holding company with three primary subsidiaries, had been formed. Arkansas Best has been named as one of Forbes’  “Platinum 400 Best Big Companies in America.”

Witt Stephens

Wilton Robert Stephens, or “Witt” as he was more commonly known, founded what was once the largest brokerage firm off Wall Street, Stephens, Inc. in Little Rock, Arkansas. After World War II and through the latter half of the twentieth century, Stephens played a leading role in the political and economic standings of the Natural State.

Though Arkansas Capital has diversified since our initial founding in 1957, we have never altered our focus– to improve Arkansas’ economy. In the past 60 years, we have provided financing products of over $1.5 billion in capital through over 1,300 loans to meet the needs of small businesses to large scale operations. Learn more about our services and what we can do to grow your business by contacting us at our Little Rock office at (501)374.9425 or in Fayetteville at (479)444.8882.

 

How (Not) to Start Your Business

by

From topics as wide as “Opening a Business” to as narrowly-niched as “How to Start a Coffee Shop in Arkansas,” information, advice and “how-tos” are not hard to come by. It’s the Information Age, after all! The only problem? You can start a business with a mile-long list detailing exactly what to do in the process, but if you don’t know what not to do, you’re still sunk. That’s where our team at Arkansas Capital comes in to help with our top six mistakes to avoid.

Skip Market Research

Encouragement from your friends and family is a wonderful thing. Although you’ll need that support on your business journey, no amount of grandparents’ accolades can compensate for not having a defined target audience. Instead, use the motivation from your friends and family as that– motivation, and continue to research as much as possible. Hold focus groups, survey strangers and take advantage of Census data to narrowly pinpoint exactly who you’re trying to reach, where you can find them and how they’ll react to your services.

Wait too Long to Hire

We understand. Money is tight, this startup is your baby, and “if you want a job done right, you have to do it yourself.” Unfortunately, this is exactly the mentality that can cause founders to break or make poor business decisions. Learn to delegate tasks early on to promote better mental health and prevent a poor hiring choice out of desperation.

Use the Cheapest Professionals

Set a realistic business budget, but also don’t be cheap. Just because someone has an additional acronym behind their name, doesn’t mean they’re the best in the business. Trust us when we say that spending $300 per hour on a top-notch professional is a worth-while investment if it avoids a $30,000 mistake. Remember– just because you can do it all, doesn’t mean that you should.

Stay Offline

Not having a website in 2017 is the equivalent of opening a business, but not hanging a sign on your door. Take advantage of that market research that we previously discussed, and use your website and social media tools to promote your company. Don’t make the assumption that your ideal customers will find you. Go out and find them.

Wait too Long to Seek Financing

Predicting the future may not be possible, but that doesn’t mean you can’t try! Create ongoing financial forecasts from day one, so you know exactly how much cash flow your business can anticipate during each stage of the game. This way, you’ll spot any potential money mishaps early enough to seek capital before you’re struggling to stay afloat.

Don’t Research Your Loan Provider

Remember– lenders should put money in your pocket, not take it out. Whether you’re looking to start a business or grow your existing one, contact us today for information

5 Step Guide to Organizing Your Business

by

We won’t lie to you– starting a business is hard. New competitors seem to be emerging every time you blink, you’re responsible for more money than just your family’s and you can’t seem to remember your login and password information to save your life. With businesses, just like with most things in life, it’s important to take baby steps to improve. Step one? Get serious about organization. Here’s how.

Be Like Santa

Just like St. Nick himself, make a list and check it twice. Before you wrap up work, write down each and every goal that needs to be met the next day. This way, you get the satisfaction of checking items off your “to do” list, and you can get a good night’s sleep knowing that important tasks won’t slip through the cracks.

Plan for Interruptions

Similar to a box of chocolates, “you never know what you’re ‘gonna get” on a given workday. The only thing that you can plan for with complete certainty is that your day won’t go as planned. That’s why you should account for that. Be realistic when making your daily goal list, and account for interruptions and time needed to address them. 

Always FAR

A recent study found that the average person spends over 4 hours each week searching for papers. Avoid being a part of that statistic by practicing FAR. Any paperwork that lands on your desk has three ways it can be handled– it can be filed (F), acted upon (A) or recycled (R). Do one of these three actions on the front end, as soon as you receive documents, to avoid clutter and those mile-high stacks of papers that seem too intimidating to address.

Don’t Forget Your Computer

This tip rings especially true for small business owners whose bulk of work relies upon a computer. As we all know, it doesn’t take long for your, once squeaky clean, desktop to become littered with files ranging in names from “Very Important” to “Don’t Delete!” To help with this productivity roadblock, practice the above rule with some digital modifications. Once you’ve used your file, file it away somewhere on your computer, work on it until it can be filed away, or simply drag it to the trash bin.

Plan Ahead

We’ll save you some time by telling you this– no matter how hard you try, you probably aren’t going to remember that you hurriedly shoved half of your business receipts in your utensil drawer at home and the other half on your office’s bookshelf. Go ahead and plan for next tax year by creating a “next year’s taxes” box. This box will be home for all bank statements, business expense invoices, online statements, charity receipts, etc. Your future self, and your accountant, will thank you.

It may seem small, but staying organized can dramatically impact the productivity, and therefore survival, of your small business. With these tips combined with our 60 years of lending expertise, we’re confident that your new or growing business can be a success story.

 

Year 1 of Entrepreneurship: Survival Secrets

by

We have some tough news that you need to hear– starting a business is not like the movies. There are no bath tubs filled with hundred dollar bills to relax in, and you probably won’t wake up one morning to find that your business has skyrocketed to “viral status” online. Starting a business is hard work, and that’s why most entrepreneurs don’t last longer than a year. That’s where we step in. We’re here to let you in on the little-known survival secrets to help your business last past year 1, and hopefully, years 2+.

Know Your Goal

If you can’t articulate your goal, it’s time to stop where you are. And no, “making a ton of money” is not a goal. If you don’t have a set business goal that you work towards each day, you’ll give up. Why? Because you won’t know if you’re ever making progress. Set a SMART goal– one that is specific, measurable, achievable, relevant and timely, and let that goal be your mantra each day.

Believe in What You’re Doing

Have you ever watched “Shark Tank” and heard stories of wanna-be entrepreneurs working all night, pitching their ideas door-to-door each day, and following a strict ramen noodle diet in order to afford to launch their business? Outside of their unhealthy habits, these business people have one thing in common– they have an unshakeable faith that their business is important.

Get Organized

In this caffeine-fueled, adrenaline pumping stage so lovingly referred to as the “chaos year,” time seems to whir by. You’ve been rescheduling meetings with your business loan lender for two weeks, your printer is jammed and spraying black ink on your new carpet, and you can’t find the login information to your laptop anywhere! It’s time to get organized. It will take some work on the front end, but the relief it’ll bring to your business in the long-run is well worth it.

Break So You Don’t Break

Even those sharks we mentioned need to take breaks every now and then. Commit yourself to taking occasional breaks as much as you commit yourself to working hard. Not only will your health improve, but you might find that the “brain break” you’ve scheduled helps spur on new ideas.

Be Risky

You think it’s risky to start a business? Imagine if your business takes off, and you’re handling millions of dollars each day. Now that’s  risky! We don’t say this to undermine your initial step. We tell you this to explain that each and every day of being an entrepreneur is going to be risky. The secret is to embrace that risk and learn to look forward to it.

Don’t Do It Alone

No matter how strong your business plan is, you’re going to need some support along the way. Like we mentioned earlier, entrepreneurship is hard. Find a support system that encourages you, motivates you and keeps your pushing towards your goals. At Arkansas Capital, we’ve spent the last 60 years providing our expertise to new and growing businesses. Contact us today for lending support.