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.

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.

 

Start the New Year Right: Bookkeeping Tips for Entrepreneurs

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Start the New Year Right: Bookkeeping Tips for Entrepreneurs

Keep your business running smoothly

Ugghhh! Bookkeeping. It is often one of the most neglected elements of business for entrepreneurs. It isn’t sexy. It isn’t fun. Calculating income and outgo. Projecting quarterly taxes estimates. Reporting. Entrepreneurs want to be out there doing. Fixing. Selling.
[Read more…]

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.

Most Unique Businesses to Check Out: Part I

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Unique Businesses
PhotoCreds: news.artnet.com
There’s a notion out there that everything under the sun has already been created. Nothing original exists. Just recycled ideas dressed in different clothes. But we reject that notion. Maybe some things are borrowed but that doesn’t mean it’s been done that way YOU do it! So we’re proud of these entrepreneurs who had the creative ideas and determination to go out on a limb and try something new. The trend we’re noticing in these businesses is A) combinations of services and products under one roof and B) giving back, using a product to shed light on a worldwide problem, or supporting an underprivileged community. We like these trends. We hope these trends are here to stay. [Read more…]

Inspirational Quotes from Successful Entrepreneurs

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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…]

Startups to Spy On in 2016

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2016StartUpsBlog Inc.com has released their list of startups they think you should be keeping an eye on in 2016 and we picked our favorites! Besides your startup – yours is always our top favorite.  23andME – an informative and potentially life-saving human genome testing service that allows the public to discover their family history and inherited traits. ClassPass – an NYC startup offering all-access memberships to fitness classes in gyms and studios across the city for a flat fee of $99/month. [Read more…]

3 Reasons to Start A Small Biz in 2016

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2016StartBusiness You’ve been reading our blogs and social media posts all year on the personality traits of an entrepreneur, how to write a business plan, how important social media is to consumer trust, along with all the other wonderful and educational content we put out. And to every blog, every tip, every video, your desire to start your own business grows even more restless. You’ve even laid out some initial ideas and plans – just for fun, of course. Well, we’re here to tell you now is the time! Today is the day! 2016 is the year you can make your dream a reality and here’s why: [Read more…]

Small Biz Subject and Solution: Millenial Edition

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MillenialWorkCulture Subject:  Millenial Work Culture Research: Millenials now make up more of the work force than any other generation. More millenials work for small businesses with less than 100 employees than big organizations. Over 50% of small-business employees state they are currently feeling overworked and burnt out. In contrast, the same study reveals 89% are still content with their jobs and motivated to move up in the business. [Read more…]

Small Business Saturday

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SmalBizSatBlog Created by American Express as a contrasting counterpart to Black Friday and Cyber Monday, Small Business Saturday encourages holiday shoppers to buy from small and local businesses. A nationwide radio, television, and social media campaign was launched by American Express announcing the creation of the first Small Business Saturday on November 27, 2010. The UK followed suit 3 years later after witnessing the success for small businesses and traction the campaign achieved. [Read more…]

3 Reasons Entrepreneurs Exist

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EntrepreneursExistBlog   There are a ton of motivations behind why people do what they do. That’s the top reason why psychologists exist. But after much scientific research (coffee with some local entrepreneurs), we’ve discovered the motivation behind why people branch out of the employee route – besides wanting to change the world – to choose one of the hardest career fields out there: entrepreneurship. [Read more…]