It's not the critic that counts

One of my favorite quotes is from former president Teddy Roosevelt. The quote is as follows:

"It is not the critic who counts; not the man who points out how the strong man stumbles or where the doer of deeds could have done better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood, who strives valiantly, who errs and comes up short again and again, because there is no effort without error or shortcoming, but who knows the great enthusiasm, the great devotions, who spends himself for a worthy cause; who at best, knows, in the end, the triumph of high achievement, and who, at the worst, if he fails, at least he fails while daring greatly, so that his place shall never be with those cold and timid souls who knew neither victory or defeat."

Stop for a moment and think about those words. Reread them before you move on. It is a great piece of wisdom and particularly applicable to small business owners. The entrepreneur is the "man who is actually in the arena, whose face is marred by dust and sweat and blood..." The entrepreneur "strives valiantly" and "spends himself" on his chosen field of dreams. The entrepreneur represents what is great about our nation.

It seems that some in the public eye have forgotten or have ignored this powerful message. I cut short my usual perusal of the various cable news channels this evening sickened by a never ending stream of critics, naysayers and attack dogs, who offer no solutions, but only harsh criticism of their opponents. I am a registered Independent. I have voted for Republicans and Democrats, depending on where they stood on the issues. Thus, I have no political horse in the nasty dialogue.

Something inside me however shouts that we are better than this. We are better than the constant bickering and partisan labeling without thought; without give and take. When did we become a nation of critics? When did we forget that it's not the critic that counts?

You Should Have Been There

This past Friday I had the pleasure of participating in the largest and best minority business conference in the Southeast United States. Among the numerous highlights and tremendous business opportunities flourishing (even within our troubled economy) was my interaction with four of the region's fast rising minority business entrepreneurs. The session entitled "Titans Share Their Business Secrets and Successes," was worth the price of admission. We were treated to a cadre of business insights and strategies for what companies must do to thrive in any economy.

Calvin Harris of the Harris Food group taught several principles that bear repeating. The first such principle is that entrepreneurs cannot afford to take no for an answer. He recounted the story of how he lobbied a national chain to sell a line of products that he created. Obstacles were placed in his way because it had never been done that way before. He had to persevere and convince the chain that his product was a must have. Today his products are featured in thousands of locations.

He also shared that you must surround yourself with the best people possible. In the real world, we know that this is easier said than done. There is always the temptation to settle, whether for budgetary reasons, expediency or other factors. The excellent entrepreneur, however, understands that the business will rise or fall on the strength of its people and invests accordingly.

Finally, he shared that the successful entrepreneur must build his business strategically. In short, you need a game plan. This is one of the points that I highlight in Tales My Grandma Told Me. A game plan allows you to plot a course and to properly focus energy and resources. The great thing about a game plan, however, is that it can be adjusted to account for market shifts or other factors that arise. It is up to the entrepreneur to be aware of what is going on around him and sensitive to what lies ahead in order to make the required adjustments.

George Abadie of Seacoast Construction highlighted that point. When the real estate market went south, he and his partners did not panic. They adjusted their game plan to focus on providing services to the distressed market. By doing so, they were able to create a niche business and will more than survive the economic downturn.

These are simple but powerful truths. The featured entrepreneurs all demonstrated ways in which they were thriving within a down economy. There was much taught, but on balance, much too few minority entrepreneurs on hand to learn.

The Economic Stimulus Package and You

Recently, I had the pleasure of attending an excellent seminar regarding opportunities for minority businesses within the American Recovery and Reinvestment Act or as it is more widely recognized, the federal Economic Stimulus Package. The event was organized by the Florida Regional Minority Business Council and facilitated by Dr. Fred McKinney, an economist who served on President Obama's transition team. This article will not provide an exhaustive treatment on the opportunities available under the Stimulus
Package.

However, there are several key take-aways from the discussion that I believe are extremely important to minority businesses. The take-aways are derived from three basic questions posed by Dr. McKinney at the outset of the event. Every minority-owned business enterprise (MBE) that is interested in profiting from the Stimulus Package should ask itself and then answer the questions. They are: (1) In three words or less, what goods and services do you market and sell? (2) What industries do you supply/sell to? (3) Do you have a written strategic plan?

These three questions are at the heart of the Economic Stimulus Package and You. In my January 2009 blogpost, I advised you to go to the White House website in order to educate yourselves on where the Stimulus spending will occur. You should also be aware of www.Recovery.gov and www.Stimuluswatch.org, but more importantly, you should research and gain understanding about state and industry-specific websites that detail how state Stimulus dollars will be spent. For example, information about Stimulus spending in the state of Florida may be accessed at www.Flarecovery.com.

Once you can determine where Stimulus spending will occur, then you will know, based on Question #1, whether you provide goods or services that will be purchased with Stimulus dollars. If you do not directly provide those goods and services, say, construction services, for example, you should then ask yourself Question #2. That is, do you supply or sell to any industries that will benefit from the Stimulus Package. Maybe you know nothing about construction or alternative energy, but perhaps you may provide staffing or other services to those industries that will directly benefit from Stimulus spending.

If the answer to Question #2 is no, then you may want to revisit or create a strategic plan for your business that includes targeting Stimulus industries. The federal deficit is predicted to be 1.8 trillion dollars. It isn't easy to fathom that number, but you may think of it loosely as the number of dollars the federal government intends to (over)spend. It would seriously behoove all minority businesses to spend some time figuring out where the dollars are going and how they can meaningfully participate.

One of the best ways to do this is to certify your business as minority-owned at both the corporate and government level and pay attention to what is going on in the local news, national news, the Internet, government and the Minority Business Councils. Log on to the websites mentioned and www.nmsdcus.org and follow what fellow MBEs are doing. You may also read up on the certification process and its benefits in my book, Tales My Grandma Told Me, a Business Diversity Fable. However, be aware that time is of the essence.

As Dr. McKinney put it, "Don't wait until you see the cranes going up" before you begin your work. By then, my friend, it will be too late.

Has the Change that Minority Businesses Hoped for Finally Come?

Just over one week ago Barack Obama once again made history. Raising his right hand in front of a worldwide audience, he swore the solemn oath and became the 44th president of the United States of America. The significance of the moment cannot be overstated. His election meant far more than the obvious political ramifications. For some, he stood and raised his right hand for generations past and generations to come, the embodiment of the hopes and dreams of millions around the globe. Change had indeed come in a sweeping and emotional leveling of the playing field.

The election of Barack Obama meant that our cherished American ideals are in fact a reality. The American brag that in our country, anyone can become anything if you're willing to work hard for it was settled forever. But what, if anything, did this historic election mean for the millions of minority, woman-owned and other disadvantaged businesses? How would this president's economic approach differ from the previous administration or from the Democratic Party platforms of the past? Barack Obama won 96% of the Black vote, 66% of the Hispanic vote and 56% of women's votes. Minorities had the audacity to hope. Will that hope be realized?

One answer to that question may be found in the president's recent actions to stimulate our sagging economy. Today, the House of Representatives passed his proposed 819 billion dollar economic stimulus plan. According to http://www.whitehouse.gov/ the president has put forth an American Recovery and Reinvestment Plan to "jumpstart job creation and long-term growth by":

*Doubling the production of alternative energy in the next three years.
*Modernizing more than 75% of federal buildings and improve the energy efficiency of two million American homes, saving consumers and taxpayers billions on our energy bills.
*Making the immediate investments necessary to ensure that within five years, all of America’s medical records are computerized.
*Equipping tens of thousands of schools, community colleges, and public universities with 21st century classrooms, labs, and libraries.
*Expanding broadband across America, so that a small business in a rural town can connect and compete with their counterparts anywhere in the world.
*Investing in the science, research, and technology that will lead to new medical breakthroughs, new discoveries, and entire new industries.

What does this mean for minority businesses? For one, many of the proposed projects will be federal work that will expressly require minority contractors and/or subcontractors. The massive investment in technology and construction, in particular, will open significant opportunities for small and minority businesses that supply or are directly involved in those industries. Time will tell whether this legislation becomes enacted as envisioned and whether it will provide the needed boost for small businesses and the economy at large. Here is what we do know: President Obama has placed a significant opportunity on the table. Will you be there?

An Excerpt From The Coach's New Book

Get In The Game!

The excerpt below is taken from Part II, Chapter 3 of the Coach's New Book - Tales My Grandma Told Me, A Business Diversity Fable

Assuming that the minority entrepreneur understands that he will succeed based on business acumen and tenacity as opposed to relying on ethnic status and further assuming that he has a written plan; he is now ready to get in the game. Many MBEs wrongly assume that simply being a minority entitles them to participate in corporate supplier diversity programs. That is not entirely accurate. Virtually, all supplier diversity programs require minority participants to be certified by certain national, certifying entities.

For minority-owned businesses, the best known and most widely accepted certification comes from the National Minority Supplier Development Council Incorporated ("NMSDC").The NMSDC and its thirty-nine national affiliates, among other things, certify applicants as being legitimately minority-owned and meeting other set standards of business viability. Through its certification and various other programs, the NMSDC has created a database of certified minority businesses across numerous disciplines. Without this certification, minority-owned businesses are not prepared to compete within traditional supplier diversity channels.

The certification process is uncomplicated and is a must for all MBEs seeking to seriously exploit supplier diversity opportunities. Yet I am always amazed at the large number of MBEs that fail to become certified or substantially delay in doing so. MBEs must understand that NMSDC certification may very well be only a beginning, but it is the beginning within the realm of supplier diversity marketing. Minority entrepreneurs without NMSDC certification are uniformly denied entry to corporate supplier diversity programs.

So what will you do? Will you continue to sit on the sidelines or will you get in the
game and run to win? Log onto http://www.nmsdcus.org/ and learn how to obtain minority
certification in your region of the world.

Goldman Sachs Proves Business Case For Diversity

Goldman Sachs Investment Research Addresses the Growing Influence of Hispanics in the U.S. Economy.

IBM Launches Powerful Free Toolkit For MWBEs

Florida Regional Minority Business Council Supports Launch of IBM and IFC Small Business Toolkit to Create Jobs and Fuel Growth in Underserved Markets

IBM and IFC, the private sector arm of the World Bank, recently launched this free small business toolkit specifically for women, Black, Hispanic, Native American, and Asian entrepreneurs in the U.S., and small business owners in emerging markets to receive highly developed business information, tools, and training services usually reserved for Fortune 1000 companies.

The heart of Florida’s economy is comprised of small business with employer firms up 3.3 percent from the previous year and 7.6 percent in the non-employer category. While small businesses generated between 60 to 80 percent of the new jobs annually in the U.S. over the past decade, they can be disadvantaged by the lack of access to resources such as skills, knowledge and information that larger businesses routinely use to grow and succeed. The same applies to small and medium enterprises (SMEs) in the developing world who also find that access to best practice and business management tools is a significant barrier to their growth and sustainability.

The SME Toolkit is a free program that enables entrepreneurs and small businesses to learn how to implement the sustainable business management practices needed for growth in areas such as finance, accounting, international business, marketing, human resources or legal.

“The success of local small businesses are vital to the growth of Florida’s economy,” said Beatrice Louissaint, President of the FRMBC. “We are proud to support IBM and the IFC in promoting the SME Toolkit., which offers good advice and business management practices. By offering this free, innovative and interactive site to our member businesses, we can help them improve their chance of survival and growth in our local communities, potentially serving as a source for new jobs.”

In the U.S., the SME Toolkit will focus largely on women and constituent-owned businesses. Globally, the IFC has joined with local partners to launch the Toolkit in more than 13 languages in 24 countries, all of which can now take advantage of the new enhanced version.

Amjad Shamim, an entrepreneur who is the president of AAJ Technologies recently used the toolkit. “This is a great source of information for businesses in the areas of management, planning marketing and human resources. The effort and technology IBM and the IFC have invested in the Toolkit to help freshmen entrepreneurs build and expand their businesses is highly commendable.”

Among the specially designed free tools are:

• an online calculator that helps small businesses determine their readiness for financing,
• free software to build a web site,
• free business forms used for employee performance evaluations,
• community tools such as online conferencing, blog capability, group calendars,
• survey and quiz builders to help small businesses make decisions, and
• a multilingual business directory to help small businesses link locally, regionally and globally.
  

Small businesses can also receive business training delivered via classroom workshops and partnerships with local support providers. The Toolkit can also help small businesses go global by providing detailed market access, investment and trade information for the 64 countries most exported to countries. In the U.S., an Advisory Group will review the more than 500 pieces of content, tools and resources and identify new tools specifically for Black, Hispanic, Native American, Asian, and women-owned businesses.

“This truly is one stop shopping for small businesses and it levels the playing field. We know the tools that large businesses use and we know the role technology can play in leading to growth. Now, every business can have the same chance to succeed. It’s vitally important that we help small businesses who are the major employers and growth engines in developing markets,” said Stanley Litow, IBM Vice President of Corporate Citizenship and Corporate Affairs. “These are just the kind of tools that can help underserved markets be successful.”

The Toolkit was launched by IFC in 2002. IBM has dedicated more than $1.6 million to transform the Toolkit and rebuild it on an innovative open source platform using top talent in IBM research. The Toolkit now includes new Web 2.0 features such as live chat, online forums, business directories and survey capabilities to create a community where small and medium sized business can collaborate – anywhere around the world. For example, a group of small businesses could gather in an online forum to devise a strategy to bid on a large supply contract rather than as separate bids. The community tools also create an opportunity for peer learning.

In the future, the Toolkit will add new partners, markets and languages and is planned to allow users to connect to it using wireless devices, such as cell phones. In developing markets, mobile devices are increasingly becoming the way users connect to the Internet, and sometimes the only way.

The Toolkit is expanding to reach the massive small business market in India, South Africa and Brazil. The Toolkit is available in English and Spanish and translated in 14 other languages including, Nepali, Vietnamese and Urdu, with Hindi and Arabic set for release in 2007.

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About IFC

IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing capital in the international financial markets, and providing advisory services to businesses and governments. IFC’s vision is that poor people have the opportunity to escape poverty and improve their lives. In FY06, IFC committed $8.3 billion, including syndications, to 284 investments in 66 developing countries. For more information, please visit www.ifc.org.

For more information about IBM, please visit www.ibm.com.

Broadcast-quality video clips of the small business toolkit (SME Toolkit) and discussion of its uses are available for download by journalists at www.thenewsmarket.com/ibm.

About FRMBC

FRMBC is a non-profit organization that is dedicated to advancing access and growth for minority businesses in South Florida. The organization’s goal is to increase purchasing from minority businesses by government entities and corporations, while increasing MBEs’ operating capacity through hands-on business assistance, training, and access to technology and capital resources. FRMBC was founded in 1975 and is one of 39 regional councils affiliated with the National Minority Supplier Development Council (NMSDC). The Council acts as a liaison between Corporate America and Minority Business Enterprises in Dade, Broward, Monroe, St. Lucie, Collier, Charlotte, Martin, and Palm Beach Counties.

You may click on the SME Toolkit link in the "My Favorite Links" section of this site to take advantage of this service.