by EGBI Tech Team | Sep 24, 2015 | Business Tips
by Al Lopez, EGBI Executive Director
For many people, owning their own business is a dream that may never become a reality, simply because the concept of becoming an entrepreneur is foreign. There are a thousand reasons why low-income entrepreneurs never start their business, such as no access to start-up capital, unavailable financing due to poor credit, and limited connections to influential people.
While the challenges may seem insurmountable, there are options for low-income entrepreneurs looking to start a small business. Here are just a few challenges you may face and how EGBI’s resources can help you:
- Challenge 1 – Exposure to role models and mentors – the lack of role models and mentors is one of the main reasons why low-income entrepreneurs have difficulty starting small businesses. Successful entrepreneurs have many role models and at least one mentor available to them at all times. To overcome this challenge, you should reach out to other entrepreneurs, attend functions where you can meet others that have started successful businesses, and take advantage of the network of professionals and resources available at EGBI. We enjoy creating mentor/mentee relationships with our clients, so don’t hesitate reaching out to us to schedule a consultation.
- Challenge 2 – Failure to see Entrepreneurship as a career option – because many low-income people do not have the same exposure to entrepreneurs, they often fail to see the benefit of being an entrepreneur. Individuals who have the desire, need to have encouragement. To overcome this challenge, make an effort to meet others with the same desires. The programs available at EGBI will help provide you the encouragement you need to become a successful small business entrepreneur, and allow you to envision this as your career.
- Challenge 3 – Misunderstanding of basic financial literacy – because low-income people have little money, they often lack the basic knowledge in regards to finances. Understanding basic finances, such as balancing a checkbook, understanding credit, and more, will not only help you pay off debt and improve your credit rating, but will give you the ability to raise capital to fund your new business. Learning financial management is a great resource available to you at EGBI through our entrepreneurial training.
- Challenge 4 – Finding access to capital – no matter what type of business you wish to start, it is beneficial to understand and know how to find access to the necessary capital. Since most low-income entrepreneurs have limited resources, such as family, friends, or their own money, they must rely on finding other avenues to fund their start-ups. There is an abundance of resources available today for new entrepreneurs looking to start a business – you just need to know where to look. A good place to start is the upcoming Central Texas Small Business Forum on Oct. 14th.
Becoming an entrepreneur is a dream that many people have, but seldom is that dream made a reality. For many reasons, people will squash their dream, simply because they lack the knowledge to start. However, there are many programs available to help you become a small business owner and start you on the path to success and financial freedom. You simply need to take the first step – contact EGBI today to see how we can help you make your dream a reality!
by EGBI Tech Team | Apr 8, 2015 | Business Tips
What does client feedback buy your fledgling business?
Provides information.
Is your offering good or what needs to change? We think we have a great product or service, especially if our business is doing well. But staying in tune with customers is critical feedback.
Helps you keep customers.
Sometimes even if the customer wasn’t thrilled with your service, getting their feedback is a great way to let them know you care about how the experience went. It is much more profitable to keep existing customers than to constantly acquire new ones.
Improves your product or service.
Understanding the strengths and weaknesses from the customer’s perspective is the start of how you may want to modify your offering. If you do get some strong feedback that something needs to change, that is great signal that you may lose customers if you don’t modify your offering.
Identifies clients that can promote you.
Client referrals are invaluable. When you get good feedback, you may find a client that wants to endorse you. That is the most powerful promotion vehicle that will keep you out in front of your competition.
So, what do we do at EGBI? If you have been following our exploits we have had four very good years since our re-launch of the organization in 2011 when it supported only 16 clients that were in business. As of 2014, we now have over 100 small businesses represented by our clients that did over $10 million in revenue last year. We have improved our curriculum and services during that time period. We also added the capability for clients to take our class remotely as a result of their input. But, did we think we were done? We actually conducted a focus group in December to get real feedback from our clients… who by all measures endorsed EGBI heartily. We still got some great constructive feedback. What resulted was a few of key changes that are already paying dividends.
The recent changes we’ve made: We are now offering ourCurso Empresarial (Spanish/Bi-lingual) course in the evening; we have developed an introductory workshop that has attracted many new clients; we developed a Marketing, Sales, and Customer Relations curriculum; finally, we created a modular approach to our program so that clients can take either the Marketing, Sales, & Customer Relationssessions or the Business Financials & Accounting session, or both. Even with the modular approach, our clients see the value of our other services.
So, although based on EGBI’s success, our offerings were strong, it’s not the best approach to keep doing what you (think you) “know” the clients need… what they want is very critical. Every business should be vigilant in the arena of securing and taking action based on customer feedback.
by EGBI Tech Team | Apr 3, 2014 | Business Tips
Prepara Tu Negocio Para el Maraton Mas Importante
Nayeli Gallegos, 3 de Abril 2014
El Mundo 4.3.14
El domingo pasado, en Cedar Park se llevo a cabo la carrera de la popular serie “The Biggest Loser”. La carrera consistía en un medio maratón (13 millas), una carrera de 5 kilómetros y una carrera de una milla para niños. Yo tuve la fortuna de participar en el medio maratón, y terminé con unos resultados muy satisfactorios. Conforme reflexionaba acerca de mi participación, me di cuenta que mi preparación fue muy parecida a la preparación que llevan los empresarios cuando comienzan un negocio.
Fijar una meta clara y alcanzable
Aunque siempre me ha gustado correr, cuando decidí registrarme para la carrera nunca había corrido mas de 4.5 millas. 13 millas parecían un imposible, pero pensé que si otras personas lo hacían, yo con la preparación adecuada podía lograrlo también. Igualmente, como dueño de tu negocio, siempre debes tener en mente (y por escrito) metas claras, medibles y alcanzables. Aunque de momento parezcan un imposible, debes tener un objetivo por que luchar, prepararte día a día y motivar a tu equipo a lograrlo.
Fijar objetivos a corto plazo
No fue por arte de magia que fui capaz de correr el triple de millas de enero a marzo. Tuve que entrenar semanalmente, y me fijé el objetivo de aumentar una milla por semana para ir mejorando mi rendimiento. Así mi cuerpo se fue preparando poco a poco para correr mayor distancia cada vez. De igual manera, tu como empresario requieres de capacitación y de fijarte objetivos a corto plazo que te indiquen el camino para lograr tus metas a largo plazo.
Preparación
Nunca había entrenado para una carrera así, por lo que busqué información en internet para ver tips acerca de cómo entrenar. Además acudí a personas que corren maratones de manera regular, cuyos consejos fueron fundamentales el día de la carrera. Así mismo, tu debes saber que no estás solo. Que si bien, el internet es un gran aliado en la búsqueda de información, también existe un gran número de organizaciones dedicadas a apoyar al empresario con su pequeña empresa. Tal es el caso de la Incubadora de Negocios EGBI, que ofrece capacitaciones gratuitas y cursos intensivos de bajo costo para personas que quieren comenzar un negocio o que ya tienen uno y necesitan ayuda para hacerlo crecer.
Sacrificio y disciplina
Mi entrenamiento requirió sacrificio y mucha disciplina. La preparación incluía levantarme temprano, hacer un esfuerzo extra cada semana para correr mayor distancia, mejorar mi alimentación y mi hidratación. De igual manera, tu como empresario, debes saber que el sacrificio y la disciplina son parte del día a día. Y aunque a veces parezca que estás sacrificando mucho sin obtener resultados inmediatos, es importante que tengas en mente tus metas a largo plazo para que te sirvan de motivación.
Ser ejemplo para mi familia
Tengo dos hijas, y parte de mi motivación es que ellas vean que las mujeres podemos ser profesionistas, amas de casa, estudiantes, madres y que además podemos llevar una vida activa y saludable. Igualmente, imagino que tu llevas tu negocio con la ilusión de proveer para tu familia, pero también para ser un ejemplo de superación para tus hijos.
Motivación y perseverancia
Creer en mi misma, estar motivada y ser perseverante definitivamente fueron clave para mi. Y es así como todo empresario se debe sentir. Debes creer que puedes, auto-motivarte y motivar a tu equipo de trabajo, y ser perseverante. Debe saber que mientras tengas metas y objetivos claros que te muestren el camino, tus posibilidades de éxito serán cada vez mayores.
Si te encuentras en la carrera de los pequeños negocios, acude a EGBI, quien te puede brindar bases importantes para mejorar tu preparación, aumentar tu rendimiento y dar motivación para alcanzar el éxito. Las próximas clases bilingües comienzan el 22 de abril (las de ingles el 7 de abril), y el costo es de $200 pero EGBI ofrece becas y descuentos. No desaproveches los recursos que están a tu alcance para lograr el éxito empresarial. Llama a EGBI al 512-928-2594, visita www.egbi.org y regístrate para Curso Empresarial hoy mismo! No olvides preguntar por nuestras becas.
Publicado en El Mundo Newspaper, 3 de Abril 2014:
http://elmundonewspaper.com/images/stories/elmundo/PDFs/edicion_13.pdf
by EGBI Tech Team | Jan 22, 2014 | News & Events
2013 Blog Posts
What We Are Thankful for
Al Lopez, December 16, 2013
Thanksgiving may have just passed, but I have not stopped being thankful for another great year here at EGBI!
Just before the holiday, we celebrated our last graduation for clients who completed our entrepreneurship training. In all, this year we had 80 individuals complete at least 30 hours of business training and present their business plan to their class and the EGBI staff. The graduation celebrated a wonderful blend of new and developing partnerships, including Las Comadres para las Americas, University of Texas Pan Am Veteran’s Center, El Buen Samaritano, and FuturoFund. Read more…
Mother and Daughter Business Kicks Off at EGBI
By Nayeli Gallegos, December 13, 2013
Bea Baylor worked as a full time nurse for 20 years. At the same time, for the last seven years, she had been informally running her business from home… providing her services for free most of the time. As a 13 year cancer survivor, Bea has been an advocate for women who have been diagnosed with breast cancer, helping them create a journey to healing. She wrote the book “My Tribulations Made Me Fabulous” which will be published in 2014, and she was featured in the latest issue of Renewed Magazine. Read more…
EGBI Client Opens Food Trailer on Rainey Street
By Al Lopez, July 30, 2013
About two thirds of EGBI graduates wind up starting a business. In most cases, taking into account their learning, they decide to delay the start to do it in a better prepared way. This is the case of Vann Brown, who graduated from Building Success Program in August 2011. All of last year, she worked on developing her plan, continued to getting business training, attended a couple of our workshops, networked at our Annual Reunion, and kept EGBI in the loop of her progress.
On May 26th, we were thrilled to attend the grand opening of My Granny’s Kitchen food trailer on the fairly exclusive Rainey Street downtown. Read more…
Support EGBI’s First e-Raiser!
Our first online and social media fundraiser, April 16-May 16, 2013
By Al Lopez, April 17, 2013
Last October, I wrote about why I support EGBI, hoping to stimulate some additional support for our organization. Well, needless to say, I was pretty gratified by the results we experienced last fall…
…In an effort to continue to broaden our outreach and diversify our supporters—folks who know about and are willing to invest in EGBI—we’re holding our first ever online and social media fundraiser over the next four weeks. What we would like to do is have as many of our connections (and their connections) commit to a $25 donation to EGBI. Read more…
Is Collaborating Really Beneficial?
By Al Lopez, March 28, 2013
In the last couple of years, as I have navigated around the nonprofit/public sector, I’ve observed very different levels of organizations that are willing to work together when it may be in the very best interest of the clients they serve and the mission they purport to have. Read more…
I know we’ve talked about this, but ARE YOU FINANCIALLY FIT?
By Al Lopez, March 19, 2013
Our initial session for EGBI’s small business startup training is Boot Camp. Many of you have taken it, and I know that many wonder why we are starting our “how to start a business” program with a class on personal finances and credit. However, it is surprising to me how many of the clients who begin our program have very little idea when it comes to their financial obligations, book-keeping and overall financial fitness. So we start with the basics and build on that. Read more…
What kind of clients come to EGBI? Client feature: Teresa Valenzuela-Basa
By Al Lopez, February, 2013
The diversity of our clients is an element that makes our experience here at EGBI especially interesting and rewarding. At one end of the spectrum, we have folks who don’t yet have a specific business but feel that sometime in the future they will start a business. At the other end, we have clients who already have a business developing, but have reached a point where they realize they really need and want to have a more formal business plan, such was the case of Teresa Valenzuela-Basa. Read more…
EGBI Client Highlight: Home Help Services by Verobran
By Nayeli Gallegos, January, 2013
Veronica Trevisan is the Co-Owner of Home Help Services by Verobran along with Branbilia Mendoza. They offer home support services, a combination of residential cleaning and home health care. Veronica, a native from Argentina and Branbilia (Bran), a native from Mexico, met each other in 2006 while working for a Mexican Taqueria. Read more…
Happy Holidays from EGBI
By Al Lopez, December 2012
As we approach the holiday season, we reflect on the great year we had. We are thankful to be in a place that nurtures the entrepreneurial spirit and contributes to the development of our community; we are thankful for our growing list of clients and supporters; and we are thankful for everything we accomplished in 2012. Read more…
by EGBI Tech Team | Jan 22, 2014 | Business Tips
Is Your Skillset Current?
Al Lopez, January 16, 2014
It’s interesting to me how often I get a call where someone says, “I’m starting a business, and I have just one question.” In our sense of urgency to hurry and get started or stay on task with the job we have, we often neglect the value of taking the time to equip ourselves so that over the long run we can enjoy more success. I am a firm believer in the importance of education for our youth, but it can’t end there. Education needs to be a priority and not just one more thing you add to your to-do list. Everything we know, including our professional skills, is rapidly becoming obsolete. This means that it’s not enough to work hard. We must be constantly updating our knowledge and acquiring new skills. I hope that when the day comes I stop learning someone is calling the mortician.
As entrepreneurs, we sometimes think that keeping our skills current doesn’t matter for us. You can benefit from staying up-to-date no matter what kind of work you do. With better knowledge you’ll make better decisions, and you’ll see threats and opportunities sooner, which can give you a cutting edge and help you adjust your plans. Also, learning how to effectively and efficiently run your business and staying abreast of the latest industry enhancements will earn you the respect of your customers, suppliers, and supporters/investors.
We have never been faced with so much change, and that is also true for businesses. I heard recently that more information has been produced in the last 30 years than was produced in the previous 5000 years, and that the “total body of knowledge” will continue to double every five years. We must keep our skills and knowledge current in order to keep up with required changes to how we run our businesses and how we must update our products or services to keep solving our customers’ new problems.
Small business owners cannot neglect the need to learn. Continuous learning is connected to better business performance and higher likelihood of surviving the wall that all small businesses hit at some point in their life cycle – 50% of the time in the first five years.
With today’s technology, there are many ways to stay current or to learn more about your industry. Stay up to date by reading articles, listening to podcasts of experts in areas you want to develop, and networking. You don’t have to know everything, from every source about your industry, but you need to stay current to learn how to skim for relevant and important information.
The benefits are pretty obvious. New knowledge and skills help prevent repeating mistakes, identify and implement best practices, and contribute to business success.
That’s what EGBI is about… creating an opportunity for small business owners to get equipped to start and manage their business, on-going mentoring/counseling, continuing education through workshops, and incubation if their business requires it.
If you are looking to challenge yourself in learning how to better run a business, there is still time to join our current cohorts of Building Success Program (English evening class) and Curso Empresarial (bi-lingual morning class). Sign up now!
