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Kansas SBDC May 11, 2018 Leave a Comment

Fixed, Growth, and Entrepreneurial Mindsets

Have you ever stopped to consider what mindset you have?

As we move through life, we often don’t stop and consider our own thought process. Is that thought process healthy or does it keep us from succeeding? Is our thought process creating roadblocks to our success? How is our mindset effecting our businesses?

According to Dictionary.com, a mindset is “an attitude, disposition, or mood.” It effects how we perceive virtually everything and what decisions we make.

We often assume a mindset without even realizing we have done so. However, when you become aware of your mindset, you can make the steps to change it and improve your decision making. This can help you not only improve your business but your life decisions overall. It can create a clearer path for decision making and remove the roadblock standing in the way of your success.

The entrepreneurial, fixed, and growth mindsets differ in many ways. Knowing these differences and becoming conscious of the type that we possess will make it possible for us to shift to a more beneficial mindset.

So what are these mindsets and which one is the most beneficial?

A young, African American man was born in January of 1929. He was born into an era of segregation and violence. Despite these challenges, this man strove to succeed and learn. He attended a segregated school and graduated high school to move onto a distinguished college in Atlanta. According to nobelprize.org, “After three years of theological study at Crozer Theological Seminary in Pennsylvania, where he was elected president of a predominantly white senior class, he was awarded the B.D. in 1951.” He didn’t stop there. This man continued to Boston University where he would receive his doctorate. Later, he stood in Washington D.C. with 250,000 people to deliver his ” I Have a Dream Speech”. If you haven’t figured it out yet, this man is Martin Luther King Jr.

But why am I giving you the background of Martin Luther King Jr. ? What does he have to do with mindset?

Martin Luther King Jr. is the embodiment of a growth and entrepreneurial mindset. He believed abilities could be developed through hard work, that brain and talent are only the beginning of success, and that failure is only an opportunity to improve. Martin Luther King Jr. was a lifelong learner. All of these things are components of a growth mindset.

As for the entrepreneurial mindset, he could quickly get organize and address ambiguity head on. He knew how to persevere and work through levels of discomfort. He strategically organized his peace walks and worked hard to make the change that he dreamt of.

The opposite of the growth and entrepreneurial mindset is a fixed mindset.

Those that have a fixed mindset:

perceive talents and abilities as traits
think that brains paired with talents ultimately leads to success
view constructive criticism as a personal attack
consider the success of others as a result of luck
give up after failing and avoid challenges all together.

These people often use the word “can’t” and believe in a limited scope to abilities. I do not have an example of one of these people because none of them are famous or well known.

Work to make yourself known based off the the decisions you make in your business.

Consider which mindset works best for your career? How can you change your mindset in a way that might benefit your business?

About our author
Abby Cahn is a Spring 2018 marketing intern for Kansas SBDC. She went to Cowley County Community College as a Secondary Art and English Education Major and graduated with an Associates in Arts. However, she decided business was the most beneficial route for her. Currently, she is a Fort Hays State University undergraduate student pursuing her degree in Business Management with a concentration in Entrepreneurship. She enjoys creating artwork, reading, and assembling floral arrangements. Abby hopes to open her own small business some day. She wants to teach people how to create floral arrangements and artwork, as well as sell them, from a small shop in Kansas. By doing this, she hopes to promote creativity and art as an outlet for communication, learning, and relaxation. She knows that one day if she needs assistance with her business she will go to her local Kansas SBDC.

Kansas SBDC May 1, 2018 Leave a Comment

Big “C” and little “c” creativity

Dictionary.com defines creativity as “the ability to transcend traditional ideas, rules, patterns, relationships, or the like, and to create meaningful new ideas, forms, methods, and interpretations.”

Creativity is in almost every conceivable task. It is at the root of almost every idea or concept. When Thomas Edison invented the light bulb, the concept of putting light within a glass circle was completely new. It transcended what was considered traditional and normal.

Thomas Edison’s invention of the light bulb was an invention that created a revolution. It changed our way of living, the time span of our days, and our initial thoughts on electricity. Today, the light bulb is as ordinary as anything else.

Many debate the meaning of creativity and whether its existence is prevalent in today’s society. This is because creativity is not measurable but purely subjective. It is unique to every individual and comes in many different forms. Therefore, many struggle to recognize the importance of creativity because they fail to recognize it in all its forms.

So, how do you, as a business owner, use creativity? Do you even consider yourself to be creative?

If you don’t consider yourself very creative, I can guarantee you that you are. You see, you don’t have to invent the lightbulb, be an artist, or write narratives to be creative. This is where little “c” creativity comes into play.

Little “c” creativity is found in nearly all people. It is those daily mini innovations that create an idea that is novel or useful. This type of creativity effects few people.

A more formal definition is provided by the American Psychological Association. They suggest that “little “c” creativity, which is often used as an indicator of mental health, includes everyday problem-solving and the ability to adapt to change.”

Examples of little “c” creativity are:

Those days in college when you created an impromptu meal from just the few ingredients you had on hand
Maybe it was some decoration you put together for a birthday party
It might have been the creation of toys for your dogs out of old t-shirts
Throwing together an outfit from the wardrobe in your closet to create the look your wanting

The options are limitless when it comes to little “c” creativity.

However, big “C” creativity is more selective. Great examples of this would be the invention of the cell phone, Martin Luther King’s “I Have a Dream” speech, when the Wright brothers invented the airplane, and the creation of the computer.

According to the American Psychological Association, big “C” creativity ” occurs when a person solves a problem or creates an object that has a major impact on how other people think, feel, and live their lives.”

So, why is creativity important to you as a business owner?

Earlier, I asked if you, as a small business owner, use creativity. In some of my other blogs, I talked about benchmarking and the customer decision process. In both of these, I suggested using ideas that are outside of the box or creative.

A specific example from benchmarking pertained to looking at ways to improve a mechanic shop by comparing it to a coffee shop. Perhaps providing WiFi in the waiting room would make customers more comfortable while they wait for their cars to be finished. It may make them want to come to your shop rather than your competitors at the end of the day.

Using creativity in business sets you apart from others and helps you problem solve. Creativity can be used to develop ways to draw more customers in and create a sustainable competitive advantage. Maybe it could even save your business. It doesn’t have to be a completely new invention or idea. It can be a modification or new application of something already done by another business.

Today in marketing class, we discussed some of the things Toys “R” Us could have done to save their business. We agreed, as a class, that if it were to be made more of a “destination” perhaps it could last longer. Some of the ideas included making the store more interactive and hands on. Kids could come in and play with some of the toys and find the ones they liked. Another novel idea would be to have events like Lego building contests and maybe even a mascot kids could come and see.

All of these ideas were developed using creative thinking. Students noticed what other businesses were doing and tweaked it so Toys “R” Us could potentially use it.

At the end of the day, you as a business owner could choose to go with procedure to fix your problems. There is no risk in procedure, and we have seen other businesses do it so we know it works. However, this will not set your business apart from them. Whether you use the type of creativity that exists on a small daily basis (little “c” creativity) or you invent a completely new process of doing business (big “C” creativity), the risk you take by trying something new can make your business thrive.

Therefore, if you make a conscious effort to strategically employ creativity in your business decisions you might be surprised with the results.

Kansas SBDC March 8, 2018 Leave a Comment

Overstock Art

How do businesses grow? Very slowly, then all at once. David Sasson can tell you first-hand what it’s like to watch your business grow rapidly.

In 2002, David and Stacy Sasson opened overstockArt.com. In their own words, “It was a modest beginning. We were newly married and financing our start-up with a $5,000 loan from a local Wichita bank. As the sole employees operating out of our suburban Kansas home, our first art collection offered only a handful of unframed oil paintings for art lovers and decorators.”

The company grew quickly and within a couple of years relocated to a converted warehouse on the constantly busy Rock Road, just outside of Bradley Fair. By 2005, the company had a handful of employees
and stood on the verge of amazingly rapid growth.

Busy with growth David knew that to take the business to the next level he would need additional resources. So in 2016 he joined the SBA Emerging Leaders program to learn from peers, presenters, and mentors in the program. At the program, he met Alan Badgley, a small business advisor with the Kansas SBDC at Wichita State University (WSU).

Wichita State University on behalf of WSU Ventures, Kansas SBDC, and Kansas Procurement Technical Assistance Center is a co-sponsor of the program and provided Alan as an expert presenter on financial benchmarking. Identifying a need for analysis of profitability and cash flow, David began working with Alan as David progressed through the Emerging Leaders program.

For David it was a great connection. “We have seen five areas of improvement thanks to our advisor and work with the Kansas SBDC: 1. We found areas to cut cost and increase profitability; 2. We’ve increased our GM in both dollars and percentages; 3. We reduced our inventory; 4. We hired a B2B sales person to develop a B2B market focusing on hospitality; and 5. We’ve gotten financing offers from a bank but have chosen not take them at this point as our cash flow has improved.”

What’s been the most helpful to the Sassons as they continue to grow overstockart.com? David points to some of the key areas where the SBDC advising made a difference in his business. “First by analyzing our financials. Next, by comparing our performance to the industry. Third, by advising us from a financial perspective, for our areas of focus, and finally, helping us to present the impact of refinancing our debt to banks in a very clear way.”

Today, overstockArt.com is a successful art gallery. The company has over 20 employees on two continents and remains headquartered in Wichita, Kansas.

More about Overstock Art

Website: Overstock Art

Facebook: Overstock Art

Twitter: Overstock Art

Pinterest: Overstock Art

Instagram: Overstock Art

Kansas SBDC Advisor

Alan Badgley, WSU

How Kansas SBDC helped Overstock Art

Financial Analysis

Kansas SBDC March 5, 2018 Leave a Comment

Small Business News

Kansas SBDC March 3, 2018 Leave a Comment

KC Restoration

In 2011, LeAnn and Bill Luemmen launched KC Restoration LLC in Olathe, Kansas, soon after moving to Johnson County to seek a better education for their daughter.

With a new move, LeAnn and Bill also made significant transformations in their careers. LeAnn transitioned from elementary school teacher to CEO, while Bill transitioned from police captain to the COO of their new venture. Together, this husband and wife team built KC Restoration, which was established to fill a niche in refinishing metal, stone, and wood. Their work can be appreciated at large and notable commercial landmarks around the Kansas City area.

With the new location, new business, and new purpose, the Luemmens wanted to ensure that they would become employers that played a role in improving the lives of their employees.

The founders of KC Restoration and their professional staff have attended nearly every business seminar offered by the Kansas SBDC at Johnson County Community College (JCCC), and they have worked with many of the center’s business advisors. Early work centered on the classification of employees vs. independent contractors, marketing, search engine optimization and staff compensation levels. LeAnn says, “The SBDC has been excellent in educating us. We had no background in business and were new to the state, so we weren’t even sure of the right questions to ask. Kansas SBDC Advisor John Addessi suggested that I take the sales tax class, and the class addressed most of our questions about taxation in Kansas.”

KC Restoration is an active participant in Kansas SBDC’s GAME program (Growth through Action Measurement and Engagement) at JCCC. Recently, the GAME cohort focused on organization and staff development, which fit in perfectly with LeAnn and Bill’s goal of being exceptional employers. They epitomize Michael Gerber’s (the author of the E-Myth Revisited) philosophy of working on their business rather than in it.

While their service already satisfies a niche, they are increasingly becoming known nationwide as unique experts in patina, a special finish for metal. KC Restoration has been gaining attention in the region, and the company was recently celebrated as one of the KC Chamber of Commerce’s Top 10 Businesses of the Year, selected out of 1,600 nominations.

KC Restoration continues to grow through careful planning and continued collaboration with the Kansas SBDC. KC Restoration currently employs 11 fulltime and four part-time employees. In 2018, they were honored as one of the 25 outstanding businesses in the Kansas City region with under 25 employees.

The Kansas SBDC at JCCC is proud to work with such a determined, dedicated team of lifelong learners as they work toward a shining future.

More about KC Restoration

Website: KC Restoration
LinkedIn: KC RESTORATION, LLC
Pinterest: KC Restoration LLC
Twitter: @restoration_kc

Kansas SBDC Advisors

John Addessi, JCCC
Stephanie Landis, JCCC

How Kansas SBDC helped KC Restoration

Cash Flow Projections
Marketing Plan
ProfitCents Analysis

Kansas SBDC March 1, 2018 Leave a Comment

Bella Rose Boutique and Tanning Salon

As one business closes, does another open? For Lindsay Beyer the answer was, “Yes.”

In 2013 Lindsay Beyer noticed the local tanning salon was closing in Burlington, Kansas. She decided to purchase the business and open what would become Bella Rose Boutique and Tanning Salon LLC.
Lindsay knew that sales that were purely dependent upon the customers in a town of 2,600 would be challenging. So when she began developing her business model, she knew it would be critical to generate sales outside of the area. This would require a strong online store as well as a solid on the-ground store in Burlington.

To make this happen, Lindsay did her homework. “I knew that I wanted to run a business, but I also knew that it wouldn’t be easy for me, and that in order to do so, I needed to do my research and learn as much as I possibly could.” To get the ball rolling Lindsay attended a ‘SBDC Start Your Own Business Workshop’ taught by Lisa Brumbaugh, regional director for the Kansas SBDC at Emporia State University (ESU) and began meeting monthly with Tom Byler, who was at that time working as a business advisor with the Kansas SBDC at ESU. Tom is now the regional director for Kansas SBDC at Pittsburg State University (PSU).

At the workshop, Lindsay shared that she received a ton of information and admitted that she felt slightly overwhelmed. “I made a checklist, and completed the tasks I knew how to do. Tom helped me tremendously with the tasks I didn’t know how to do. He pointed me to the proper resources and made sure I got the information I needed to write an impressive business plan. I gathered information from bankers, insurance agents, accountants, and other helpful business owners. I learned how to research the market demographics, and one of the most important tools that I still use is the breakeven analysis.”

Along with Tom Byler, Lindsay now has support from Lisa Brumbaugh, regional director at the Kansas SBDC at ESU. “I can’t imagine opening a business without their assistance. We wouldn’t have made it very long.” Lindsay still uses breakeven analysis to make decisions on what she can spend and if/when/how she can pay herself.

Her experience with the Kansas SBDC put her in a position to succeed from the start. “You can’t start a business overnight. I was not prepared for how much research/ planning went in to opening our doors.”

What would Lindsay share with other businesses? “It’s easy to get overwhelmed, and tasks were much more manageable with the help of the Kansas SBDC. I felt like I had direction and always knew what needed to be done next in our planning period.”

With customers from across the U.S. from the online store, Bella Rose has found a model that works in small town Kansas and keeps the doors open.

In 2014 Lindsay opened Bella Rose. In October of 2016 she was recognized at the Young Entrepreneur of the Year by Kansas Department of Commerce at the 32nd Annual Minority and Women Business Awards.

More About Bella Rose Boutique and Tanning Salon

Website: Bella Rose Boutique and Tanning Salon
Twitter: @BellaRose307
Pinterest: bellarose307
Instagram: shopbellaroseboutique

Kansas SBDC Advisors

Lisa Brumbaugh, ESU
Tom Byler, PSU

How Kansas SBDC helped Bella Rose Boutique

Business Plan

Kansas SBDC February 1, 2018 Leave a Comment

Kansas SBDC FAQ

Kansas SBDC FAQ: Here are a few of our more popular frequently asked questions to get you started.

How can you help my business?

We can help in a variety of ways. The primary way we help is by working with you to find out what your needs are and helping you develop a strategy to reach your goals.

Some of the key reasons clients contact us for help include:

-Business plan assistance
-Financial projection development
-Financial analysis
-Cash flow analysis
-Marketing plan development
-Human resources
-Sources of capital and financing
-Product cost analysis and pricing
-Market research assistance
-Advertising strategies
-Selling to the government/procurement
-Investor assistance
-Patent process
-International trade
-Buying or selling a business
-Business valuation
-Continuity planning
-Cyber security
-Technology commercialization

How do I use your services?

Start by contacting the center nearest you. A map can be found next to this post or on our home page. Or signup online at https://ksbdc.ecenterdirect.com/signup.

Is there a charge for Kansas SBDC services?

No and Yes. No, Kansas SBDC advising services are provided at no cost to our clients. Workshops, seminars, and online training are offered at low-cost or no-cost to clients as well.

Yes, we do offer specialized fee-based consulting if you need something beyond general advising. We offer different levels of business valuations and continuity plans. To learn more contact your locale center.

Why do you provide advising at no cost? Why don’t you charge?

When the SBDC was established in 1983 the federal government decided that they would not charge for advising. Essentially since our government is funded by the taxpayer, they decided that taxpayers had really already paid for the service.

Can I see a business advisor without an appointment?

We would suggest scheduling an appointment to meet with us. As a first time client there are some helpful forms you can complete before you meet with an advisor to make the most of your time together. Learn about how to become a Kansas SBDC client here.

Do I have to become a client to attend one of your online or in-person classes?

No, you don’t. Online classes as well as on-the-ground classes, workshops, and seminars are open to anyone that is interested in improving their business performance, starting a business or exploring a business idea.

However, we encourage you to take advantage of working with our team as a Kansas SBDC client.

How do I learn more about a class I might be interested in taking?

Visit our training site for a list of classes or visit the website of the center in your area.

Why don’t more people know about your services?

Because we’re a confidential service (Las Vegas rules apply) and we don’t talk about our clients without their permission, you won’t hear a lot about us. Plus, since we operate using taxpayer dollars we don’t spend money on advertising. We put all of our effort into delivering our service.

I already own a business. Can I still use the Kansas SBDC?

Yes. We encourage it. As of 2017, approximately half of the businesses we serve are already in business when they seek out our help. Our Kansas SBDC advisors have extensive experience and knowledge in many areas of business operations across a variety of industries. We can help with marketing, management, operations, expansion, cash flow analysis, inventory control, strategic planning, and pricing your products and services.

If your business meets the size standards of the SBA (typically less than 500 employees and less than $50 million in annual revenue), you’ll be able to access the no-cost and confidential business advising offered by the Kansas SBDC.

If your issue is outside the scope of your Kansas SBDC advisor’s expertise, the advisor will tap into a large network of business experts across the country to assist your company.

What if I’m interested in selling my business? Can you help with that?

Yes, we can. We have advisors that are certified in business valuation as well as advisors that can help you prepare to sell your business. We’ve helped many small businesses with successful transition and succession plans.

What if I’m interested in buying a business? Can you help with that?

Yes. We have advisors that can help you evaluate the existing business, your ideas, and the market so you can make an informed decision. Certified consultants can assist with a business valuation as well.

Does the Kansas SBDC loan money for my business startup?

The Kansas SBDC does not provide loan or grant money. However, we will assist you in developing your business plan and financial projections and identifying potential sources of capital. This is often the key to help you obtain additional capital. Additionally, Kansas SBDC advisors can often identify various non-traditional sources of capital to help your business.

Will a Kansas SBDC advisor help me write a business plan?

The Kansas SBDC will provide resources and guidance in the process of writing your business plan. Many centers have accelerated business plan training courses that can help as well.

I can’t get away from work. Do you have any online help?

Yes. The Kansas SBDC can consult with you via email, phone, or video conferencing. Several online training classes are available for anyone that needs help in your business.

I’m concerned that people will know that I am working with the SBDC and lose confidence in my leadership. How confidential are your services?

Our services are highly confidential. ‘Las Vegas’ rules apply here. We can’t even confirm with your business partners if you are our client without your written permission.

How good are you?

Each year we survey our clients to find out if we’ve made a difference in their business. For 2016, our clients said we helped them do the following:

-Secure $79,303,029 in new capital
-Increase year-over-year sales by $117,898,869
-Create or retain 3,240 jobs
-Start 316 new businesses

According to the Kansas Dept of Revenue, Kansas SBDC clients consistently grow average annual sales at a pace much faster than all of Kansas businesses. In 2016 our clients increased their annual sales by 30.9% while all Kansas businesses reported a sales increase of 6.6%.

According to the Kansas Dept of Labor, Kansas SBDC clients consistently grow average annual jobs at a pace much faster than all of Kansas businesses. In 2016 our clients increased their annual jobs by 21.4% versus all of Kansas businesses of 0.5%.

How do I find a center in my area?

Use the locator map on our home page or adjacent to this post.

How many Kansas SBDC locations are there?

We currently have eight regional centers. You can work with an advisor in your area or you may work with a team from across the state. Your primary advisor will help coordinate our team to best meet your needs.

How many businesses do you help each year?

We work with approximately 2,500 small business clients each year.

Since we began tracking impact in 2002, we have helped small businesses across the state. Through no cost one-on-one advising, training, and education, we have helped 36,732 clients:

-Start 4,408 small businesses
-Create 20,856 new jobs
-Retain more than 18,840 jobs
-Generate more than $956,000,000 in equity injection or debt financing to start and expand their businesses
-Increase year-over-year sales by more than $1,224,000,000

From 2002 – 2016 we helped small businesses through training:

-provided more than 225,177 hours of -training held 7,982 training events
-assisted more than 68,708 small business owners and others through workshops, seminars, and training events

What if I refer someone to you? How will I know that you’ve helped them?

You won’t unless they share that information with you. Our services are highly confidential. Confidentiality eliminates a big barrier for small businesses, entrepreneurs, startups, and innovators that want to test their ideas in a protected environment.

Who do you work with?

The Kansas SBDC network partners with many players across the economic landscape including Chambers of Commerce, economic development professionals, universities, community colleges, and lending institutions as well as federal, state, and local governments.

The goal of the Kansas SBDC is to work with all players interested in supporting entrepreneurship in our communities; because of this, we excel at providing a comprehensive service through many important partnerships.

You say that you help small businesses, and small businesses are important to the economy. What kind of impact do you have in Kansas?

A huge impact. For every $1 that was invested in 2016 by the state and federal governments as well as our local funding partners, we returned $25.20 to the tax base.

How? By helping our clients increase sales more sales tax was paid. By helping our clients grow to hire more employees more federal and state employment tax was paid.

We know this information is accurate because each year we measure our impact by asking our clients directly how we’ve helped their business through a third-party objective external survey firm.

Do your centers have contact information for local attorneys and accountants?

Yes, each office does their best to maintain a local list of contacts for attorneys and accountants and other for-profits that work with small business. We also keep a list of other resource contacts that you may need on hand.

What if I have more questions?

Contact one of our locations or email info@ksbdc.net. We’ll be happy to help.

Kansas SBDC July 28, 2014 Leave a Comment

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Fixed, Growth, and Entrepreneurial Mindsets

Have you ever stopped to consider what mindset you have?

So what are these mindsets and which one is the most beneficial?

Big “C” and little “c” creativity

Dictionary.com defines creativity as “the ability to transcend traditional ideas, rules, patterns, relationships, or the like, and to create meaningful new ideas, forms, methods, and interpretations.”

So, why is creativity important to you as a business owner?

Overstock Art

How do businesses grow? Very slowly, then all at once. David Sasson can tell you first-hand what it’s like to watch your business grow rapidly.

More about Overstock Art

Kansas SBDC Advisor

How Kansas SBDC helped Overstock Art

Small Business News

KC Restoration

In 2011, LeAnn and Bill Luemmen launched KC Restoration LLC in Olathe, Kansas, soon after moving to Johnson County to seek a better education for their daughter.

More about KC Restoration

Kansas SBDC Advisors

How Kansas SBDC helped KC Restoration

Bella Rose Boutique and Tanning Salon

As one business closes, does another open? For Lindsay Beyer the answer was, “Yes.”

More About Bella Rose Boutique and Tanning Salon

Kansas SBDC Advisors

How Kansas SBDC helped Bella Rose Boutique

Kansas SBDC FAQ

Kansas SBDC FAQ: Here are a few of our more popular frequently asked questions to get you started.

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