Financial Opportunities for Small Businesses

Most businesses need financial opportunity assistance to help with expenses and startup cost when starting a business. Guy Kawasaki, the chief evangelist of Canva and brand ambassador for Mercedes Benz USA, stated about 30 million businesses are funded each year and about 3,000 businesses get funded in venture capital, but this decision to fund is made within the first 5, 10, or 15 seconds of the presentation. With this number of businesses receiving financial funding, a startup business must be aware where to obtain funding. One way to take advantage of such financial opportunities is through the National Community Investment Fund (NCIF). The NCIF is the largest investor with investments in 15% of all certified CDFI Banks, has $228 million of assets under management, and has $206 million in New Markets Tax Credit allocations.

Another way to receive funding is through the U.S. Economic Development Administration (EDA). The mission of the EDA is to promote innovation and competitiveness while preparing American regions for growth internationally. The economic regional office structure of the EDA consists of Seattle, Denver, Austin, Chicago, Atlanta, and Philadelphia. This federal government agency focus is on economic development and works with local economic development offices to make grant investments for an economic development strategy for eligible businesses.

In order to receive funding from the NCIF and/or the EDA, there are some requirements of a business applying for funding. Some of the qualifications of the NCIF to fund a business include:

·         Having effective organizational leadership

·         Showing substantial commitment to business in under served communities

·         Creating a strong financial and social returns expectation for all stakeholders and investors

·         Creating an expectation of providing liquidity within a reasonable time period, and

·         Aligning with NCIF’s mission and willing to work as mutual reinforcing partner.

The qualifications of the EDA include:

1.      Collaborative Regional Innovation

2.      Public/Private Partnerships

3.      National Strategic Priorities

4.      Global Competitiveness

5.      Environmentally-Sustainable Development, and

6.      Economically Distressed and Under Served Communities.

Other types of information available include 24 participating institutions, research and industry data information, case studies, and tools for economic development. The advantage to meeting these qualifications helps a business not only to service in the United States, but also globally. The disadvantage would involve a small business who did not envision expanding beyond the United States and have to restructure or seek funding from another source. 

Interview Blog - Entertainment

Jim Weigl is the founder and president of Virginia Toy & Novelty Company located in Virginia Beach, Virginia (866) 708-8697 and has been in business in over 15 years. The company is the designers, developers, and direct importers of novelty, glow in the dark, flashing light-up, and impulse merchandise for anyone interested but particularly for carnivals, amusement parks, drive-ins, businesses, etc. Jim is very passionate about what he does and is in current negotiations with SeaWorld and other major entertainment companies across the nation and the world. Jim is in constant negotiations with different people and businesses every day so I asked him a few questions regarding his negotiation style and different tactics that worked for him along the years.

Jim, you talk with a lot of important people in big positions in the entertainment industry. When a problem arises, how do you separate the person from the problem?

Wow Kenya. That’s a good question. To me it’s pretty simple to stay focused on the task at hand. Just the other day I met with a credit union who wanted to purchase some products from us as redemption items for their annual event downtown. They normally purchase from us every year and they always want a product that will light up the sky when it gets dark. Unfortunately this year the dynamics changed a little because there will be two other events going on that same day, the helicopter will not be in attendance to capture the event live on TV, and there will not be as many people as last year especially since its three week before Christmas. In addition, one of the items they purchased from us last year had poor battery life and people were complaining that it didn’t last as long as they expected. I could have mentioned that they should of only had the display items on and shift the blame, but I quickly addressed the issue of the battery life by briefly explaining how certain products generate more battery depending on the brightness, and refocused back on their original goal of having an item that really lights up the sky.

Sounds like they had a lot going on but you managed that well and kept them on task and interested in the current year’s event. So explain to me how you go about obtaining information from your clients so you know what items to recommend.

Ask questions. Sounds like you’re referring to objective criteria or something along that line. Since we started off with the credit union, let’s continue there. So I already knew that they spent $23,000 last year and had issues with the product’s battery life. When I go to these negotiations, I bring a few items with me to show them. I bring some items I know they will not want and I bring some items that I believe they can use and of the items from the previous year. While I am showing the products, I ask questions. Some questions I already know the answers to and some I do not. I always want the client to feel they are in control of the negotiation although ultimately I am in control, which is the reason I ask questions I already know the answer and bring products I know they won’t want. The questions I ask require a yes answer, so I want the client saying yes but also want them to think they are in control by showing products I know they do not want. After I showed them the items and asked questions, they began talking and I began listening. The more they talked among themselves, the more I listened. By listening I learned that attendance may be lowered this year and that there will be only one location to hand out the items compared to two locations in previous years. Also, I heard of budget cuts that could impact their decision on certain items and the quantity of items. Knowing these facts helped with the negotiation because it revealed their price point, the number of products needed for the event, and the quality of light needed to produce without losing battery life.

That is interesting information and did not think to present things I knew for sure would get denied while asking only yes answer questions. So what is your view on unethical or illegal tactics like “dirty tricks” to persuade a client to make a decision in your favor?

I did an interview last year with Inside Business, which is a business journal for Hampton Roads, Virginia, and a similar question was asked. I think the question asked something on the lines of what gets under my skin or something to that affect and my response was dishonest people. I started this business really on my living room floor and sacrificed a lot to get where I am today. I just do not tolerate dishonest people and if I notice one of those dirty tricks, I make sure I let the other party aware that I am on to them in a professional, non-evasive way. Once I acknowledge what is going on, they usually shift gears and get back to the interest of the meeting. I once met this guy who wanted to purchase one of our patented items in bulk, but wanted to sell it on eBay for a profit. I explained to him that we have a patented agreement and what you are trying to do is not worth the headache or trouble.

Business Storytellers

Monica Lewinsky, most notably known for the 1998 sex scandal with former President Bill Clinton, expressed her concern and feelings regarding cyberbullying, compassion and empathy towards the victims of bullying, and the increase of suicidal ideation related to bullying. Until recently, she was absent from the world because of humiliation and depression and expressed that was a time when digital electronics were new in that era and how it was used to publicly expose her love and relationship with the president. Due to such exposure and humiliation initiated by the media, Monica developed strong suicidal thoughts, which caused her mother to monitor everything she did including taking a shower with the door open. Ms. Lewinsky expressed how the culture today changed to a numbness of human humiliation, which personally allowed a different viewpoint regarding her situation compared to the initial exposure.

This lack of compassion and empathy has transpired all over the internet and is now a major problem in today’s society affecting 43% percent of teens aged 13 to 17. Monica shared a story of an 18-year-old college male who was secretly videotaped having sex with another male in his door room by his roommate who posted the video on YouTube. The result of the humiliation and comments from the students caused pain so great within the male that he jumped off the Golden Gate Bridge to his death. This type of behavior must stop but it must start with the attracting audience with taking a few simple steps to prevent the bullying. Some of the steps to prevent cyberbullying of victims include the following: know it is not your fault, do not respond or retaliate, save the evidence, tell the people to stop, reach out for help, use available tech tools, protect your accounts, and take action. Applying these steps to cyberbullying will help eliminate the cruel behavior, but also could prevent people from taking their life.

Suicide is growing among teens and needs and can be decreased greatly based on the actions of others and the compassion and empathy for the victim. To help identify someone who experiences suicidal ideation, here are a few tips to help out: 1) they write about wanting to die or kill oneself, 2) they write about feeling hopeless or having no reason to live, 3) they write about feeling trapped or in unbearable pain, 4) they write about being a burden to others, and 5) the write about seeking revenge. Acknowledging these signs of people will not only help you identify with suicidal ideation, but also will prompt you to seek help for the person experiencing the pain and help save a life in the process.    

The United States is perhaps one of the unhealthiest countries on the planet with millions of people suffering from all kinds of diseases including diabetes, obesity, food and mental disorders, and high cholesterol to name a few. March is an important month especially since it is National Nutrition Month, health and wellness needs to be the focal point towards living a healthier lifestyle. To expand on this concept towards a lifestyle change, consider the following topics as not only informational, but also educational and one-step closer to enjoying a much healthier life.

Children. Childhood obesity is a major concern in the United States with 16% of children ages 6-19 to be obese and that number grows rapidly every year. The effects of this massive epidemic causes serious health concerns for the children of the future and as they approach adulthood. Because of this ongoing disease, people are dying younger and younger every year instead of living up to the life expectancy projected from statistical data. Acknowledging this concern through a health and wellness program will help children who are obese to control their desire for food and pay more attention to their health. Obesity is not the only major concern of children in today’s society, diabetes is also affecting the youth of today. In a study of 11 to 17 year old children with diabetes, it showed a relation of health behavior especially with physical activity and eating habits compared to students who engaged in physical activity and less television and computer games. The study revealed that children who were more active in physical activity had a less chance of type 1 or 2 diabetes compared to children who less active. Addressing the issue through multiple nutritional values and activity that is more physical conducted in a health and wellness program will help more children live up to and exceeding their life expectancy through a healthier behavioral change.

Lifestyle. Changing a lifestyle is not acknowledging the disease that affects a life, but also the consumption of foods that contribute to the problem. In a study of 451 participants who practiced dietary intake of fastfoods, sugar-sweetened beverages, and snacks determined that the average male or female consumed an average of three times the recommended daily intake from these processed foods resulting in accelerated risk of obesity and hypertension. The wrong foods help contribute to these diseases and the multiple advertisements encouraging more consumption of these foods do not help. Incorporating a more staple diet with more nutrients and less calories will prove to separate a health and wellness company from a fast food chain through healthier eating. The vegan way of life is a solution to the overcompensated rush of processed foods and provides a healthier more staple diet without the associated diseases from fast food. A study revealed the benefits of a vegan athlete compared to a non-vegan athlete as showing higher oxygen intake, increased cardiac output under stress, and a higher anaerobic threshold. In addition, a vegan lifestyle change comes with no increased levels of disease such as diabetes, high cholesterol, or obesity. This lifestyle change is perfect for a health and wellness program and will show others not only how to get heathy through foods, but also educate others how to help others in the process.

Fitness. Making improvements to a lifestyle change involves preparing the body to react to the affections of food and disease through fitness. An estimated 60% of deaths in 2005 contributed to cancer, cardiovascular disease, chronic respiratory disease, and diabetes but through fitness such as yoga, the reduction of these diseases are great. In a study short and intense yoga training of 36 participants, yoga helped reduce body weight, reduced total cholesterol, and decreased waist and hip circumference. This acquisition of yoga would not only generate a solid client base interested in a healthier lifestyle, but would also help people in their quest physically. A far better and faster fitness activity involves running, which is an excellent way to maximize the health benefits of physical activity. Running provides greater results of 38% in men and 43% in women compared to other activities to reduce the use of medication for hypertension, high cholesterol, diabetes, and significantly lower body weight. The use of this physical activity in a health and wellness company would attract and attend to all ages.

Weight Loss Programs. Weight loss programs help individuals who struggle obtaining a healthier lifestyle on their own accord gain the confidence to become healthier eaters through instruction. Jenny Craig, one of the more famous weight loss programs, provides 1,200 to 1,500 calorie prepackaged entrees to provide a balance of carbohydrates, protein, and fat. The benefit of Jenny Craig involves up to an 8% reduction of body fat in six months compared to a regular weight loss consultation. The downfall of this product involves almost $15/day for meals, which can get quite expensive for the average consumer. On the other hand, Purium, is a 10-day transformation cleanse that produces results in just 10 days losing five to 20 pounds in that period and provides all the nutrients the body needs to survive and function. This amazing organic, green, vegan, healthy, superfood also helps people feel better, feel more energetic, and lose body fat much quicker but in a healthy way.  A cleanse helps the body to remove toxins incurred from the environment to remain healthy overtime. The addition of a product like Purium will show the benefit of detoxing in conjunction to the compliment it provides towards a disease free, healthy eating, physically fit lifestyle of a healthier life.