America’s SBDC Blog

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5 Pieces of Advice for Entrepreneurial MBAs

June 28, 2013

For entrepreneurs, business school presents a unique set of choices and opportunities that can drastically alter a founder’s chance of success — for better or worse.

I founded Troop ID while I was an MBA candidate at Harvard Business School in February of 2010. And while today we employ 17 people and sign up nearly 1,000 new members daily, our path to success would have been much swifter had I leveraged the resources at my fingertips while in business school.

Here are 5 of my top lessons — many of them learned the hard way — for other MBAs considering entrepreneurship:

1. Research vesting carefully.

If you have a co-founder, then you will inevitably face a choice about how to split ownership of the company. Initially, this will seem simple: 50/50. But what happens when your co-founder – comparing his ramen noodle diet to the average starting salary of your MBA graduating class — decides to take a high-paying corporate job several months later and wants to remain an equal owner? (more…)

Do You Trust Your Employees to Work Remotely?

June 26, 2013 1 Comment

Yahoo’s Marissa Mayer unleashed a firestorm of commentary throughout the business world with her recent announcement that remote working was off the table for the tech company’s staffers, who will now be expected to show up in the office every day.

The move goes against the grain at a time when everybody from the federal government to tech startups is embracing the flexibility and cost savings of working remotely.

As someone who initiated working remotely for my team back when I was an employee, I’ve got a lot of experience with what works – and what doesn’t.

At bottom, the work-at-home issue all comes down to trust. In a recent Regus poll of more than 24,000 global workers, a whopping 88 percent say that managers need to be more accepting of flexible work arrangements, and 85 percent feel their bosses need to show more trust in remote employees. (more…)

What Are Some Ways To Obtain Funding For Your Startup

June 24, 2013

While crowd-funding sites have opened the door for many entrepreneurs that otherwise couldn’t obtain outside financing, it’s still not the best option for everyone. This would apply to entrepreneurs with a highly confidential business model. However, you shouldn’t always consider the absolute worst case scenario when sharing your ideas with others. A crowd-funding site may provide you with instant market feedback that you may not gain from an individual investor or a consortium of angel investors. So, what are your other options?

Explore Angel Networks

Have you reached out to accredited investors in the angel community? Nowadays, there are many online angel communities such as AngelList and Gust that provide early stage companies with immediate access to accredited investors and vice versa. (more…)

How to Avoid SEO Scams

June 21, 2013

If you own a website, chances are, you have been contacted by one of these idiots. They call every month promising the “number one spot” on Google! They tell you that your site is not showing up in searches… and THEY can help (for a small price). Before you sign up for their GUARANTEED RESULTS, watch this video. Warning: Signing up with the wrong company can cause Google to DE-LIST your site completely!

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Eric Spellmann continues to be one of the highest rated speakers at our national America’s SBDC conferences.  His unique view that small business websites should “do” something pushes against the standard “online pamphlet” view of most web design companies.  He believes your customer’s websites should be driving qualified leads and sales on a weekly basis.  Eric speaks at a number of other national and state conferences nationwide, but enjoys running one of the most successful web design companies in the country.  He truly believes in the SBDC mission as it helped him start his own company many years ago.  To contact him, visit his website at EricSpellmann.com.

5 Tips To Improve Your Credit Score Now For Better Business Loans

June 21, 2013
By Nicole Russo, Marketing Director

Credit scores, including credit history, are one of the primary factors in obtaining the best SBA loan offers and terms. Every small business can benefit from tips to improve credit scores.

While a new business has no alternative but to rely on the personal credit score of the owner, it is good practice to build a business credit score as quickly as possible. Business credit is comprised of rent or mortgage payment history, tax payments, equipment financing, credit cards in the business name and any other related credit payments. Businesses need a tax EIN in order to build credit, and can also apply for a Dun & Bradstreet DUNS number.

A Commercial Credit Score (CCS) through Dun & Bradstreet is used by banks and lenders to determine the likelihood of a business paying its obligations on time. The score ranges from 101 to 670, with 670 being the highest score. (more…)