September 2013 Newsletter

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What Makes A Good Entrepreneur? Entrepreneurs are all different. No one gender, age, education level or ethnicity has a particular advantage. But certain personalities do make a difference. By looking at the profile of successful entrepreneurs, you can assess your strengths against theirs. Many entrepreneurs exhibit the following characteristics:  Passionate  Persistent  Creative  Innovative  Self-confident  Independent  Self-reliant  Willingness to Work Hard  Willingness to Accept Challenges

UPCOMING CLASSES AND OPPORTUNITIES
Excel 1: Basics for Business Tuesday October 8th, 12:00pm-2:00pm Excel 2: Charts & Graphs Tuesday October 15th, 12:00pm-2:00pm Excel 3: Formulas, Functions, Formatting Tues. Oct. 22nd, 12pm-2pm Excel 4: Simple Macros Tuesday October 29, 12:00pm-2:00pm

The Monthly Hatchling
The Official Newsletter of the UBC
September Issue (9-2013)
Inside this issue: How Well Trained Are You? - P.1

QuickBooks Basics INTENSIVE: Friday October 4th, 8:30am-5pm QuickBooks Basics RELAXED: Mon, Tues, Wed Oct. 28-30, 3pm-5:30pm QuickBooks Payroll INTENSIVE: Friday November 8 , 9:00am-2:00pm Contractor’s Licenses Test Preparation: October 21-25th, 5:00pm-9:00pm
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UBC SEPTEMBER CALENDAR
9/2 9/3 9/4 9/11 9/12 9/16 9/17 9/18 9/19 9/23 9/24 9/24 9/25 9/26 9/28 UBC Closed (Labor Day) Open World Meeting Umpqua Valley Winegrowers Assoc. LEAN Partnership Meeting Umpqua Basin Economic Alliance The Partnership Board Meeting ODOT – Rail Planning Meeting Roseburg Angel Investment Network Smokin’ Friday BBQ Meeting Wicks-Emmett Meeting Partnership Marketing Meeting UBC Board Meeting Roseburg Angel Investment Network Umpqua Basin Economic Alliance Smokin’ Friday BBQ Meeting

Fast Road to Entrepreneurial Success - P.2 Business Plan: Your Map to Success Business Predictions… - P.3 - P.4

FREE WORKSHOPS
1st Steps to Stating Business: Friday October 18th, 1:00pm-3:00pm 1st Steps to Stating Business: Friday November 8th, 1:00pm-3:00pm 1 Steps to Stating Business: Friday December 6th, 1:00pm-3:00pm
All workshops are located at the Umpqua Business Center. To Register, please call 541-440-7662 or 541-440-7824
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BUILDING A STRONGER DOUGLAS COUNTY, ONE ENTREPRENEUR AT A TIME….. BOARD OF DIRECTORS
Rick Coen, Chairman Pete Bober , Vice Chair Debbie Fromdahl, Treasurer Rene Toman, Exec. Director Ron Doan, Past Chair Alex Campbell Betty Tamm Dan Courtney Joe Olson Kelly Morgan

H OW WELL TRAINED ARE YOU TO OPERATE YOUR SMALL BUSINESS ?

By Bob Hillis

THE MONTHLY HATCHLING – SEPTEMBER ISSUE 9-2013

“The Perfect Pitch” Training The following trainings will be provided to assist aspiring local entrepreneurs and companies prepare for and compete for funding in the 2013 Roseburg Angel Investment Network (RAIN) Business Plan Competition coming up in November. John Lee of Folium Partners will give "The Perfect Pitch" training. This is geared toward entrepreneurs and other business managers who need to sell their ideas to an audience and then to ask for funding. Saturday, October 26th 9:00AM Umpqua Business Center Roseburg Angel Investment Network Upcoming Competitions Launch Stage: RAIN is calling for the best and brightest early stage companies to compete for an estimated $150,000 seed capital investment. Applicants should be companies with growth potential, evidence of a market, proof of concept/prototype, and be based in Oregon. Firms must be willing to give up a portion of equity for investment. The final deadline is September 9th. Wednesday, November 13th Danny Lang Center, UCC Concept Stage: Not ready for the launch stage competition, consider the concept stage! The prize includes $5,000, including a cash grant of at least $2000, six months of tenancy at the UBC, and discounted professional services. The application process is similar to the launch stage application; however the winner will be selected by popular vote of attendees. The final deadline is September 9th. Wednesday, November 13th Danny Lang Center, UCC

Lance Colley Mark Bilton-Smith Mickey Beach Monte Mendenhall Penny Tannlund Perry Murray Rena Langston Scott Henry Susan Buell Susan Morgan Wayne Luzier

New business owners often begin their careers as employees working for someone else. This qualifies them for training their peers and gives them excellent insight into “how to do it better,” but this skill set isn’t all that is needed to operate a successful small business. The successful small business owner has to be a generalist. In addition to technical skills, the small business owner needs to have skills in marketing, human resources, financial analysis, property management, time management, strategic planning and product pricing and costing to list just a few. These skills are required, to some degree, to operate in the highly competitive global market that all businesses are subject to. Day-to-day activities of a small business owner usually gravitate to their comfort zone, or what they know and like to do. They usually feel more comfortable working face-to-face and satisfying their customer’s most immediate needs than they do planning for the next season, or doing any kind of product or service cost analysis. The balance of providing that excellent “local” customer service has to be tempered with longer term overall business management disciplines. The most important of which is to ensure that the small business has the necessary cash flow and contribution margins to survive and be able to provide those exceptional, personal, local touch services long-term. Umpqua Community College’s Small Business Development Center offers the Small Business Management Program to aid in continuous business owner training. This program is uniquely different from traditional educational curriculum in that the small business operator’s own business becomes his/her textbook and laboratory. The program offers a series of relative workshops with a variety of professional presenters in a classroom setting, one-to-one coaching is received from a professional business adviser and networking with other business owners with one goal: to make your business more successful. This very popular limited enrollment program begins in October with once monthly evening workshops. Conveniently scheduled monthly business advising appointments, either at your place of business or at the Umpqua Business Center, is also part of the program.
Bob Hillis is the Small Business Management Program coordinator and is one of six business advisers for the Small Business Development Center located at the Umpqua Business Center, 522 S.E. Washington Ave., Roseburg. Enrolling in the Small Business Management Program and free advice on business planning, financial analysis, management strategies, record keeping, customer service and marketing is available by calling 541- 440-7824.

“The size of your success is measured by the strength of your desire; the size of your dream; and how you handle disappointment along the way.” -Robert Kiyosaki
522 SE WASHINGTON AVE. ROSEBURG, OREGON 97470

(541) 440-0995
UMPQUABUSINESS.COM

Four Roles to Improve Your Team’s Collaboration
By Lee Colan, Inc.com LEAD the Team. This role is the person ultimately responsible for the completion of a project or task, and the one who delegates work. There must be only one lead specified per project or task, and s/he is the one who makes final decisions after considering input from others. DO the Work. People with this role directly perform the tasks assigned by the lead. Others can be delegated to assist in doing the work. Performers seek input from subject matter experts. SHARE Expertise. In a consulting role are those whose opinions are sought, typically subject matter experts. There must be two-way communication between the performers and experts about best practices and alternative approaches. Get INFORMED. The final role belongs to anyone who is kept up-todate on progress, often only on completion of milestones. Here, communication is just one way. Clearly communicate and agree to these roles before you begin any project or initiative. Keep it simple and your effective collaboration will generate fast results!

From The Desk of the Director…
Purchasing a business is the quickest and fastest road to entrepreneurship. Instead of spending time pre-planning and starting a business, you will have in your hands a business that may have already proven viable. An existing business may come with a solid customer base, supplier relationships, and even a well-developed brand. This is the best option for you if you are looking for fewer hassles and fewer mistakes compared to starting a business from the ground up. As you begin your hunt for the perfect company, consider starting close to home. For instance, if you're currently employed by a small business you like, find out if the present owner would consider selling. Or, ask business associates and friends for leads on similar businesses that may be on the market. Many of the best business opportunities surface by word of mouth -and are snapped up before their owners ever list them for sale. The most challenging aspect of buying a business is often the process of setting the price. This practice is often fraught with emotions and conflicts, as both the seller and buyer have different ideas of what the business is worth. The party most prepared with an assessment of the business’ value will have the upper hand during the negotiation process. While there are no hard-and-fast rules in setting the price of a business, certain factors figure prominently into its computation. The first one is the prevailing economic condition: meaning that the price of a business most usually goes up during a growth period, but decreases during times of recession or slow growth. Another factor is the reason why the seller wants out and how bad he or she wants to sell the business.
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A BUSINESS PLAN: YOUR MAP TO SUCCESS
Only 19% of small business owners are reported to use business planning. In addition, interestingly enough, 20% of new start-up small businesses survive at the end of each year. Coincidence? Business planning doesn't guarantee success. However, most people wouldn't think of building a house without a set of building plans. Without a building plan, it is doubtful your foundation would be adequate, you might forget key parts of the plumbing, and your kitchen might end up where your bathroom should be. The same situation will most likely happen if you don't create a business plan. While you might think that you can keep everything in your head, your results are likely to be disappointing and lacking. The business plan process helps you think through all parts of your business, aids you in establishing a solid found ation, and puts you in a good position for business growth. The parts of the business plan that you can't do or are difficult for you, are the areas where you need professional help. A plumber building his own house hires experts in roofing and other unknown areas. You likewise, need to approach your business in the same manner. The UCC Small Business Development Center housed at the Umpqua Business Center offers workshops, online courses, expert advising and professional resources to help entrepreneurs and small business owners thrive. A smart first step is a no-cost confidential meeting with one of their knowledgeable business advisors.

A seller who wants to sell the business as fast as he possibly can is more likely to accept a discounted price. A word of warning however, it’s not wise to show how badly you want to buy the business as the seller can leverage this significant information against you during the subsequent negotiations. Determining the value of a business is more of an art than a science: it is not precise. Several methods commonly used in calculating the value of a small business are the following: 1. Multiplier or Market Valuation This method calculates the value of a small business by using an “industry average” or rule-of-thumb sales figure as a multiplier. You can use average monthly gross sales, monthly gross sales plus inventory or after tax profits of comparable businesses in the industry. To determine the multiplier of the industry of the business you’re buying, contact your trade association or consult the services of a commercial business appraiser. 2. Asset Valuation Some businesses are worth no more than the value of their tangible assets. If a company is asset-intensive, such as you find with most retail businesses and manufacturing companies, you can use the asset valuation method. This is a particularly good method to use if the business is losing money or paying the owner(s) less in total than fair market compensation. The goal of the seller in using this approach is to get the very best possible price for their equipment, the inventory, and any other assets of the business.

3. Capitalized Earnings This method of valuation is suitable for service companies and other non-asset intensive businesses. This method places no value on fixed assets such as the equipment, and takes into account a greater number of intangibles. This valuation method is best used for nonasset intensive businesses like service companies. 4. Intangible Value Some businesses, particularly those that are not asset-intensive, may be harder to quantify. Service companies and dot-coms are examples of certain small businesses where this kind of valuation may work. In many cases, this involves measuring the overall “goodwill” or psychological value of a business, rather than its financial value. For example, the valuation of an executive recruiting company may use the cost of recruiting executives and use that calculation to determine possible savings it will give to the buying company. The worth, therefore, of the executive recruiting firm is not in its overhead systems (e.g. offices, phones, computers) but in its Image Credit: Facebook/Founders & Funders intrinsic value. 5. Return on Investment The most common form of determining the value of a business is through its return on investment, or the amount of money the buyer will realize compared to the performance of the business. Industry experts define a good buy if the business can provide you with a return on your cash investment of 15 percent or more.

BUSINESS PREDICTIONS…
Two Out of Five U.S. Workers will be Entrepreneurs – Today there are 120-million workers in the workforce and 28-million small businesses. In excess of 22-million of those are small companies of one. Non-employer businesses are the fastest-growing category. Increasingly more workers will start and stay in their careers as entrepreneurs. Entrepreneurs Will Be Engineers – Mechanical and electrical machines have run our lives for the past 200 years, but from here on out software will run our lives. Individuals who can iteratively build software will increasingly become the model for entrepreneurs. The Office Will Be the New Class room – Completing University at 22 years old with $100K+ in debt and few job prospects is a broken model. Apprenticeships will replace the expectation of undergrad education, and classroom education will be sought while working. Employers will spend more time and resources to educate employees in the workplace and employees will select companies that allow for that experience. experience. The Most Critical Aspects of Business Will Always Get Done Face to Face – Many things will change, but what won’t change is our deepest need to connect with each other. Both technology and market conditions will continue to drastically reshape the business landscape of the last 500 years. As business grows, the rules change…but, regardless of those changes, the most important aspects of business will always be done in person.

To read more, check out the full article at: http://bit.ly/15devQY

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