| Financial advisors often find themselves | | | | |
| consulting to successful entrepreneurs about | | | | Investors and inventors find value in a |
| how to continue to grow their assets after | | | | flooring company start-up. |
| the business has been sold or taken over | | | | |
| through a carefully planned succession | | | | An environmental product company breaks past |
| strategy. But developing a small business | | | | the $15 million mark with a new product. |
| (defined here as having less than $50 million | | | | |
| in annual revenues) is not so simple.After | | | | An ornithology hobby becomes a successful |
| the initial burst of business success and | | | | business venture. |
| survival in the first three years, many small | | | | |
| businesses encounter struggles that can leave | | | | An outdoor equipment manufacturer finds a |
| them feeling isolated. What can assist a | | | | potential acquisition. |
| 30-year old consulting firm whose personal | | | | |
| presence and paper products face a changing | | | | Customer purchase decisions and perceptions |
| world of electronic presence and high travel | | | | are revealed to a manufacturer. |
| costs by helping them with development of | | | | |
| electronic products? What can encourage a | | | | An automotive aftermarket tool gains |
| small playground equipment manufacturer to | | | | distribution outlets across the U.S. |
| move from $1 million to $2 then $5 million in | | | | |
| annual revenues by helping her with facility | | | | A "hot" tool is offered to the propane and |
| expansion issues? What can help a successful | | | | plumbing industries.Part of the success of |
| cookie baker beat the competition through | | | | these entrepreneurs and a couple of hundred |
| strategic partners, cause marketing and high | | | | thousand others is due to the one-on-one |
| tech kitchen equipment?Small Business | | | | relationship of these advisors with their |
| Development Centers can.According to the | | | | entrepreneurial clients. Developing business |
| Small Business Administration these SBDC's | | | | plans, wading through loan applications, |
| gave face-to-face help to more than 247,000 | | | | securing critical market research, exploring |
| clients last year. A treasury of business | | | | product design options, identifying a lasting |
| answers lies waiting and ready to assist at | | | | competitive edge---these are typical of the |
| 1,100 top colleges and universities across | | | | services that SBDC's can provide to the |
| the United States, according to the SBA. | | | | entrepreneur.These services are nothing to be |
| These centers are funded by a combination of | | | | sneezed at. In another state, South Carolina, |
| federal, state and local government monies as | | | | the economic impact on the state's economy in |
| well as with private sector dollars.Here are | | | | 2005 alone was $86 million, resulting in a |
| just few examples from the State of | | | | return on investment of $121.11 for every |
| Wisconsin. The University of Wisconsin at | | | | dollar of state funding, according to |
| Whitewater hosts a Small Business Development | | | | Regional Director Jill Burroughs as quoted in |
| Center at Its email is This center is | | | | the Greenville News. Further explaining the |
| also affiliated with the Wisconsin Innovation | | | | power of the program, Burroughs said that |
| Service Center, that "takes pride in an | | | | breaks down to $45.7 million in capital |
| extremely high rate of client | | | | formation, 1038 jobs created, nearly $25 |
| satisfaction...nearly 75% of clients have | | | | million in wages paid, $869,000 in additional |
| been referred by former clients and | | | | sales taxes and $15 million in contracts |
| professionals. The Wisconsin Innovation | | | | awarded to 381 businesses.SBDC's are located |
| Service Center charges an "affordable fee" to | | | | in all 50 states, the District of Columbia, |
| provide companies with enough information for | | | | Guam, Puerto Rico, Samoa and the US Virgin |
| improved product and market development | | | | Islands. If you conservatively cut the impact |
| decisions.A few diverse examples of this | | | | of South Carolina in half and multiplied by |
| university-related treasury of successes | | | | the 50 states, you would have a $2.1 BILLION |
| include these:A local gardener gained | | | | impact.This is a powerful treasury of real |
| international attention for a unique | | | | riches that spills over to the rest of the |
| gardening tool. | | | | economy from the struggles of entrepreneurs |
| | | | who refused to let their dreams be defeated |
| An innovative drywall finishing product | | | | by the obstacles they encountered. They got |
| offers significant benefits over competition. | | | | help.By Simone J. Nathan, author of "Going |
| | | | for Gold After 50: An Illustrated Guide to |
| A new product helps a honey producer grow. | | | | High Probability Investing," and Managing |
| | | | Partner of GA50, Inc., founded to increase |
| A business in the electrical equipment | | | | savings sensibility and add quality to |
| industry finds new customer segments. | | | | longevity. |