Success story: Galactic Fun Zone
Columbia's newest entertainment center offers a galaxy of fun with help from the MO SBTDC
When he wrote his senior capstone project at Mizzou, little did Lorenzo Williams dream that eventually it would be his ticket to the entrepreneurism zone.
To complete his degree in general agriculture at MU, Lorenzo focused his senior project on a business proposal. He unleashed his imagination to design a company compatible with his competitive background. Lorenzo developed a plan for a sports park and entertainment center filled with games, raceways and playing fields for energetic youths.
"The plan helped me earn my degree, but then all it did was stay filed away on my computer for a few years" recalls Williams, who worked part time during his college days.
That part-time work involved endless hours every week training, practicing and playing football for a boss named Gary Pinkel. Lorenzo was a defensive tackle for the Missouri Tigers from 2003 to 2007, and served as one of four team captains his senior year. While toiling in the trenches on Faurot Field, the Oklahoma native also made sure he finished his degree.
"I knew I would need that degree eventually. I just didn't think it would be as soon as it was," the beefy former lineman admits. He played pro football for two and half years with the Baltimore Ravens and the Carolina Panthers. After he left the Panthers in 2009 he came back to Columbia and waited two weeks, hoping for a phone call to return to camp.
The call didn't come. But Lorenzo didn't sit around and mope either. He started thinking about the business plan he wrote back in his college days.
Read this complete story with additional photos.
Intense two-day course set for January in Rolla
to offer valuable financial management training
for small business owners, managers, CPAs
Profit Mastery, a program designed to enhance the financial management skills of all business professionals, will be offered Jan. 13-14, on the Missouri S&T campus.
"With today's economy, it is essential all small and medium sized managers take this course to understand what they are looking at when they print their income statements, balance sheets and cash flow statements," says Barry White, director of the MS&T Small Business & Technology Development Center, which sponsors the program.
Are you a new entrepreneur that has a good or excellent business in sales but do not understand why there is not enough cash in your account to pay bills? Learn the answers to increase your cash and continue the growth that you are experiencing.
Are you a current owner of a small business who was operating in good times and things were working on auto pilot but when the economy slowed down you did not know when to act to change your expenses? Learn to react months earlier before you lose a lot of money.
Are you a CPA, accountant or tax attorney who has clients asking how to read the financials but do not really know how to explain them?
The two-day course is full of case studies to actually give real-life scenarios to determine break-even points; to use your income statement as a management tool; to understand the impacts of lowering or raising your prices, the volume of sales and the costs associated with your product or service.
You also will learn to project the income statement, develop a related cash budget, determine reliable financial forecasts, project the seasonality in your business, and apply management efficiencies to your forecast, according to Chris Shoemaker, MU Extension business development specialist. Shoemaker, a certified trainer of Profit Mastery, will shepard participants through the intense two-day workshop.
Sessions will run from 8:30 a.m. to 5:30 p.m., Jan 13-14, at the Havener Center on the MS&T campus in Rolla. Registration deadline is Jan. 4; cost is $395. CPAs will be eligible for 16 hours of CPE units upon successful completion of the training.
Class is limited: register online now
Evaluate all the factors before deciding if franchising is your path to business ownership
Many people considering business ownership are attracted to opening a franchise. They see franchising as an easy way to enter self-employment as the opportunity comes pre-packaged with a business model, processes and procedures, marketing and product already proven in the marketplace.
However, franchising is not for everyone. To begin to assess your fitness for franchise ownership, ask a few simple questions.
- Can I accept guidance and direction, or do I prefer to chart my own course?
- Can I give total commitment to a product or service not of my own design, and which I may perceive has some flaws?
- Can I accept that part of my profits must be paid to the franchiser?
Read the remaining factors and advice about opening a franchise.
Business going green
MU Pollution Prevention Program brings big cost savings to Missouri businesses in 2010
The University of Missouri's Environmental Assistance Center recently announced the results of this year's pollution prevention partnership with Missouri business and industry.
This has been the most successful year to date for the EAC's Pollution Prevention Program, a collaboration between the MU Extension Business Development Program and the College of Engineering. It matches engineering interns with companies and municipalities across Missouri to identify cost savings related to improved environmental performance.
"In a ten-week period, the interns identified more than $480,000 in environmental savings opportunities, pushing total savings for the program, which started in 2008, to nearly a million dollars," says Marie Steinwachs, EAC director. "The results show that the environmental and economic health of Missouri businesses and organizations is directly linked."
Learn more about MU's Pollution Prevention Program and impact.
SBA News
SBA implements higher maximum loan sizes made possible by Small Business Jobs Act
WASHINGTON, D.C. - In response to the Small Business Jobs Act, the SBA recently increased maximum sizes in several of its loan programs.
The changes are permanent for general small business loans under SBA's 7(a) guaranteed loan program, fixed asset loans through the 504 Certified Development Company program, Microloans, and International Trade, Export Working Capital and Export Express loans. A temporary increase for SBA Express loans is good for one year.
"Across the country, there are small businesses owners who are in a position to take that next step to grow and create jobs, and these larger loan sizes provide another tool to help them do just that," said Karen Mills, SBA administrator.
"Whether they're in the start-up phase and could use a microloan or are looking to take advantage of lower real estate prices and interest rates to buy a new building to expand, SBA loans can now be an even greater resource to help entrepreneurs and small business owners get the capital they need. Additionally, temporarily increasing the cap on SBA Express loans from $350,000 to $1 million will allow more small businesses to take advantage of the streamlined approval process for working lines of credit and other capital they need."
Under the Jobs Act provisions, SBA has permanently increased 7(a) and 504 limits from $2 million to $5 million, and for manufacturers and certain energy-related projects seeking 504 loans, to $5.5 million. The maximum for International Trade and Export Working Capital loans also has been increased from $2 million to $5 million.
SBA also permanently increased microloan limits from $35,000 to $50,000, helping larger entrepreneurs with start-up costs and small business owners in underserved communities. It also raised the limit on Export Express loans, from $250,000 to $500,000, and made the program permanent.
SBA Express loan limits have been temporarily raised from $350,000 to $1 million for one year. These loans offer a streamlined application process with reduced paperwork and approval often in a matter of days. Unlike traditional 7(a) loans, SBA Express loans carry a 50 percent guarantee and can be used as revolving lines of credit — to help restock inventories and support larger revenue sales — which are particularly critical for small businesses as they emerge out of the recession.
SBA growth capital program provides record $1.59 billion in financing for small businesses in FY '10
WASHINGTON, D.C. - At a time when capital was scarce for small businesses, financing from the U.S. Small Business Administration's growth capital program increased 23 percent in fiscal year 2010, providing a record $1.59 billion to help small businesses grow and create jobs, according to SBA Administrator Karen Mills.
FY 2010 volume is the highest single-year volume in the 50-year history of SBA's Small Business Investment Company debenture program. Increased volume in the program is in part a result of changes made by the American Recovery and Reinvestment Act of 2009. Those changes contributed to an increased number of new SBIC licenses, decreased license processing times, and initial capital to new funds rose dramatically.
"At a time when access to capital was tight, including from the traditional sources for growth capital, SBA helped fill some of that gap with a record amount of financing through our SBIC program," Mills said. "Across the country, there are small business owners and entrepreneurs who are well-positioned to take that next step, grow their business and create good-paying jobs. Our efforts to strengthen our program efficiency and increase funding available through the SBIC program has provided another critical tool to help these small businesses get the capital they need and drive economic growth."
The SBIC program was created to stimulate the growth of America's small businesses by supplementing the long-term debt and private-equity capital available to them. SBICs are privately-owned and managed investment firms that are licensed and regulated by SBA. SBICs use a combination of funds raised from private sources and money raised through the use of SBA guarantees to make equity and mezzanine capital investments in small businesses. There are more than 300 SBICs with more than $16 billion in capital under management.
Since the SBIC program's formation in 1958 through April 2009, it has invested approximately $56 billion in more than 100,000 small businesses in the United States. For more information about the SBA's Investment Division and SBIC program, go to www.sba.gov/INV or call 1-800-U ASK SBA.
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