By : Christina Reinwald
Source : http://bostonglobe.com
Category : Smalll Business Grant
Owners believe program helps increase sales, create positions
Kate Saliba, co-owner of Smudge Ink, a greeting card designer and printer, knew her small Charlestown business needed help competing in a crowded industry dominated by huge players such as Hallmark Cards Inc.
So Saliba last year turned to the StreetWise MBA program, an initiative by the Boston-based nonprofit Interise to provide management, marketing, and other business school level programs to small enterprises. Over several months, Saliba learned financial analysis, better human resource practices, and streamlined processing and shipping of orders.
The result: a 19 percent increase in sales last year, a projected 25 percent increase this year, and the hiring of three new employees.
Related
Video: Business owner talks about StreetWise MBA program
“The StreetWise program opened a door for me,’’ said Saliba, 36, who has co-owned Smudge Ink for nine years. “I needed to dedicate time on my business if I wanted it to grow in a strategic way, which sometimes can be the most difficult part.’’
The StreetWise MBA program aims to increase economic activity and opportunities for lower income communities by helping their small businesses succeed, grow, and create jobs. Since the program was launched in Boston in 2004, more than 1,200 small business owners nationwide have taken courses, with nearly 60 percent reporting revenue increases last year and about half adding full-time employees, according to an Interise survey.
All told, the businesses have created more than 500 jobs, according to Interise, which runs similar programs in 32 other cities.
“Part of the reason StreetWise is successful, is that the people who take the program really work it,’’ said Jean Hortsman, Interise’s chief executive. “You don’t join and sit or forget about the class. If you work it to its full potential, you will see your business be successful and prove they are resilient.’’
Owners of small businesses spend 100 hours in class and coursework and approximately $10,000 tuition for the nine-month program - a bargain compared with business school tuitions that can top $50,000 a year. Many StreetWise participants receive scholarships.
The StreetWise MBA follows the case study approach pioneered by Harvard Business School. But in this program, the cases studied come from the real world challenges and problems of the business owners in the program. The issues are discussed, analyzed, and addressed in classes. The end result is a three-year plan for the each of companies.
Dana Gonsal’s three-year plan included upgrading the services of his Boston shoeshine company. Now, he is looking to add massaging chairs and offer coffee to customers.
Gonsal founded Classic Shoeshine Valet Corp. 30 years ago, and operates in 11 locations, including prime spots at Logan International Airport and the Boston Convention and Exhibition Center. Through StreetWise, he was connected with a mentor, who helped him work through business issues, and other business owners with whom to share ideas.
The program helped him to decide to move one of his Logan shoeshine stations to serve customers who have already cleared security and are waiting for flights. Since Gonsal graduated from the StreetWise course in July, Classic Shoeshine has hired three more employees.
“It’s a different company and very different economic climate in 2011 from what it was in 1982,’’ said Gonsal. “Every owner needs to step back every three to five years, just to look at how the company is growing or not growing. If you want to grow, you need to step back and examine where the business is now and where it can go.’’
Taza Chocolate produces thousands of chocolate bars each month in its Somerville factory, but two years ago, cofounder Alex Whitmore was having difficulty managing the growth of the company, which doubled its employment.
Since Whitmore participated in the program in 2009, Taza has also doubled its revenues.
“We took part in the program because we needed help navigating that and met people going through similar situations who could help us,’’ Whitmore said. “The material in the curriculum is good, but the real value is making a lot of connections with local entrepreneurs.’’
Source : http://bostonglobe.com/business/2011/12/17/for-small-businesses-streetwise-mba-real-world-solution/4kZ0lUxfOrG2EjzN7dzp1N/story.html
Source : http://bostonglobe.com
Category : Smalll Business Grant
Owners believe program helps increase sales, create positions
Kate Saliba, co-owner of Smudge Ink, a greeting card designer and printer, knew her small Charlestown business needed help competing in a crowded industry dominated by huge players such as Hallmark Cards Inc.
So Saliba last year turned to the StreetWise MBA program, an initiative by the Boston-based nonprofit Interise to provide management, marketing, and other business school level programs to small enterprises. Over several months, Saliba learned financial analysis, better human resource practices, and streamlined processing and shipping of orders.
The result: a 19 percent increase in sales last year, a projected 25 percent increase this year, and the hiring of three new employees.
Related
Video: Business owner talks about StreetWise MBA program
“The StreetWise program opened a door for me,’’ said Saliba, 36, who has co-owned Smudge Ink for nine years. “I needed to dedicate time on my business if I wanted it to grow in a strategic way, which sometimes can be the most difficult part.’’
The StreetWise MBA program aims to increase economic activity and opportunities for lower income communities by helping their small businesses succeed, grow, and create jobs. Since the program was launched in Boston in 2004, more than 1,200 small business owners nationwide have taken courses, with nearly 60 percent reporting revenue increases last year and about half adding full-time employees, according to an Interise survey.
All told, the businesses have created more than 500 jobs, according to Interise, which runs similar programs in 32 other cities.
“Part of the reason StreetWise is successful, is that the people who take the program really work it,’’ said Jean Hortsman, Interise’s chief executive. “You don’t join and sit or forget about the class. If you work it to its full potential, you will see your business be successful and prove they are resilient.’’
Owners of small businesses spend 100 hours in class and coursework and approximately $10,000 tuition for the nine-month program - a bargain compared with business school tuitions that can top $50,000 a year. Many StreetWise participants receive scholarships.
The StreetWise MBA follows the case study approach pioneered by Harvard Business School. But in this program, the cases studied come from the real world challenges and problems of the business owners in the program. The issues are discussed, analyzed, and addressed in classes. The end result is a three-year plan for the each of companies.
Dana Gonsal’s three-year plan included upgrading the services of his Boston shoeshine company. Now, he is looking to add massaging chairs and offer coffee to customers.
Gonsal founded Classic Shoeshine Valet Corp. 30 years ago, and operates in 11 locations, including prime spots at Logan International Airport and the Boston Convention and Exhibition Center. Through StreetWise, he was connected with a mentor, who helped him work through business issues, and other business owners with whom to share ideas.
The program helped him to decide to move one of his Logan shoeshine stations to serve customers who have already cleared security and are waiting for flights. Since Gonsal graduated from the StreetWise course in July, Classic Shoeshine has hired three more employees.
“It’s a different company and very different economic climate in 2011 from what it was in 1982,’’ said Gonsal. “Every owner needs to step back every three to five years, just to look at how the company is growing or not growing. If you want to grow, you need to step back and examine where the business is now and where it can go.’’
Taza Chocolate produces thousands of chocolate bars each month in its Somerville factory, but two years ago, cofounder Alex Whitmore was having difficulty managing the growth of the company, which doubled its employment.
Since Whitmore participated in the program in 2009, Taza has also doubled its revenues.
“We took part in the program because we needed help navigating that and met people going through similar situations who could help us,’’ Whitmore said. “The material in the curriculum is good, but the real value is making a lot of connections with local entrepreneurs.’’
Source : http://bostonglobe.com/business/2011/12/17/for-small-businesses-streetwise-mba-real-world-solution/4kZ0lUxfOrG2EjzN7dzp1N/story.html
