Who Wants to Be a Millionaire?

Most of us do and some still want to do it the old fashioned way: by earning it. While game shows, personal injury lawsuits, and Reality TV offer a means to untold riches, for those who prefer hard work, self-discipline, personal risk, and relying on one's own ingenuity, starting a small business is still the way to go. And for those people, SCORE is there to help.

Formerly known as the Service Corps of Retired Executives, SCORE now refers to itself at "Counselors to America's Small Business," reflecting, according to SCORE Chicago administrator Dave Wood, "that its counselors, mentors, and instructors run the gamut from current business operators to semi-retired and retired business people who wish to share their experience."

Founded in 1964 by the Small Business Administration, SCORE now offers small business workshops and seminars and one-on-one counseling through 389 chapters around the USA. SCORE boasts that its volunteers have counseled 7.5 million entrepreneurs in more than 600 skill areas.

In addition to one-on-one in-person and online counseling, SCORE Chicago offers a full curriculum of business workshops in a variety of Chicago-area locations. Among the offerings are "Business Plans," "Basics of Importing," "Get Financing," and "Market Like a Guerrilla - Sell Like a Gorilla."

SCORE's nuts and bolts course is "Basics of Going Into Business." Offered on a monthly basis, this one-day workshop is jam-packed with information vital to new and prospective entrepreneurs. Students get an idea of what they're getting into from the big-city phone-book-sized folder that is handed out at the start and includes the course materials. Sample business plans are enclosed, along with spreadsheets for calculating prospective cash flow, an outline of possible legal entities for your business, plus tax guides, a booklet on managing risk, a guide to financing your venture, and more. One quickly gets the idea that becoming the next Donald Trump is going to take far more than a good idea!

The workshop proceeds at a breakneck pace. Speaker follows speaker, each a professional sharing his or her experience – ranging from embarrassing failures to glorious success.

Moderator Hendersen Feagin, a former president of a manufacturer of industrial refrigeration equipment, opens and asks perhaps the most important question of the day: "Are you ready to own your own business?" The answer to this seemingly obvious question is often not as obvious as the prospective businessperson might assume. It's easy to reply "I hate my job" and "I want to be my own boss," but once one examines the issue closely the answer is often not so clear.

The speaker breaks his broad question down into a series of more direction queries. "How well do you handle stress?" is one follow-up question. "Are you willing to take the risk" is another. Regardless of the answer, Feagin suggests you "Don't quit your day job!"

Other offshoot questions from the first include "What business will you go into?" and "Can you compete on price" and "How will you finance your business (and your rent or mortgage and other life expenses) for the time it takes to grow your business?"

The questions are not asked in a manner to discourage the entrepreneur. They are asked to get the future magnate to fully understand what they are getting into.

Attorney Brian Fons follows with a discussion on choosing a legal entity for your business. Not as sexy as deciding what we'll do with our first million, but knowing the difference between and S- and a C-Corp or a sole proprietorship and a LLC, and knowing which is best at your current stage of development are important questions to answer.

Larry Hyman continues with a primer on insurance. Let's face it – few topics require a caffeine fix more than insurance. But if you don't want to be facing bankruptcy following a fire, burglary, power outage, or illness, you better understand insurance.

"Cash is King!" is the message – in 72-point type, no less – on the handout offered by Frank Westover, a former Chief Financial Offer of a major Chicago company. This is no joke. Lack of capital is a major reason for businesses failing. Are you willing to drain your savings and max out your credit cards to finance your business? How about relatives and friends? Are they willing to lend to or invest in your company? Are banks or supplies willing to help you out? Is venture capital an option? Westover discusses the operating cycle of a merchandising concern to illustrate the problem of purchasing inventory that you might not be able to monetize for months.

After a break for lunch, Mike Sullivan, a member of the Entrepreneurship Hall of Fame, launches into a discussion on marketing and sales. He stresses LAPD – Lust, Ardor, Passion, and Desire. In essence, one markets oneself as much as the product or service. He also discusses "Guerilla Marketing", using unconventional and cost-effective techniques of marketing.

SCORE students run the gamut and include everyone from dance studio directors to construction companies. Diane G. Fisher, co-founder of Medtees.com, found the class "overwhelming - but well worthwhile." Her company, which produces humorous and irreverent medical-themed T-shirts is completing its first year in business and is "growing from the 'three engineers in a garage' stage into a true business." She adds that she and her partner are health care professionals with no business training and "SCORE personal tutoring is our next step in growing the business."

SCORE's "Basics of Going Into Business" workshops is a bit like taking a sip of water from a fire hydrant. A lot of information and ideas are tossed at you in a short burst of time. As a small business owner myself, I find the day highly motivating and stimulating. The data presented is valuable, but even more important is the understanding that we're not in this alone. We're not the first people to start businesses. There's no need to reinvent the wheel. Other entrepreneurs have trod this ground before. Not all have succeeded, but we can greatly enhance our chance of success by following certain fundamentals and staying focused on our project.

With a registration fee of $50-60, "SCORE's "Basics of Going Into Business" is probably a good investment for most people thinking of starting (or already operating) a small business. The Chicago Chapter of SCORE offers the class in multiple locations and with different speakers.

SCORE's free one-on-one counseling is also offered at 16 locations around in Chicago and the surrounding suburbs.

SCORE Chicago
Citicorp Center
SBA District Office
500 West Madison Street
Suite 1250
Chicago, Illinois 60661
312 353.7724
www.chicagoscore.org
(Visit website for other locations)

To learn more about SCORE activities in other cities visit the national site at www.score.org.

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