10 July 2010

Essay Questions for Entrepreneurs

What do women and minorities that start a business need to do to use their "women and minority" ownership status? Is it automatic to be recognized as a "women or minority" owned business, if not why not?

No, it is not ‘automatic’ for a business, any business, proprietor, franchises or corporations, to be recognized as a women or minority owned business. Reason is that there are both FEDERAL and STATE requirements to be labeled with this distinction. To use this distinction without obtaining the correct certification could be ‘FALSE ADVERTISING’ and lead to a host of problems for the business owner.

The benefit to being ‘certified’ as a minority /women owned business is that it 1) opens up particular funding/grants available and 2) permits the certified business the privilege of bidding under this criteria a local, county, state and federal levels for contracts (sell them supplies, be contractors).

According to MWBE.com, to be able to use their "women and minority" status, they first must go through a certification process in order to establish that the business is actually owned, operated and controlled by the applicants (who must meet their criteria). They then must complete an application which is then reviewed.
The owner must prove that they met the qualifications such as the owner must be able to run the business financially, at least 51% of employees must be women under SBA guidelines. Just because a woman is in the corporate driver’s seat, doesn't mean that she owns the company.
Both the SBA and SBI (small business institute) has information on businesses to help obtaining their certification.



How can you use your Primary Target description to influence your advertising, promotion and publicity?


The primary target’s characteristics are the Criteria to use for selecting all promotion, advertising, communication style and design. This means that that no sentence is written and not an advertisement or promotion is planned, without first considering the characteristics of the profile. For example, if your business is a Wedding Consultant, you would want to advertise in bridal magazines, high end department store flyers, photographers etc... rather than advertise in flyers that might reach the general public such as Target or Wal Mart.
As a business owner, you need to reach just Your Customers. Every dollar spent on advertising that ‘overshoots’ the target is wasted CASH!




How can a start up business use their state’s Workforce Commission? (in Texas this is the Texas Workforce Commission).
* Post a Job
* Unemployment, Labor Law and Appeals Information
* Tax Information and Transactions
* Shared Work Unemployment Compensation Plan
* Job Market and Economic Data
* Laws and Requirements for Employers
* Civil Rights and Discrimination
* Employee Training Programs and Funding