The purpose of my proposal is for CSUB to provide young Entrepreneurs with experts in the field by creating an advisory board to help them learn the skills needed to succeed as entrepreneurs. Summary California’s reliance on Small businesses has seen overall improvements in the past few years. The rate of growth has decreased from 2013 by 4.3% although it later increased in 2014 by 4.1%, increase by 2.1% in 2015, 3.3% in 2016, and 3.4% in 2017 according to sba.gov. California’s top exporters are small businesses and they are responsible for a total of 95.8% of California’s total exports in 2016. While Small businesses employs about 99.2% of California’s private workforce in 2012 which is about 6.5 million. Even though Small Business export about 95.8% of California’s total exports and employs 99.2% of the state’s private workforce it does not earn anything compared to the massive corporate businesses. Although California’s financial income relies heavily on gigantic corporates, the statistics clearly show the potential of small businesses. California does have a lot of Small businesses, a large percentage of these Small businesses do fail at a rate of 20% in their first year, 30% in their second year, and fail at a 50% rate after their fifth year. The main reason why it is such a high failure rate is that people enter into an Entrepreneur lifestyle without educating themselves first.
According to Georgia Mclntyre of Fundera.com, the four major reasons why a Small Business fails is lack of overall capital, lack of management skills, lack of business planning, and overly spending on marketing. Majority of these can be taught to someone, creating an Entrepreneur Advisory Board and allow access to CSUB students it would better equip them to face the harsh world of Entrepreneurship and lower the failure rate of Small Business. An Entrepreneurship Advisory Board at CSUB will be able to provide students with advice when it comes to starting, maintaining, and growing the business. Many skilled that seems to be missing from a large portion of Small Business owners can me caught to students so they are equipped their business field. The Entrepreneurship Advisory Board could have someone who is experienced in developing a business plan, this is important to make sure all financial situations that could arise are taken care of. An expert in budgeting would help young Entrepreneurs by sitting with them and creating a rough draft of their budget and teach them what to look for and what to put down in their budget.
Another Advisor can take care of getting the Student a Small Business Loan at a better rate than most banks could do. Since the lack of capital is the number one reason why Small Businesses close at 57%, this Advisor would be a great benefit to students seeking their services. For the Advisory Board to work properly, it will need a total of 8 Board Members. One is the President and Overseer, Business Planner, Budget and Finance Expert, Marketing and Social Media Expert, Loan Officer, Cash Flow Expert, Insurance Expert, and Management Expert. This is a valuable asset to the CSUB Students. It is estimated that the total annual per expert will be $12,000 to $26,000, a total of $96,000 to $208,000 annually for all experts. If this proposal is accepted, the hiring process for the experts will start immediately. Once the experts are selected and hired, they will be asked to construct their own business plan for the future of the board. The experts will also start on schedule when Spring ‘19 starts. They will also go across all business classes to speak to the students and explain what they are here for.
Introduction Proposal for the creation of an Entrepreneur Advisory Board, specifically for CSUB Students. For the purpose of equipping young Entrepreneurs with skills and knowledge needed to start, grow, and maintain a strong business. Currently, CSUB has a division of the SBA, a government-funded help for small business owners. This is a great start but it is not solely dedicated to CSUB. If an advisory board is created it will allow CSUB to produce business leaders for California. Advisory Board will provide aid on these Cash Flow Budgeting Accounting Marketing/ Social Media Business Planning Loan offerings Management aid Legalize entity aid Finding suitable mentor In the next few sections we will speak about our tasks budgets, credentials, and references.
Task 1. Understand the needs of a start-up business The research has shown that many businesses fail due to a lack of knowledge during the start-up phase of business. The main reason a business fails is because of capital and not being able to budget its funds correctly. Providing experts in those fields to students so they can teach them the skill.
Task 2. Hiring Experts Looking for experts in the fields that are needed to teach CSUB students the skills needed to lead a business to success can begin since we now understand the major needs of a business. The best experts to get are local experts that graduated from CSUB as well to prove and motivate the students that it is possible. Ensure that the degree does support their supposed expertise. Although the degree doesn’t always mean they mastered a skill. We will have to keep thinning candidates until they show the complete understanding and motivation to help young passionate entrepreneur students.
Task 3. The vision of the Advisory Board The Vision of the Entrepreneurship Advisory Board will be to guide CSUB students to success and lead them to independence from a 9 to 4 job. Although that will be the main vision of the team, each advisor will have either their own vision or follow the group’s vision. The notion of guidance and passion for entrepreneurship should be a push to ensure the visions stay similar among each other. Thus the business plan for the board will keep them on track and focused.
Task 4. Financial Aid and Sponsors Once the vision is set, it is time to seek financial aid from sponsors since they will want to see the business plan before they donate. It is important to keep the board funded by these to ensure that the students are given proper access to the help they are given and are paying more.
Task 5. Providing the Help Experts are hired, vision is set, and the money is coming in to provide help to students it is time to offer the services.
Once a student is interested in getting started they will come to speak to the President or an Overseer, they are in charge to ask questions and get to know the student and what kind of business they are wanting to open. They will also ask what they are looking to get from the experts. They will then set up an appointment with a Business Planner, if the student already has a business plan then they will help to refine the plan, and or if they don’t have one they will help to construct one.
The next step depends on the students’ needs or wants. They can either go to the Marketing Expert next or Finance Expert, After either of those two or both they will meet with the Cash Flow or Management Expert to better learn how to run the business from the core with its capital, this is one of the most crucial steps since majority of business fail in this part of the business. The last step is the Loan Officer which will set them up with a loan needed. The Insurance Officer is only if the type of needs business insurance and if it is then this will be the last step. Budget Total annual cost for all experts will be $96,000 to $208,000 with each Expert costing $12,000 to $26,000.
I am an experienced local small business owner that currently is running two business and in the process of opening a third one. Kevin D. Izquierdo, Owner, and Founder of Lion Aesthetics, Inc., Lion Aesthetics, LLC, Lion Aesthetics Gym. Team Lion Aesthetics. Has chaired as Treasurer and Fundraiser Lead for Kappa Sigma’s CSUB chapter, 3 years of Small Business management.
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