The Congressional Black Caucus Foundation’s Economic Recovery Forum kicked off with highly informational sessions—Plenary I (Update and Assessment of Recovery Act Implementation) and Plenary II (The Impact of the American Recovery and Reinvestment Act on Your Community)— in a packed-to-capacity Banquet Room at Johns Hopkins University, Maryland, on October 31, 2009. It also featured breakout sessions, providing attendees with invaluable information on “Small Business Opportunities: Federal and State Funded Projects” and “Preparing to Start Your Small Business.”
Carla Nelson, Director, Mayor’s Officer of Minority and Women-Owned business Development, moderated the panel discussing Preparing to Start Your Small Business which comprised of Natalie Cofield, President, NMC Consulting Group, Inc.; Omar Muhammad, Director, Entrepreneurial Development Assistance Center, Morgan State University; Paul Taylor, Executive Director, Small Business Resource Center; and Javier von Westphalen-Pena, Small Business Development Center.
This session focused on the federal, state, and local resources that are available to assist aspiring business owners on how they can become self-employed under the Recovery Act, and some tips that can help them thrive in a tough economy.
Natalie Cofield said it is important to pursue a venture that is in line with one’s passion, adding that, as an entrepreneur, other aspects to be considered in order to become successful include financing, time management, and commitment. Cofield emphasized the importance of proactive networking in a particular industry.
“How are you building and creating a network for yourself that’s actually going to generate business for you?” said Cofield, whose company offers a Public Affairs component amongst its services.
“You don’t want to be in a situation where you have a business on the books for a year and some change, but you have no network to create the business with some change.”
“You have to count your costs,” Carla Nelson said, referring to costs relating to starting up a business. She said that talking to people who are in the industry of interest is important in order to have an idea of what the associated costs would be, as well as the break-even analysis.
While mentioning that there are no grants for for-profit businesses, Paul Taylor responded to a question on Grants, saying that they are not the same as Contract Opportunities.
“Contract Opportunity is where you provide a service as a vendor to some agency and that agency then pays you a fee for the service you provide,” Taylor said.
He said a sturdy foundation to a successful business lies on the initiatives of the entrepreneur, adding that it is also very important to look at one’s Credit Report, if not done so in the last five years.
Taylor mentioned that there are resources available at institutions such as the Small Business Resource Center, and Small Business Development Center, where they can sit and work with business owners to understand how to articulate and implement better business plans.
Talking about marketing communication, Javier von Westphalen-Pena said, “It is finding out who your market is, [and] how you are going to reach them.”
Omar Muhammad, who is also host of BriefCase Radio Workshop on Sundays at 9 p.m. on WEAA 88.9 F.M., spoke about some of the services of his organization—Entrepreneurial Development Assistance Center (EDAC)—which has six innovative centers under its umbrella.
Amongst the centers that comprise EDAC is W.O.M.E.N. (Women Owned and Managed Enterprise Network).
“Mostly, the individuals who come into the center are women,” Muhammad said. “So we wanted to make sure that we had something for women…. We just had our annual conference on September 19th where we had entrepreneurs —about a 150 individuals that were interested in starting their business.”
Muhammad said there is a Center for Global Entrepreneurship & Enterprise Management, which encourages entrepreneurs to not only do business in Baltimore City or in the State of Maryland.
“We want to create an effort where we’re training small business owners to not just do business here in the United States,” Muhammad said.
“There is a whole market across the ocean, if you will. So we want to begin to train individuals on how to do export.”
The other centers that make up the EDAC are Government Contracting Assistance Center, Center for Minority Venture Capital, Innovation Business Center, and the Economic & Community Outreach Center.
Also see:
· Congressman Elijah Cummings Emphasizes The Need To Know Technology
· “We Have Got To Reach Higher Heights,” Congressman Cummings Said At The CBCF “Economic Recovery Forum”
· Maryland State Officials and Business Leaders Gather To Discuss New Business Strategies
· Exclusive Interview: Liberia’s Kimmie Weeks Fosters Hope And Change Worldwide
· Exclusive Interview/Profile: Miatta Dabo Optimizes Her Talents To Inspire And Serve
· Click on the album below for photos taken at the Forum (All photos by Ibrahim Dabo)
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| Congressional Black Caucus Foundation’s Economic Recovery Forum |
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