Alumni

Hello Kelleygues!

It has been two years since I graduated and the learning has not stopped. I have been working for the same company since I graduated many of my friends have changed jobs since, but I have really enjoy the challenges and multiple development opportunities I have been given here. After being in the US for my first year, an opportunity arose and I am now based out of England. This was a terrific move as I now deal with our customers in Africa and I am a frequent visitor to the continent. Before Africa, I was dealing with customers in the Asian markets and had to travel there as well. It has been challenging to learn and negotiate with customers from all over the world, but bottom line is that we all have one thing in mind and that is to make a profitable deal. So, remember that no matter who you are dealing and where you are, its always about the bottom line- thinking about this out loud relationships matter as well, so definitely increase your network, especially if doing business abroad.

The other fantastic thing about being based in the UK is that I get to travel to continental Europe constantly- my passport is running out of empty pages! I will post some pictures here soon, but you can always check my facebook profile, I have lots of pictures there. I'm going back to Indy in a few weeks and I can't wait. Will be visiting family and friends, and it will be good to relax for a few days. Keep it up friends and remember that you can do anything you want if you set your mind to it!

Jaime

I was saving some posts from Chris Brogan on ideas for starting, running and growing an enterprise when I received a lovely summary of those posts. So, here are Chris' Recipes for the Modern Business. There are some really great insights for today's hyper-competitive, fast-moving and challenging business world. They resonate regardless of the type of organization - start-up, small biz, large company, non-profit -- and whether you're in Business School or in the real world. I found and wanted to share some fresh thinking on evaluating that "great idea," tips for being visible and standing out in a crowd, building community and much more. If you have thoughts or ideas, feel free to share them!

I really liked a recent Seth Godin post and wanted to share it. In this age of hyper communication and competition, Seth reminds us that slow and steady wins the race. It's the every day, regular touchpoints that truly matter, not just the big announcements and achievements. The long tale is the never-ending story you tell your prospects, your customers and your employees.

After working hard to get permission to connect and start telling your organization's story, many forget to keep spinning the tale. Don't get hung up on always garnering headlines or having the big "ta-dah!" Share special moments, examples of change, growth, what's new that your audiences might find interesting (not necessarily what staff find interesting). While the world is changing, how is your organization? Are you responding to market forces? Share your tales here -- and more importantly -- with the people you and your organizations care about and who care about you!

Fear or bravery?
Doomsday or opportunity?
Everywhere I seem to turn there's bad news -- layoffs, bankruptcys, financial disaster. And, when times get tough, organizations seem to cut and stop doing things important to their business or organizational success. Cut people, cut programs, cut budgets, cut services, cut communications and marketing. Been there. Done that. Doesn't really see that it works so well. That's why Seth Godin's blog made me smile. Creativity has always made the world go 'round. Maybe NOW it's more important than ever.

Kelleygues!

Life has been extremely busy! Work is absolutely crazy, as I am sure school is for most of you, specially this time of the year with finals and such. The economic situation has made it really difficult for many companies to achieve their targets, many of them have revised their "promise" to the markets and hope for the governments to intervene to provide some stability in this turmoil time.

Now that the elections are out of the way, I think things will get better and people will commence to regain confidence in the market. This will not avoid the global economy entering recession, but it should help a bit. For my part, we are trying to finalize several contracts with different airlines before the end of the year. This is a challenge, positive and negative. Its not the best time for airlines to go airplane shopping, nor it is the time when airlines are willing to sign long term contracts as most of them are either shrinking or parking aircraft.

It is a good challenge for all of us in the aerospace industry as we have to challenge ourselves to think in different ways of approaching the airlines and we have to think of them as partners, because after all we are in this together, without them we would not be here and vice versa.

Anyway, let's help the economy a bit by going shopping this Christmas. I am going home in a few weeks and can't wait to get to Indy, see the new airport, shop and relax from the intense but exciting world of business.

Jaime

There is a way to combine the high tech and the high touch. The first step is to be mindful that both are necessary and

NOW can be a good time to start or grow a business. That's according to a panel of banking, finance and business experts who talked about finding funding for business at the Main Street Institute today, sponsored by the Kelley School of Business Women's MBA Alumni Advisory Board and the Indianapolis Chamber. I had the honor of moderating the event, and it was a really great discussion with the panel and then in small groups. Here are some of the highlights for current or prospective entrepreneurs:

 

NOW can be the right time and right opportunity IF you:

· have a business or idea that can thrive in today's economy;

· know your market;

· have an effective business plan;

· have some of your own money to invest and have a good credit score;

· have the passion; and

· are a risk-taker.

Turns out these are the same things panelists said were needed in good economic times!

 

Finding Funds for Your Business

· Good credit is critical, says Connie Shepherd, who leads M&I's business banking division . If you don't know your credit score; find out. It needs to be at least in the 650-680 range. Don't max out your credit cards to fund your business. It will show up on the credit report and lower your score.

· A fully developed business plan is a must when seeking capital from a bank. If you don't have one and need help, the Indiana Small Business Development Center is a great resource with free services (we're already paying for them with our tax dollars).

· Form a relationship with a banker before you need the money for a business. Ask someone where you do your personal banking if you need a referral - or ask fellow entrepreneurs.

· Family and friends can be sources of funding, but may come with a higher price than the bank.

· At least at M&I, they are looking to make loans to small businesses, but no one wins if the business owner can't pay back the loan. A loan of less than $50,000 can be secured based on your credit score alone. If you try for a loan and don't get it, ask why.

· Victoria Hall, regional director of the SBDC, dispelled the myth that there are lots of grants out there for small businesses. There aren't many except for some targeted areas like biotech, life sciences and innovative new technologies.

 

Have You Got What it Takes?

In addition to the idea, business plan and drive, consider:

· Formal education in business or an MBA provides a really great background in all the fundamental areas of business, some which may not be your expertise.

· Experience in the field in which you want to start a business is helpful. If you want to open a coffee shop, but have never worked in retail or hospitality, get a job in a restaurant and learn about the customer-serving side as well as the back operations.

· Sales and marketing experience - to be successful, you always need a pipeline of prospects. If you can't or don't want to work the market, then partner with someone who does.

· Be prepared for the unexpected - you never know when you'll find yourself stranded on the roof painting!

 

Lessons Learned

In addition to all the other advice, the two entrepreneurs offered some thoughts on things they wish they had known sooner. Gayle Ross, president of C.A. Ross Company, a 13-year-old customer manufacturer of architectural woodwork and furniture, says they had a really good plan, but you don't know your true cost of sales until you know how much have into your product. Her advice: cut your revenue projection in half and double your expenses. Liz Hoover, who realized her long-time dream of having her own business about 7 years ago, looks back and thinks that she could have started her business sooner than she did. The owner of Hoover Financial Services, Liz warns of the rising cost of health care benefits, and stresses their importance to attracting and retaining great employees. 

How are you finding the economic environment for growing your business? Let us know