It’s not uncommon for someone to walk into Chamber headquarters and see a room full of business leaders, owners and entrepreneurs. If you walked into the Chamber’s boardroom on September 25 or 26, you would have seen a group of leaders, owners and entrepreneurs, but a unique energy filled the room these days.
A sense of excitement and encouragement, mixed with a touch of nerves, made up the mix as members of the 2023 Minority Business Accelerator (MBA) cohort gathered to close out their 9-month intensive, deep dive into their businesses as they presented their Strategic Growth Action Plans (SGAPs) to their fellow cohort members, mentors, family, friends and community business leaders. The SGAPs stood as a demarcation of where each business began when the 2023 program began, to where it currently stands and, most importantly, where it can be in the next three years.
The SGAPs represented the work that each owner has put into the future of their company. Evaluating and making difficult decisions on what has worked, what hasn’t worked, where money is coming from and where money is going. Each member of the cohort outlined where they have been and the steps they will be taking to achieve their goals, based on the knowledge they have accumulated since the beginning of the year.
All of this may seem like typical processes for organizations and companies, but there is a key difference when it comes to business owners from the MBA program. That difference is the community that not only develops among the current cohort but also includes members from last year’s inaugural cohort. In the lead-up and conclusion of each presentation, feelings of support were on display. As many of those in attendance were current and former MBA cohort members, the understanding of the transformative process each owner had been through and the difficult decisions they needed to make was shared among many, which only helps to strengthen the bond of this growing community of companies, ready to make an impact on our region’s business community.
Outside of projecting financials and the strategy of scaling business, another common theme was touched upon during many SGAP presentations: a show of gratitude toward Wendell Jones, instructor for the Minority Business Accelerator. Wendell’s guidance and ability to ask difficult questions, leading to meaningful evaluation, have led to business owners developing and strengthening their confidence in not just being business owners but also CEOs.
When asked about the greatest improvements seen in the 2023 cohort, Wendell said, “The greatest improvements center around a deep appreciation and respect for their numbers, systems and their ability to be a CEO. Because of these three, they begin to see that they can actually drive the direction of their company instead of being at the mercy of a business that once seemed to drive itself.”
During the two days of presentations, Jones was in attendance, as he had the opportunity to see the hard work and dedication of each business owner building up to these pivotal moments. When asked about the amount of progress these business owners have made in a relatively short period of time, he said, “As I sit in the back and beam with pride, my dominant thought is that they finally believe in themselves. The principles are the principles, but if they don’t believe that they have what it takes to execute them, then we are all wasting our time. The curriculum and the subsequent ecosystem that is created around the cohorts help to build self-confidence and this becomes apparent as they share their plans for the next three years.”
As the 2023 cohort wraps up their time of intensive evaluation and decision-making, the Chamber, along with Wendell, begin to look forward to 2024 and the outreach for a new crop of entrepreneurs, looking to take their businesses to the next level. For applicants to the 2024 cohort, some reflection on themselves and their company is needed. To gain the full benefit of the MBA program, being open and willing to be taught plays an important role. “The #1 attribute is a willingness to be taught. The cohort has to check his or her ego at the door and approach the opportunity as a blank slate prepared to learn new approaches to business. A close second would be an appreciation for systems and a willingness to implement them,” Jones said.
Even though the 2023 cohort may go their separate ways after their graduation in December, each of them now has a better understanding that they are not on their own. This community of business owners who have faced similar struggles and were faced with similar difficult decisions will always have a place to turn and a group of business leaders who understand them.
Applications for the 2024 MBA cohort are currently open. If you feel that your business is ready for the next step but are unsure of where to turn for impactful insights and knowledge, the MBA may be right for you. To apply, complete the Minority Business Accelerator application or reach out to Richard Waring, the Chamber’s Vice President of Diversity, Equity and Inclusion, with any questions you may have. You can also learn more by visiting the Minority Business Accelerator page.
