Tag Archives: Consulting & Business Development Center

South Carolina Huskies

Not only are LaJuan Davis and her brothers Dwayne and Ricardo Ellison the next generation of leaders JBE Incorporated, they are also proud graduates of the University of Washington’s Minority Business Executive Program (MBEP) – which is saying something considering that they hadn’t really heard about the UW or this program 18 months ago. Following their graduation from MBEP last June, they each took back lessons they learned and they saw an immediate impact.

LaJuan, the company’s treasurer, took back three key lessons: That for small businesses “sometimes it’s important to sacrifice growth to insure liquidity,” empowering employees to make decisions is key to enabling the executive team to focus on the future, and that while you can’t always measure the impact of marketing expenditures these investments are key to long-term growth.

LaJuan Davis and her brothers Dwayne and Ricardo Ellison, graduates of the University of Washington’s Minority Business Executive Program (MBEP) .Ricardo, one of the company’s Vice Presidents, reflects on how he’s become a better leader because of what he learned at MBEP: “senior executives don’t need to be a part of every decision,” he says. He also noted that rather than focusing most of the company’s top talent on solving today’s problems, they are now “spreading talent around so they can focus on today and the future.”

Dwayne, another Vice President, says the program changed how he views the entire company. He’s become more acutely aware of the power of branding the company in moving the company forward. He’s learned that as a senior leader of the company he needs to “work on the business rather than work in the business,” and through this he’s able to empower others to make decisions.

These three siblings are confident that what they learned at MBEP will have a long-lasting impact on their company, but they’re also proud that, in part because of how they’ve changed their leadership of the business, JBE set a record last year by crossing the $40 million revenue threshold for the first time. They’ve also begun to directly manufacture products in addition to the assembly and supply chain management services they’d previously offered.

LaJuan, Ricardo, and Dwayne had the opportunity to attend MBEP because of their relationship with The Boeing Company. JBEP was founded to provide services to the automotive, paper, and textile industries. They began to court Boeing as a customer in 2008, and when Boeing selected Charleston as the site for final assembly of the 787 Dreamliner, the relationship took off. Last year Boeing invited JBE to be in their mentor-protégé program, which led to the offer to attend MBEP. While JBE was looking at similar programs offered on the east coast, when they learned about the Foster School’s year-around work to grow minority-owned businesses through the BEDC, they decided to accept Boeing’s offer.

To learn more about the 2013 MBEP, please join us at a Sampler and Information Session on Thursday, May 16 from 7:45 to 9:00 a.m.

Achieving the American dream

Exequiel Soltero, owner of Maya's (gentleman in orange shirt), stands with his UW BEDC Student Consulting group.
Exequiel Soltero, owner of Maya’s (front row, third from left), stands with his UW BEDC Student Consulting group and advisors.

Exequiel Soltero arrived in the U.S. from his small hometown on the southwestern border of Mexico determined to pursue the “American Dream” via the traditional culinary delights of his native Mexico.

A positive mindset, entrepreneurial spirit, and desire to provide for his family aided Exequiel to labor through the restaurant industry, beginning as a dishwasher and progressing to a waiter. By 1979 Exequiel had accumulated enough savings to open his own restaurant devoted to Mexican cuisine, Maya’s Family Mexican Restaurant in Seattle’s Rainier Valley neighborhood. Staying true to the restaurant’s name, and Exequiel’s initial motivations for opening a restaurant, each and every one of his siblings—nine sisters and three brothers—spent time working together to build a strong foundation for Maya’s.

Nearly 35 years later, Exequiel’s authentic recipes have lured a solid following, and allowed him to expand well beyond the original 850-square-foot restaurant. Maya’s brand now includes a full-service Mexican restaurant and a growing catering service.

As the trend of mobile food trucks is continuing to grow, Maya’s has launched a fleet of food trucks that will soon be located next to Seattle’s CenturyLink Field during Seahawks and Sounders FC games, as well as on Microsoft’s Redmond campus during weekday lunch hours. With growth, however, comes new challenges and Exequiel realized that success of Maya’s new division-based business hinged on seeking outside guidance.

Exequiel, who has been a long-time friend and partner of the Business & Economic Development Center (BEDC), turned to the BEDC’s to participate in our Student Consulting Program to help him reach his business goals:  “I was motivated to participate with the BEDC Student Consulting Program because I was interested in growing my business, and what better way to grow my business than to get the input from business students, teachers, mentors and advisors.”

The BEDC’s Student Consulting Program improves management and marketing skills of small business in under-served communities with the aid of teams comprised of of business students and faculty of the UW Foster School of Business, Foster alumni, and mentors drawn from the Seattle Rotary Club. Exequiel explained what he was hoping to gain from his participation with the Student Consulting Program:

 “I was hoping to receive a different perspective from my own. I have several ideas and visions for the restaurant and catering department, but I felt I needed to get the opinion from someone who has valuable input that could help change the way I do business.”

Through the Student Consulting Program, Exequiel, along with 14 other business owners, was provided advice from his student consulting team on how to strategically grow all divisions of Maya’s, including specially-tailored marketing strategies and financial/managerial guidance.

Now, as Exequiel’s interaction with his student consulting group concludes and he begins the process of actualizing the plans and goals presented with the continuing support of his BEDC mentors and advisors, he has great hope for his company’s future:

“I feel very positive about the future of my business, especially with all the recommendations the student team had to offer at the presentation [of their findings]. I learned the importance of sending out thank you notes to all catering customers upon completion of their event, [the value of] up-selling, tips to get my food cost and labor back to a respectable percentage, and that having someone managing our social media outlets would dramatically help with sales and customer retention.”

If you are business interested in being a part of the 2013-2014 Student Consulting Program, or if you have any questions about the Program, please contact Wil Tutol at wtutol@uw.edu.

Real-world strategies for success

Ken Denman & Andrew Lindsay In March, more than twenty Business & Economic Development Center (BEDC) undergraduate students temporarily pushed aside their group projects and studying for exams to think about career approaches following graduation while attending a BEDC-organized luncheon with Machine Perception Technology CEO, Ken Denman (MBA 1986), and Jawbone Chief of Staff, Andrew Lindsay.

Designed as an informal, personal setting for students to actively engage in discussions about career and entrepreneurship options, students questioned Denman and Lindsay and put forth their own questions for navigating the business world. Students who attended came seeking real-world advice. For instance, Diana Nguyen, a student of the Multicultural Marketing class and an executive member of the BEDC’s Leadership Team, arrived at the luncheon seeking to learn how Denman and Lindsay “knew that they were making the right choices” along their career paths, and “what advice…they have for [students] as [they] try to achieve [their] own goals today.”

Both Denman and Lindsay stressed the importance of accessing one’s own individual goals. “Think about how you want to live and what you want out of life,” said Denman. Passion for your work is critical, and one must be invigorated by what they do each day. “There are too many opportunities to do a job you don’t love waking up to every morning.” And, as Rai Huang, another student of the Multicultural Marketing class, pointed out, the importance of “seizing opportunities available in the business school environment” was another chief point made by Denman for current students.

Additional key takeaways from the luncheon were threaded around a theme of best practices for business consulting as a profession—notably one of the “fastest growing industries in today’s corporate world and one of the most popular career choices” for new graduates—and business strategies for start-ups. Denman and Lindsay said that, whether you are steering the choices of businesses in trouble or striving to be entrepreneur, the blueprint to a successful business is to solve a problem or provide a service of incremental value that the consumer market is willing to pay for. Denman asserted that finding new ways to provide incremental value to the marketplace is one of the greatest challenges for small businesses. Conducting introspective market research, appropriately predicting the future of one’s industry, and perusing a risk-adjusted approach are fundamental.

Undergraduate Students at Denman & Lindsay LuncheonStudents also expressed considerable interest in the benefits and challenges of consulting for small businesses versus large corporations. Denman and Lindsay agreed that, while working with large companies can be advantageous for gathering valuable skills sets and acquiring knowledge of proper consulting processes and policies, large corporations can be more resistant to revision and restructuring than small business. Small companies, on the other hand, are more nimble and open to change, and the result of alterations can be more quickly discernible, but the emotional investment on the owners’ part can be far greater. In turn, Denman and Lindsay recommend that the key to successful consulting is to deliver arguments for change with confidence, verified statistics and objective facts.

The hour-long luncheon was a time for students to reflect on their futures, and gain recommendations regardless of the career path they choose. Undergraduate Rai Huang recapped the event well:

“It reinforced my belief that, if a person chooses to follow their heart and keep moving towards that direction, they will eventually find success.”

The BEDC’s ability to connect students with business mentors depends on the generous contributions receive from individuals, corporations and foundations. Please donate to the BEDC to help us train future leaders.

Business Certificate Program – Seattle

The Business Economic Development Center’s Business Certificate Program will begin in April at UW Seattle campus. The six-session course teaches business fundamentals through a series of six three-hour classes. BCP will be offered in Spanish (Tuesday evenings from 6:00 to 9:00 p.m. starting April 2) and in English Wednesday evenings from 6:00 to 9:00 pm starting April 17.

blog_BCPWho should attend? Any small business owner or manager who is interested in learning or refreshing their knowledge of sales and marketing, finance and accounting, leadership and management, and legal topics.  Students come from every industry- from construction companies to restaurants to medical clinics. And to due to the diversity of participants, the classroom is a great place to network with fellow business owners.

The class also offers students to learn from award-winning University of Washington faculty including Mike Eguchi, lecturer of sales and marketing. With over 30 years of sales experience, Eguchi shares proven strategies and tactics in his class session Developing a Sales-Oriented Company. Student Pratish Brady relays how she used what she learned, “I used the guidelines [from class] to write my mission and vision statement for my website emphasizing benefits and value of my product; people are complimenting me on them.” And “ I spoke by phone with a new customer I had sent a sample too.  He liked the product, but it was the wrong size.  I used the term “how so” and kept him talking so I could understand more clearly what he wanted. Our conversation ended with a new order for a smaller size product and he wants to distribute my product to his customers not only in the US but in Europe.  A definite win-win.”

Learn how to make your business win with proven business fundamentals from the Business Certificate Program.  Course registration fee is $200. To sign up please visit our website. You can also be a program supporter by sponsoring a student.

Leadership Team teaches STEM lesson to local middle school students

Guest post by Jackie Nguyen, Foster undergraduate

Being the founders of the annual Foster Week of Service, the Business and Economic Development Center Leadership Team members were excited to volunteer at the Renton/Skyway Boys and Girls Club for the third year in a row. This year, LT members were challenged with a new task in educating 5th to 8th graders about careers and opportunities in STEM (Science, Technology, Engineering, and Math). However, being primarily business students, the LT members put a fun spin on educating the kids about STEM by tying business into the concept of STEM.

Each LT member was assigned to a team of four to five students. The LT helped guide the teams in researching and creating a short presentation about their company. The focus of this activity was to help the kids think outside of the box and see that there are a great variety of jobs in companies that are not as obviously STEM related.
blog_LT_FWSTeams researched companies including Target, McDonalds, Nestle, and Microsoft. The activity helped the students see that having skills in STEM and business could open a lot of doors to fun jobs; from being a pharmacist at Target, a game-designer at Microsoft, a food scientist at Nestle, or a social media manager at McDonalds.

After the learning activity was over, it was time for the kids to be kids and enjoy what they do best: play! LT members had a great time hanging out afterwards to play Dance Central and Fliers Up on the playground. Overall the event was a success and the BEDC LT members are looking forward to returning to the Boys and Girls Club for the next Foster Week of Service. Learn more about the BEDC Leadership Team.

Student Consulting Program – student perspective

Guest post by Rai Huang, Foster undergraduate

BEDC Student Consulting ProgramI initially enrolled in the BEDC Student Consulting Program without really understanding what consulting means; my impression was that consulting is the dream job of many of my peers at the Foster School of Business, yet it wasn’t something I particularly cared for.

I expected to walk away from the class with experience in conducting market research and formulating online marketing/public relations strategies, which is related to my dream career after graduation. And I liked the idea of working with a team; the communication skills learned would prepare me for work in any field. The fact that it would look good on my resume didn’t hurt either.

My team’s assignment is to formulate online marketing and social media strategies for our client, Concourse Concessions, who currently operates a Coffee Bean & Tea Leaf franchise in the Seattle-Tacoma Airport. A newcomer in the Seattle market, they wish to grow brand recognition through traditional and non-traditional public relations methods as they expand to locations outside of the airport within the next year. It was an exciting task to take on, as the overall business environment and market for coffee in Seattle is very saturated, and would require creative thinking to accomplish the mission.

The first step for our team was to identify the strategy and comparative advantage of the franchise.  Coffee Bean & Tea Leaf has only been in operations for about three months, and there was lack of substantial data for us to analyze. Challenged by our advisers and mentors, we were able to take a step back and look at the project from a wider perspective. We learned to think in terms of what is most valuable for the client every step of the way. With the support of our mentor and advisors, we came up with a framework in which every question raised had to be answered in a way that would help the business.

During the research phase of the project we gathered survey data and took a close look at local competitors such as Peet’s Coffee and Tea, Uptown Espresso, Espresso Vivace and Café Vita. We examined how they are utilizing social media and promotion strategies to maximize brand equity. Marketing concepts we’ve seen play out in real life include: how social media is being utilized for Customer Relation Management; how Search Engine Optimization is becoming increasingly intertwined with social media; why it’s essential for all business owners and managers to understand the marketing concept; how to really use a business’ competitive advantage; and how to communicate through interaction with the consumers.

As we come near to the end of the project, I now understand what consulting really comes down to is communication. It is important to practice the art of listening to your client and really hearing their needs, and finding resources and formulating recommendations with your team to create value for them. Through the process of tackling the different obstacles, my team and I have bonded together and grown both professionally and personally.

I look forward to applying the skills I’ve learned to a future career in Public Relations. I now understand what it is like to work with a real client, how to identify their wants and needs, and strategically come up with solutions that would benefit the client and heighten awareness of the brand. The Student Consulting experience is not just a line on my resume, but truly a real-world experience I was fortunate to have as an undergraduate student.

Learn more or become involved in the Student Consulting Program as a client or volunteer advisor.

BEDC grad students provide consulting for Ketchikan Indian community

BEDC Alaska MBA StudentsThe BEDC is again working to support small business growth in Southeast Alaska. A team of four UW Foster MBA students has spent winter quarter working with the Ketchikan Indian Community in an effort to grow local business and tribally-owned enterprises. The students taught entrepreneurship classes over the Martin Luther King Holiday weekend for 30 current and aspiring business owners. Ketchikan, the southernmost city in Alaska, has an economy based on tourism and fishing; and many of the new business ideas will cater to tourists from cruise ships or independent tourists.

Since the entrepreneurship classes, the MBA students have been working with outdoor adventure, culinary training, historic tourism, clothing retailer, and construction companies.

MBA student Jennifer Yanni believes she learned as much or more as her clients did “I had never written a business plan before so this gave me some real-world experience to put on my resume. It also helped me think about how you sell new ideas to an existing market.”

This is the 15th project that the BEDC has completed for a Native American Tribe or Alaska Native Corporation and we’re already looking for our next projects. If you know of a tribe that would like a MBA team please contact Michael Verchot.

Consulting as career catalyst

Guest post by Melon Feleke, Foster alumna

Melon FelekeMy name is Melon Feleke and I am a first generation immigrant. I was born in Addis Ababa, Ethiopia and moved to Seattle with my family when I was ten years old. After attending Roosevelt High School I stayed true to my NW roots and attended the University of Washington.

For much of my childhood I was determined to be a doctor –despite the fact I fainted at pretty much every hospital visit and had no tolerance for watching pain or blood. Luckily my parents recognized my other strengths and encouraged me to consider business. I come from a long line of entrepreneurs; from my grandmother in Mettu to my parents here in Seattle; my mother owns a 7Eleven store in Mountlake Terrace. While in high school and college I managed inventory over the weekends and when my mother decided to take a vacation back home I took on the acting manager role for the store.

During my junior year at UW a classmate told me about the Business & Economic Development Center at the Foster School, specifically a program where students work with local minority business owners to improve their businesses. I thought it would be great to give back to my community in a very practical way. My client was the Theater Off Jackson, a unique minority-owned theater in the heart of the International District.  The theater was looking to relocate because of increased property costs. Our team of five students and a professional advisor worked with the clients to identify their core target market, conduct location analysis, surveying clients and ultimately making a recommendation for their new location. Our clients were facing a very real business challenge and our team brought to them meaningful business knowledge and human capital.

My BEDC experience gave me a very real sample of a career in consulting and I loved it! First and foremost I loved helping my client – this was a real problem, and if the issues weren’t resolved the owners and employees would not have a paycheck to take home to their families. I especially like that there was a beginning middle and end to the project… an end with a real result. I entered the program thinking it would be a good chance to give back to my community, but what happened along the way is I discovered the career of consulting.

The BEDC offers a two way success story –businesses succeed and students receive real and meaningful experiences that shape their careers. Fast forward three years and I am now a consultant at Accenture Consulting.

I invite you to help the BEDC create more success stories, for students like myself, and for small businesses. Make a gift to the BEDC today.

 

It’s not all about the money!

Guest blog post by Rita Brogan, CEO of PRR

This month’s innovation blog focuses on an organization: Craft3. Craft3 is an old organization with a new name. Once known as Enterprise Cascadia, Craft3 is a financial institution that operates as a non-profit, lending capital to help businesses, communities, and consumers unable to secure regular financing.

Since 1995, Craft3 has invested $233 million in over 2,800 business and individuals in Pacific Northwest communities. Based in Ilwaco, Craft3 also has offices in downtown Seattle, Port Angeles, Astoria and Portland. In 2013, Craft3 will open new offices east of the mountains in both Washington and Oregon.

“This means that Craft3 can more effectively serve both rural and urban customers,” says Sue Taoka, Craft3’s Executive Vice President in Seattle. “In urban areas, we are more focused in helping targeted areas, like depressed neighborhoods and communities of color. With our strategy to expand in rural, regional centers, Craft3 will serve broader areas that have a potential for growth.”

Pippa's Real Tea
Pippa’s Real Tea, a Craft3 project

As a “triple bottom line” organization, Craft3 measures its success in terms of economic, social and environmental outcomes. Its mission, to “strengthen economic, ecological and family resilience in Pacific Northwest communities,” is great news for those who have suffered during this economic downturn.

Craft3 fulfills this mission by offering loans to entrepreneurs to start or grow their business, and conservation organizations to acquire sensitive lands and restore habitat. It also makes loans to individually-owned tribal businesses, tribal enterprises, tribal government and non-profit organizations. Energy efficiency retrofit loans are available to homeowners and small businesses in Seattle and Portland.

And it doesn’t stop there. Craft3 also provides support to its customers by referring them to other sources, and making connections. For example, Craft3 was able to help a Quinault fisherman connect his caviar products with an urban store that also benefits from Craft3 services. Craft3 financed an Oregon organic creamery so that it could place its products in urban markets. Craft3’s loans to The Freshwater Trust, helped to plant trees along the Rogue River, to cool industrial effluent.

“We make loans to innovators of all kinds, to those who have difficulty getting loans from a for-profit financial institution,” says Sue. One of her favorite success stories? In the late 1990’s few babies were being born in the Shoalwater Bay Tribe. Most were stillborn. Craft3 helped fund a new health clinic, and when Sue visited 18 months ago, a healthy baby had just been born.

Small business entrepreneurs, small industry, human service agencies and farmers have all benefited from Craft3. And so has the environment, the community, and our future. For more information, go to www.craft3.org.

Rita Brogan is the CEO of PRR, a public affairs and communications firm based in Seattle, one of Washington’s 50 largest minority-owned businesses. Brogan was a recipient of the Foster School’s Business and Economic Development Center Asian/Pacific Islander Business Leadership Award. She writes the BEDC Brogan blog series monthly. Previously, she covered green economy issues with an emphasis on ways that businesses owned by people of color or women can create a competitive advantage.

UW Minority Business Awards honor top ventures, announce expanded partnership

The 2012 University of Washington Minority Business Awards honored ten top performing minority-owned ventures in the state of Washington.

The December 6 event, co-hosted by the Business and Economic Development Center (BEDC) at the UW Foster School of Business and the Puget Sound Business Journal, also unveiled an expanded partnership between BEDC and JPMorgan Chase, and welcomed back an old friend,

Ali TarhouniThat would be Ali Tarhouni, the popular senior lecturer who famously left his post at Foster in early 2011 to serve as finance minister for the Libyan revolutionary government. Tarhouni, who has initially declined a run for the newly democratic nation’s prime minister, expressed his pride in the growth of this unique Center that he helped found in the early 1990s.

“The Foster School of Business has heart,” he said. “We teach our students how to create wealth, and that’s our primary responsibility. But I’m also proud to be associated with a school that subscribes to do the right thing—even though it doesn’t usually have an immediate reward… Doing what is right and creating wealth aren’t mutually exclusive.”

The long-term impact of BEDC in promoting a robust economic diversity across the state was evident in the range of 2012 awardees.

The William D. Bradford Minority Business of the Year is Redapt, the Redmond-based provider of innovative data center infrastructure solutions.

Regional winners include:
King County Award – Jabez Construction/ST Fabrication and Radarworks
Northeast Washington Award – Spoko Fuel West Plains
Southeast Washington Award – RJS Construction
Northeast Washington Award – Gliding Eagle Marketplace
Southwest Washington Award – Sunmodo Corporation
Rising Star Award – C2S Technologies

Zones, the Auburn-based enterprise IT firm, received special commendation for reaching $1 billion in annual revenues. Accepting the award was Firoz Lalji, CEO and chairman of Zones, who noted that his company has become successful by serving businesses nationwide with expertise in all areas of IT, including systems and storage, networking and security, software, virtualization, procurement, logistics, any and everything tech.

Minority Business of the Year Awards 2012Michael Verchot, founding director of BEDC, announced a transformational $600,000 gift from the JPMorgan Chase Foundation, the largest in the center’s 17-year history. Verchot said that the gift will allow the center to engage more students in consulting to small businesses in Seattle’s low- and moderate-income communities and to grow its faculty-led small business classes throughout the state. And, perhaps most significantly, the investment also will enable the center to build a regional and national network of business schools that follow the BEDC model to spark economic development in their own communities.

This newest investment brings Chase’s total support of BEDC over the years to more than $900,000. “At JPMorgan Chase, we believe in strengthening small business and creating jobs. And we believe that is critical to the progress of our country,” said Curt Fraser, Chase’s CEO of middle market banking for the Pacific Northwest. “We’re thrilled to partner with the UW Business and Economic Development Center in working to do just that.”