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Progress Report on Goldman Sachs 10,000 Small Businesses Third Edition

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Progress Report on Goldman Sachs 10,000 Small Businesses Third Edition STIMULATING SMALL BUSINESS GROWTH PROGRESS REPORT ON GOLDMAN SACHS 10,000 SMALL BUSINESSES THIRD EDITION DEVELOPED BY BABSON COLLEGE IF PROVIDED WITH THE RIGHT MIX OF TRAINING AND SUPPORT, AMERICA’S SMALL BUSINESS OWNERS CAN GROW THEIR COMPANIES AND CREATE MEANINGFUL IMPACT IN THEIR COMMUNITIES. 5 4 5 Revenues of the participating businesses also grew Program data also shows that business and personal steadily after program completion, with 68.7%, 73.9% relationships built through the program contribute to EXECUTIVE and 81.9% of participants reporting increased revenues business growth. The program fosters a marketplace where, six months, 18 months and 30 months, respectively, after at graduation, 85.3% of the participants are collaborating program completion. To again provide context for how this with each other, and those who do consistently report compares to the broader economy, 45.0% of United States greater revenue and job growth. SUMMARY small businesses surveyed by the National Small Business Association for its 2015 Year-End Economic Report reported The peer learning approach is also instrumental in increasing their revenues. highlighting the importance of mentoring others and in advancing the skill set required to be both a mentee and a Goldman Sachs 10,000 Small Businesses graduates continue to outpace With a greater sample size and participant data measured mentor. 18 months after completing the program, graduates national growth averages and, for the first time, the program has 30 month from 30 months after program completion, the relationship of 10,000 Small Businesses are paying it forward by between strategic actions and business growth can be mentoring an average of eight people each. data to further demonstrate their continued growth. examined, revealing that certain business changes reported by 10,000 Small Businesses alumni measurably impact Based on these outcomes, Goldman Sachs 10,000 Small revenues and job creation. Participants who reported Businesses demonstrates the power of investing in small pursuing new opportunities, either market-based (such as business owners. If provided with the right mix of training opening a new location, expanding their domestic market) and support, America’s small business owners can grow or product/service-based (launching a new product or their companies and create jobs in the communities where service or improving an existing product or service), were they live and work. more likely to grow revenues than 10,000 Small Businesses alumni generally 30 months after completing the program. This third report on Goldman Sachs 10,000 Small focuses on a strategy and tactics that will help grow their Program data repeatedly indicates that what’s good for Businesses summarizes the progress of over 3,500 small businesses, thereby increasing their revenues and spurring employees is also good for business. At 30 months after business owners who have completed the program. With job creation. To achieve this, the program works with a program completion, 86.2% of the graduates providing nearly triple the sample size of the program’s inaugural network of over 100 local and national partners. formal training to their employees reported revenue growth, report, and now including data for participants 30 months and 84.8% of those providing medical and/or dental PROGRAM IMPACT after they completed the program, results show that coverage to their employees reported revenue growth. 10,000 Small Businesses graduates consistently grow Findings from this report demonstrate the long-term impact their revenues and create jobs at rates that outperform of the program. 10,000 Small Businesses participants the broader economy. consistently increase revenues and create jobs over a longer period of time. Six months after completing the program, Growth is seen across the board and is not limited to a 47.9% of participants reported adding new jobs. This specific industry or demographic. It comes from business number increased to 55.7% at 18 months and to 60.9% at owners of different ages (24 to 77), education levels (some 30 months after the program. This job growth represents a high school to advanced degrees) and genders (45.5% significant improvement when compared with the broader female), across more than a dozen industry groups. economy, as 23% of United States small businesses surveyed by the National Small Business Association for its The program is designed to meet a specific need in the 2015 Year-End Economic Report reported increasing their market—reaching past the start-up phase in order to teach number of employees. established businesses how to grow. The curriculum helps business owners craft and implement a growth plan that Progress Report on Goldman Sachs 10,000 Small Businesses: Third Edition Progress Report on Goldman Sachs 10,000 Small Businesses: Third Edition 6 7 7 ABOUT10,000 SMALL BUSINESSES With 31 sites across the United States and the United Kingdom, 10,000 Small Businesses has served over 6,100 small business owners. The program has reached business owners from all 50 states, Puerto Rico, and Washington, D.C. Goldman Sachs 10,000 Small Businesses is a public-private Hathaway chairman and CEO and Harvard Business School partnership to unlock the growth and job-creation potential and the Initiative for a Competitive Inner City’s Dr. Michael of small businesses. Led by co-chairs Lloyd Blankfein, Porter, the program provides entrepreneurs with a practical Goldman Sachs chairman and CEO, Michael R. Bloomberg, business and management education, business support Bloomberg L.P. founder, president and CEO and 108th services and access to capital. Mayor of the City of New York, Warren Buffett, Berkshire 99% CURRICULUM COMPLETION RATE OF THE PROGRAM YOU & YOUR GROWTH & MONEY Y O U A R E IT’S THE MARKETS & OPERATIONS BEING ACTION ORIENTATION BUSINESS OPPORTUNITIES& METRICS THE LEADER PEOPLE MARKETING & PROCESSES BANKABLE FOR GROWTH 0 1 2 3 4 5 6 7 8 9 You Are the Lender Clinic Legal Clinic Financial Statements Negotiations Clinic Workshops I & II ANDREW CHMIELEWSKI DAVE’S SWEET TOOTH DETROIT, MI 10,000 SMALL BUSINESSES GRADUATE Progress Report on Goldman Sachs 10,000 Small Businesses: Third Edition 8 9 8 8 9 ABOUT 10,000 SMALL U.S. DELIVERY SITES BUSINESSES 50 100 THE NUMBER OF STATES THE THE NUMBER OF LOCAL AND PROGRAM HAS REACHED NATIONAL PARTNERSHIPS 10 5 7 6,100 9 THE NUMBER OF SMALL 6 BUSINESSES THE PROGRAM 12 4 HAS SERVED 10 1 2 13 11 11 12 2 13 4 7 8 6 1 3 3 9 5 8 +$5 BN + 80,000 CAPITAL SITES CAPITAL + EDUCATION SITES NATIONAL PROGRAM 1. Arizona 8. North Carolina 1. Chicago 8. Miami The program is available to business owners from all 50 states, Puerto Rico THE TOTAL REVENUES OF THE TOTAL EMPLOYEES OF 2. Colorado 9. Oregon 2. Cleveland 9. New Orleans and Washington D.C. through the blended PARTICIPANTS’ BUSINESSES PARTICIPANTS’ BUSINESSES 3. Georgia 10. Washington 3. Dallas 10. New York City (part on-line, part face-to-face) program 4. Kentucky 11. Pittsburgh 4. Detroit 11. Philadelphia including in-person sessions delivered at 5. Maine 12. San Francisco 5. Houston 12. Rhode Island Babson College in Wellesley, MA. 6. Minnesota Bay Area 6. Long Beach 13. Salt Lake City 7. Montana 13. Virginia 7. Los Angeles 11 10 11 WHO ARE THE10,000 BUSINESSES SMALL BUSINESSES ? Business Formation Program participants represent the broad spectrum of American entrepreneurs, demonstrating the diversity of small businesses across the United States. Irrespective 80.3% 52.5% 27.8% of age, educational level, gender or industry representation, participant businesses FOUNDED OR CO-FOUNDED STARTED THEIR STARTED THEIR BUSINESSES are growing revenues and creating jobs to a greater extent than the overall U.S. small THEIR BUSINESSES BUSINESSES ALONE WITH OTHERS business population1. The median revenues reported by program participants is $716,146 and the median number of employees reported is 11. PARTICIPANTS Age Range Generations 50% 35.9% – 13.3% 0.7% 24 77 YRS Median Number of Employees Median Revenues Family Owned With a median age Millennials2 Gen X3 Baby Traditionalists5 of 47 years Boomers4 Gender Education 11 $716,146 45.2% Participants’ educational levels range from some high Median revenues reported Nearly half describe their businesses by program participants as family-owned 45.5% 54.5% school or a GED through graduate degrees 1. According to National Small Business Association’s 2015 Year-End Economic Report report, 23% of United States Small Businesses surveyed reported increasing their number of employees and 45% reported increasing their revenues. 2. Born between 1980 and 2000. 3. Born between 1965 and 1979. 4. Born between 1946 and 1964. 5. Born between 1900 and 1945. Progress Report on Goldman Sachs 10,000 Small Businesses: Third Edition Progress Report on Goldman Sachs 10,000 Small Businesses: Third Edition 13 12 13 “ Innovative people, mergers and acquisitions, new technological advances in Building Information Modeling and many other opportunities became available but we needed the foresight, courage and business tools to access capital and take advantage. Through 10,000 Small Businesses I learned those tools and through Philadelphia Industrial Development Corporation (PIDC) we raised the capital. With over 2,000 percent growth in 4 years, 24 more people, and a first to market, cutting edge technology we did not only take advantage, we took the market by storm! ” MICHAEL BROWN ENVIRONMENTAL CONSTRUCTION SERVICES, INC. PHILADELPHIA, PA 10,000 SMALL BUSINESSES GRADUATE 15 14 15 WHO ARE THE 10,000 SMALL BUSINESSES? Business Industry Distribution 39.1% 9.6% 9.5% PROFESSIONAL, SCIENTIFIC ACCOMMODATION CONSTRUCTION & TECHNICAL SERVICES & FOOD SERVICES BUSINESS AGE RANGE 7.4% 6.7% 5.3% MANUFACTURING INFORMATION HEALTH CARE & – SOCIAL ASSISTANCE 2 150 YRS With a median age of 12 years 5.1% 3.9% 3.2% RETAIL TRADE OTHER MANAGEMENT OF COMPANIES & ENTERPRISES 2.9% 2.3% 2.0% EDUCATIONAL SERVICES REAL ESTATE RENTAL TRANSPORTATION & LEASING & WAREHOUSING 1.5% 0.9% 0.6% EDINSON ARENAS WHOLESALE TRADE OTHER SERVICES1 FINANCE & INSURANCE AZTECA MEXICAN CANDY DALLAS, TX 10,000 SMALL BUSINESSES GRADUATE 1.
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