The Not-So-Small About Being a Small Business
Lenore Horton
Outside General Counsel??Employment, IP, Litigation, M&A, Franchising, Securities?? Board Member??4x Founder?? Creator: Legal Blueprint? Method??Follow to Learn How to Improve the ROI of Your Legal Spend ??Let's go! ??
It's #smallbusinessweek over at the U.S. Small Business Administration . I was curious on what people think when they see the words "Small Business," so I dropped a quick poll. The votes are in. Here's what I learned. ????????????
?? Most of you responded that you immediately think "Under-funded" when you think of #smallbiz. It's true that many small businesses are not adequately capitalized for their capabilities, be that because of inadequate owner or investor capitalization. There's A LOT to say about this ?? (rabbit-hole), and my best contribution right now is: what about those that aren't looking for capital because they are self-sufficient through revenues? This reminds me of a #HarvardBusinessReview article I read many moons ago about CHOBANI not relying on investors to capitalize it for growth.
What about those that aren't looking for capital because they are self-sufficient and through revenues?
?? The second most popular answer was "Not Operating at Scale." I totally understand this sentiment. I think we all learned from the PPP loans that the concept of "small" and "scale" varies widely (and wildly?). The term "Small Business" arose primarily because of SBA classification standards for set-asides. You might be surprised the scale at which some of these businesses operate, but in general conversation, the connotation is different. To me, scale means that you are leveraging resources in a way to create a bigger impact than would be possible without that leverage: money, time, networks, people, and other assets.
To me, scale means that you are leveraging resources in a way to create a bigger impact than would be possible without that leverage: money, time, networks, people, and other assets.
?? NONE of you answered "Inconsequential" and that's a big win in my book. You don't have to be at the top of the classification to be important within your sphere of influence. Every business I represent started somewhere, and there's nothing inconsequential about that.
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?? Third runner-up was "Struggling." That reminded me of the series #LittleFiresEverywhere that premiered on Hulu and is based on the book by #CelesteNg. At one point, the character played by #KerryWashington testifies that "All Mothers Struggle. Money Hides It." Sounds about right when it comes to businesses. Watch out, this is an easy ?? rabbit-hole moment for me.
At one point, the character played by #KerryWashington testifies that "All Mothers Struggle. Money Hides It." Sounds about right when it comes to businesses.
Thank you for those that responded, AND for those who merely watched. (It's a reminder that there are always people rooting for you, even if they don't realize it or are silent about it.)
I'm here to help businesses reach their greatest potential.
Let me know what YOU think in the comments below, and check back later for some reference links.
Signed, LH
Outside General Counsel??Employment, IP, Litigation, M&A, Franchising, Securities?? Board Member??4x Founder?? Creator: Legal Blueprint? Method??Follow to Learn How to Improve the ROI of Your Legal Spend ??Let's go! ??
2 年Link Drop: U.S. Small Business Administration 2022 size standards. $4 million? $40 million? It depends. https://www.sba.gov/document/support-table-size-standards
Outside General Counsel??Employment, IP, Litigation, M&A, Franchising, Securities?? Board Member??4x Founder?? Creator: Legal Blueprint? Method??Follow to Learn How to Improve the ROI of Your Legal Spend ??Let's go! ??
2 年Link Drop: 2013 Harvard Business Review article re Chobani, and the recently released 2022 follow-up. https://hbr.org/2013/10/chobanis-founder-on-growing-a-start-up-without-outside-investors AND https://hbr.org/2022/04/chobani-founder-hamdi-ulukaya-on-the-journey-from-abandoned-factory-to-yogurt-powerhouse