This is a comprehensive program for this region that addresses the concerns of minority business owners and entrepreneurs. The Business Institute uses a variety of techniques, activities and information resources across these four critical areas to support a diverse collection of small and minority businesses. Lecturers and seminars on these four growth areas are open to the general public as part of the ongoing activities of the Business Institute.
Business Institute Program Guidelines
The Program can accommodate a maximum of ten business owners in each annual class. Companies that meet program guidelines and agree to become part of the Business Institute Program must commit for a period of two years. Some preference will be given for businesses that have completed one year of the Chamber's Mentor Protégé Program or a similar program. This requirement is to insure that some of the fundamentals of successful business enterprise are in place and that issues such as growth, expansion and sustained success can be the focus of the Business Institute participants. A key objective of both the recruitment and selection process is to ensure all participants are compatible and understand the expectations about the program.
In order to provide the necessary support and resources for the participants, the Business Institute will combine the work of three critical areas: educational programs and training, hands-on technical assistance, and strategic mentoring. The Chamber continues to work to increase economic development opportunities for all small business owners within the region.
Educational Component
The Business Institute holds quarterly lectures or presentations on various subjects impacting small business. Speakers are selected from the academic and business community locally & nationally.These presentations are required participation of all applicants. The larger body of the Chamber, as well as non-members will be invited to be a part of this educational experience. The sessions are designed for business owners to update their knowledge and incorporate new strategies and ideas in their business.
Technical Assistance Component
Consultants are available through the Chamber to provide technical assistance in the four defined areas. Upon completion of working with a consultant, recommendations made to strengthen a participants' business will be tracked and a written report of activities submitted.
Business Institute Advisory Council
The role of the Advisory Council is to provide strategic mentoring and coaching to the participants businesses that participate as part of the Business Institute. The Advisory Council will make recommendations to the business owner and when necessary, request the Chamber to identify technical resources to strengthen the area(s) identified. This will provide access to expert knowledge and networks that minority businesses need to have sustainable growth.
The Advisory Council will consist of a team of business and industry experts selected by the African American Chamber of Commerce that will serve as coaches and provide insight on effective business strategies. The Advisory Council will select the firms entering the program. Companies selected must be willing to accept constructive criticism and recommendations from the Advisory Council.
Each business owner will meet with the Advisory Council in an initial review session to give a history and self-assessment. They will highlight the firms' strengths and areas needed for improvement. The Advisory Council will ask questions of the business owner, and jointly determine what areas need to be strengthened. Each business will be required to meet at mutually agreed upon intervals with the Business Institute Advisory Council, their consultant (if one has been assigned). The Business Institute Program Director will be responsible for documenting and tracking the business performance activity of each participant. At the end of the program, success will be measured by how well the business achieved the agreed upon performance measurers as determined by the Advisory Council.
Program requirements
Each business wishing to qualify must answer each question separately.
- Give us a brief summary of your business. - Tell us why you are in business and what makes your business unique.
- What are your expectations for this program? How do you see your business benefiting from this program?
- What do you expect to achieve from the program? What goals and objectives do you expect to have accomplished in two years?
Firms that participate in the Business Institute Program must:
- Be at least 51%-owned and controlled by qualified minorities and/or women
- Qualify as a small business (no more than 100 employees).
- Be a for-profit business in existence for two consecutive years
- Have previous experience in the Chamber's Mentor Protégé Program, or a similar program.
- Be able to make a two -year commitment to the program.
- Sign a Memorandum of Understanding (MOU) according to agreed upon goals and objective
- Be in an Industry category directly related to project outcomes, that will be benchmarked
- Although not a requirement, participants are encouraged to enjoy the benefits of membership in the African American Chamber of Commerce.
- Participants must re-apply after a two-year period.
- Failure to complete the two-year commitment will result in the participant being assessed $300.00
