National program produces local results
Feb 24, 2014
More than 250 Houston-area small businesses are thriving and growing thanks to their participation in the Goldman Sachs 10,000 Small Businesses program at Houston Community College.
In 2011, HCC partnered with the City of Houston and Goldman Sachs to bring the 10,000 Small Businesses initiative to the area. Since then, 259 small business owners have graduated from the 10-week course. The ninth cohort begins May 28, 2014, but the deadline to apply is Monday, February 24, 2014.
The Goldman Sachs 10,000 Small Businesses program is helping entrepreneurs across the United States grow their businesses and create jobs. A recent report by Babson College, the program’s curriculum developer, shows that nationally 63.7% of the participants have experienced an increase in revenues and 44.8% have added new jobs. Local participants in the program are doing even better, 69% of HCC’s Goldman Sachs 10,000 Small Businesses program graduates have increased their revenue rates. The HCC participants are also putting more people to work, 51% of HCC program graduates have created new jobs in their companies. HCC’s Goldman Sachs 10,000 Small Businesses program also has a 99% graduation rate.
The program is designed for established businesses that need guidance and resources to grow. During the course of the program, students learn to make operational and strategic business decisions, based on an understanding of financial statements, and they develop a growth plan.
The aspect of the program that many students find to be the most valuable is the opportunity to network with other business owners. Pat Vice graduated from the program in September 2012. Vice, who owns Texas Security Shredding, an onsite/offsite secure destruction company, says she is impressed with the program.
“Its excellent overview for business management,” she says. “The development of my growth plan, and the connections established with other small businesses have helped me immensely.”
Vice recognizes the relationships she has developed with other companies as her greatest benefit from the program. The program has opened up opportunities for Vice and her classmates, who own diverse service or product producing businesses, to do business with each other. Teaming up with Janice Jucker of Three Brother’s Bakery to raise charitable donations for the Susan G. Komen Houston Affiliate, Vice matches the client donation of $5, dollar for dollar, each time the customer has a shred service. This builds a reoccurring revenue source for the Komen Affiliate.
“It’s saving lives, one shred at a time,” Vice says, “Giving back to our community is an important part of owning a business.”
She also shares business and partners with Abe Gonzalez, president of RPC Global, which does electronic equipment recycling. Vice’s company has experienced considerable net revenue growth and has expanded the capacity use of her mobile shredding trucks by 15%.
Dr. Maya Durnovo, the Chief Entrepreneurial Officer for HCC, agrees the program is having an impact on the Houston-area economy. “The 259 small businesses who have graduated have seen growth with increased revenue rates at 69% and 51% have added employees,” She says. “And that has a significant bearing on our city’s economic growth.”
The businesses that have gone through the program reflect the broad spectrum of small businesses in the city. For more information about the Goldman Sachs 10,000 Small Businesses initiative at HCC, go to hccs.edu and click on the Goldman Sachs logo. The deadline for applications for the next class is Monday, February 24.