The Pasadena / San Gabrial Valley Journal News - Black African American Business, Educational and Social News
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Avoiding the Pitfalls of Starting a New Business
"I realized, in some cases, I have to hire individuals who are smarter than I am," said Ron Carter, who runs a public relations firm in Pasadena. "I came to the understanding I cannot do it all," he added.
"I thought it would give me independence and financial freedom; instead I got a lot of work," said Rafael Gomez. His chocolate-making business in Altadena is a one-man operation right now. And he's the man.
Building a successful company depends on understanding lots of complex issues before you earn your first dollar. Experts at the latest Drucker Business Forum in Pasadena shared advice on how to avoid the pitfalls of starting a new business.
Changing the Fiber of Your Nonprofit
A capital campaign – or any other quantum leap in your fundraising – will pull at every fiber of your nonprofit. These are not "business as usual" activities. If you want to grow from one level of donated revenue to another you have to do things differently. It's no different than a business seeking to enter a new market or release a new product. New, more and different thinking, actions and people are required for new, more and different results.
We know this means more work for nonprofits that are often already operating beyond capacity. But you have to find a way to operate differently if you want different results. We are not saying that everything has to change all at once, but the rate at which you engage potential donors and funders is the rate at which you will begin to see a change in revenue.
Change can begin with an honest assessment of the road ahead. Your institution may need to raise money for new facilities or technologies. Your nonprofit may need to replace a government contract or grant that won't be renewed. In these examples the first step is to identify the amount of money that needs to be raised. This is the starting point for an important organizational conversation. For too many nonprofits, it is also the end point.
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