Tell us about Goldman Sachs 10,000 Small Businesses.
Goldman Sachs 10,000 Small Businesses is an education program for small businesses that links learning to action. 10,000 Small Businesses (10ksb) is an investment funded by Goldman Sachs and the Goldman Sachs Foundation to help entrepreneurs create jobs and economic opportunity by providing greater access to education, capital and business support services. Through the program, small business owners gain practical skills that can immediately be put into action like how to understand financial statements, negotiate successfully, strategically sell, how to hire and retain top talent, identify and evaluate innovation opportunities, and create and execute customized growth plans.
How does your company differentiate itself from others in the region?
Our major differentiator is the practicality of linking learning to action. Small businesses that go through the program receive the tools and professional and peer support they need to develop a strategic and customized business growth plan that when executed will take their company to the next level. In addition, the 10ksb program shows small business owners how to become more bankable and position themselves to access small business funding and capital as needed for innovation and growth.
What has helped you get to where you are and what advice would you have for others who want to set off in a similar direction?
Growth-minded small businesses should apply for the program to join the more than 400 North Texas small businesses that make up the more than 8,600 Goldman Sachs 10,000 Small Businesses network that represent a large and growing economic force nationally. Six months after completing the program 10,000 Small Businesses graduates are increasing revenues and creating new jobs. Nationally, at six months the 10ksb average revenue increase is 35%, at 18 months the average is 61% and by 30 months the average revenue has increased by 98%. Job growth rates are also significant for 10,000 Small Businesses alumni. Nationally, six months after program completion the average job growth is 29%, at 18 months the average job growth reached 48% and by 30 months the number is 62%.
A version of this Thought Leaders article was first published in Dallas Innovates 2020: The Magazine.
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