SBANC
Small Business Advancement National Center University of Central Arkansas — Conway Arkansas
Quote
115H, College of Business - University of Central Arkansas - 201 Donaghey Ave. Conway, AR Issue: 823 – June 24th, 2014
Of The Week
“It's easy to make a buck. It's a lot tougher to make a difference.” - To m B r o k a w
Upcoming Conferences IACS
AA
AA
AA
SBI
Who: International Academy for Case Studies
When: July 25, 2014 Where: Asheville, NC
What: 2nd Annual Interactive Case Writing and Development Conference Who: Allied Academies
When: July 21-25, 2014
What: Summer International Internet Conference
Where: Online
Who: Allied Academies
When: April 8-10, 2015
What: Spring International Conference
Where: New Orleans, LA
Who: Allied Academies
When: October 15-17, 2014
What: Fall International Conference
Where: Las Vegas, NV
Who: Small Business Institute
When: February 12-15, 2015
What: 39th Annual Academic Conference
Where: St. Pete Beach, Florida
Announcements SBANC
IEDC
ISBE
ICSB
ASBE
The Small Business Advancement National Center aims at increasing your knowledge of small business and entrepreneurship. All questions and comments are greatly appreciated.
The International Economic Development Council is offering an Economic Development Credit Analysis training course on August 6—8, 2014 in Denver, Colorado.
The Haydn Green Institute at Nottingham University in partnership with the Institute of Small Business & Entrepreneurship (ISBE) is inviting people to attend a Paper Development workshop that will take place on September 18, 2014 at Nottingham University, Nottingham, The Mentoring Institute at the University of New Mexico is accepting proposals for its seventh annual Mentoring Conference. The 2014 conference will be held on Tuesday, October 21 through Friday, October 24 in Albuquerque, NM, at the Student Union Building, UNM. The Association for Small Business and Entrepreneurship is having their 2014 ASBE Conference September 24-26, 2014, at the Doubletree Hotel in Memphis, Tennessee.
Call for Papers WBI
WBI
ICMBM
Who: World Business Institute
When: December 8-9, 2014
What: World Business, Finance & Management Conference
Where: Auckland, New Zealand
Who: World Business Institute
When: December 15-16, 2014
Deadline: November 24, 2014
What: Annual Tokyo Business Re- Where: Tokyo, Japan search Conference Deadline: October 31, 2014
Who: Int’l Economics Development & Research Center What: ICMBM 2014 Conference
When: November 20-21, 2014 Where: Milan, Italy Deadline: June 10, 2014
Who: International Advisory Board When: February 19-20, 2014
IAB
What: 15th Int’l Conference on Knowledge, Culture and Change
Where: Berkeley, California Deadline: July 17, 2014
Tip
of the Week
“Founders need to have the commitment of the team and board before embarking on Customer Development.” Customer Development Success Begins With Buy-In Customer Development’s “learning and discovery” philosophy can be immensely disorienting to a founder, engineer or investor who has spent his or her career executing a plan. For Customer Development to succeed, everyone on the team—from investor or parent company to engineers, marketeers and founders—needs to understand and agree that the Customer Development process is different to its core. If the engineering VP is talking waterfall development or the board demands a rigid timetable, Customer Development is destined for disaster. Everyone must accept the process, recognizing that this is a fluid, nonlinear search for a business model that can sometimes last for years. Customer Development changes almost every aspect of startup behavior, performance, metrics, and, as often as not, success potential. It’s
“
not just a “nice to do” while executing the revenue model in the back of the business plan. Customer Development reinvents the business model on the fly, iterating often and pivoting whenever indicated. Founders need to have the commitment of the team and board before embarking on Customer Development. Ensure that all understand and agree that it’s iterative, necessary, and worthwhile and that it changes the benchmarks and metrics along the way. Comments such as” The product is already spec’ed, and we can’t change the features since development is already underway,” or “We already have the factory (or sales team or marketing materials) built,” or “We have to launch to make the numbers in the plan,” are all red flags. To succeed at Customer Development, the company must abandon the old model’s emphasis on execution of a fantasy business plan. Instead it must commit to a Customer Develop-
ment process stressing learning, discovery, failure, and iteration in the search for a successful business model. market, determining market potential is the process of locating and investigating buying units that have both purchasing power and needs that can be satisfied with the product or service that is being offered.
Feature Paper
SBANC Staff
Consumer Motivation to Engage in Social Media
Executive Director
Communications
Dr. Don B. Bradley III
Development Intern Social media has created a paradigm shift in the way people communicate. Traditional means of reaching consumers through mass media has become less effective in recent years (Phillips and Noble 2007). This trend is indicative of the need for consumers to communicate with each other and businesses in an interactive manner. Today’s consumers desire more of a dialogue as opposed to one-way marketing messages. They want to see the human side of corporations. Social media is participatory online media (Gillin 2009) and “...the democratization of information, transforming people from content readers into publishers,” (Solis 2011, 21). It is basically a social communication using some form of technology. Most marketers are using social media as a marketing tool (Shaffer and Garrett 2011). Therefore, it is important to understand the dynamics of why consumers are motivated to engage in these social media communications with businesses.
James Vire
Development Intern Daniel Champion
Comments? The Small Business Advancement National has recently made immense changes to the layout of its website, SBAER.UCA.EDU, as well as its Newsletter. We welcome constructive criticism, comments, and of course, all questions throughout this transition.
Contact Us Email:
(pg. 172)
SBANC@UCA.EDU Phone:
Read Entire Paper Here
1 (501) 450-5300 Mail:
Feature Paper Source:
Tip of the Week Source:
Society of Marketing Advances: Mar-
The Startup Owner’s Manual: The
keting Identity Conference
Step-by-Step Guide for Building a
Melissa N. Clark and Kristen P. Mash-
UCA Box 5018 201 Donaghey Avenue Conway, AR 72035-0001
Great Company
burn
Steve Blank and Bob Dorf
Page 172 - 173
K&S Ranch, Inc. Publishers Page 48-49
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