IMPACT Indiana Business Plan Competition

May 23, 2013 By admin Leave a Comment

IMPACT Indiana

Propelling Businesses that IMPACT Indiana

Goal

IMPACT Indiana is the 4th annual business plan competition organized by the Entrepreneurship Advancement Center (EAC) to promote the development of high IMPACT start-up and early stage companies that have a social or environmental purpose.

Who Should Enter

IMPACT Indiana is a business plan competition open to any Indiana-based entrepreneur with a business or business idea that will have a positive social or environmental IMPACT on the quality of life in Indiana. We accept ideas for innovations with the potential to have a clear social or environmental impact, create jobs, and provide improved economic returns while wisely using resources. Projects should be for-profit.

Environmentally focused businesses positively impact environmental issues such as air and water quality, transportation, and public health. Socially focused businesses identify a social purpose and develop a business to achieve a positive impact.

Why you should enter

Jumpstart your business
Network with seasoned entrepreneurs and potential investors
Receive third party validation and feedback
Generate interest in your business from potential customers
Increase exposure for your business

Details will be released in June. Click here to sign up to get the latest information!

Filed Under: Business News, Event Tagged With: Business Plan Competition, entrepreneurship, Entrepreneurship Advancement Center, environmental companies, Event, small business, social companies

Rajesh Patnaik’s Journey to Entrepreneurship

May 23, 2013 By admin Leave a Comment

Rajesh Patnaik

For many of us, change is difficult and often frightening. We get accustomed to life being a certain way and being forced to change our daily routine is not something that is enjoyed. But for entrepreneurs, change is the name of the game. Markets change, technologies change, and the overall business landscape changes. Well for Rajesh Patnaik, he had to change his career path and move to a different country in order to get to here he is at today, which is the proud owner of Signs By Tomorrow.

Rajesh Patnaik was born and raised in India. He received his undergraduate degree in mechanical engineering and later his MBA in finance from South Gurajat University, which is located in Surat, India. He utilized his degree working in the manufacturing industry for 11 years and then switching career paths to working on IT for 10 years. Rajesh was primarily an SAP consultant, helping companies to best utilize the technology to better conduct their business functions. SAP is software that encompasses all aspects of business management, from finance to sales to human resources. Rajesh’s knowledge of SAP and how a business operates would prove to be very useful when he decided to own his own business.

While working for a client, Rajesh was forced to leave his home country and move to St. Louis, Missouri. It was a tough transition for Rajesh to leave behind all of his friends and family to live in the U.S, as it would be for anyone in that position, but he soon found his new home in the Indianapolis area when his son got accepted to Purdue University.

Once he settled down, Rajesh contemplated his next career move. He had already spent years in the corporate world and had reached a senior management position, but he wanted something more. So he chose the entrepreneurial route. Rajesh enjoyed the prospect of running his own business, but wanted backing from a corporate headquarters that could support his business. After looking through several franchising options, Rajesh decided to go with Signs By Tomorrow. He enjoyed interacting with the owners of Signs By Tomorrow and they even invited him to their headquarters in Columbia, Maryland. Plus, the advantages of owning a Signs By Tomorrow franchise were too hard to ignore. Signs By Tomorrow has built a strong community of support for all of its franchise owners, with over 340 locations nationwide. Rajesh also noticed that there were no franchisees in Indianapolis, and therefore he would have a huge opportunity operating out of the Indianapolis area.

Initially, Rajesh had no experience in designing and making signs but what he found was that many of the other franchise owners hadn’t either when they first started and that headquarters would be there to help him along the way. From the day he signed the franchise agreement to opening of his store, Rajesh had to receive two weeks of training from headquarters, interview potential designers and hire his own staff, lease space for his store , buy the equipment to make the signs, and go through the phases of initial marketing, a process which took 8 months.r management position, but he wanted something more. So he chose the entrepreneurial route. Rajesh enjoyed the prospect of running his own business, but wanted backing from a corporate headquarters that could support his business. After looking through several franchising options, Rajesh decided to go with Signs By Tomorrow. He enjoyed interacting with the owners of Signs By Tomorrow and they even invited him to their headquarters in Columbus, Ohio. Plus, the advantages of owning a Signs By Tomorrow franchise were too hard to ignore. Signs By Tomorrow has built a strong community of support for all of its franchise owners, with over 340 locations nationwide. Rajesh also noticed that there were no locations in Indiana, and therefore he would have a huge opportunity operating out of the Indianapolis area.

Today, Rajesh has full flexibility in owning his business. He controls nearly every aspect including pricing, local marketing, hiring new staff, and networking with local businesses. His store operates through the entire state of Indiana, from as far south as Martinsville to as far north as Lafayette. He has designed signs and decals for many locally owned businesses including 360 Services, American Dream Home Improvement, and Ambrose Property Group.

Rajesh believes that what differentiates his product from the competition is that he is very prompt in responding to his clients’ requests for a quote, a proof, and producing the signs in a timely manner. He also delivers the signs directly to them, making it much easier on the client. In other words, Rajesh puts his customers first and his clients have responded with nothing but praise. And Rajesh continues to want to improve the customer experience. In several years, he wants his Signs By Tomorrow to be known as the most service-oriented sign company in the region. Only after he receives this reputation will he think about expansion. Given how far Rajesh has come, and his history of success, there is no doubt that his vision will come true.

Rajesh Can Fulfill Your Signage Needs!

Filed Under: Business, Business News, Entrepreneur of the Month Tagged With: entrepreneurship, Entrepreneurship Advancement Center, franchise owner, signs by tomorrow, small business

Startups- Growth Can Be Painful Without Preparation

May 22, 2013 By admin Leave a Comment

Guest Post By:
Jennifer Foster
Foster Results
J Foster head shot color - small

If you ask Jon Stein, CEO and founder of Betterment and author of Your Startup Is A Tribe (And Your Customers Are Members, Too), he’ll affirm that leading the fast-paced nature of a newborn business is not for the faint hearted. Assembling the right team of individuals and then striving to maintain an objective company balance while promoting quick growth is a difficult (and sometimes painful) task.

By its very nature every startup business is faced with a rapidly changing environment and entrepreneurs must learn how to adapt quickly. But at the same time, owners must stay true to a disciplined and strategic financial vision to effectively capitalize on opportunities as quickly as they arrive on their doorstep.

Being aware of and prepared for challenges your company may face in its youth will help business owners overcome hurdles and optimize for potential growth.

What initial growing pains can businesses expect?

Cash flow issues. Rapid or excessive growth can ultimately cause cash flow issues. To grow a company you have expenses such as facility, staff, marketing, IT infrastructure and inventory, not to mention a multitude of other unforeseen expenses. Do you have the cash flow to support this?
Customer service issues. Fast growth can result in customers not getting the service they want or need due to a small (albeit growing) staff trying their best to respond in a timely manner to customer service questions and problems. Do you have procedures in place?
Company culture issues. At some point, it’s important to step back and ensure your corporate culture is defined – and expect that it may evolve. Quick growth can result in company culture being lost as new staff members are not familiar with messaging and expectations while management may be too busy “in the business” to take time to share knowledge.
Staffing issues. Many times startups’ small staffs are expected to cover many clients and wear a multitude of company hats. Keeping an eye on and avoiding staff burnout is crucial. How often do you ask your employees how they’re doing?

As a business owner, how can you be proactive about implementing successful keys to growth and avoid growing pains?

Plan ahead. Always plan ahead for potential cash needs. It is always easier to borrow money when it is strategically planned and not a crisis.
Document procedures. Take the time to document and make available to staff standard operating procedures so they have the resources available to learn company culture and be aware of expectations.
Provide help. Create a workforce plan that includes a mentor program. Plan to match up incoming new employees with a senior staff member that you know and trust has the willingness to teach and share.
Communicate. Communicate. Communicate. Be consistent about telling your team what you expect of them. Give them the tools they need to perform well and satisfy their clients’ needs as growth escalates; they will be better able to adapt to growth successfully.
Congratulate. Startups usually have relatively small staffs. Have an informal process in place to tell staffers often that they are appreciated and reward your team for a job well done. Although many small companies don’t do it, formal performance reviews are a key means to reward and acknowledge excellent employees.

As the leader of a newer company, don’t sacrifice company vision or neglect to implement some basic business processes. Most startups are managed by visionary workhorses who like to see things get done and have the foresight to make it happen. Most, though, are savvy enough to know that they will need other personalities and skill sets to make their dreams become reality. You may be small today, but small opportunities are often the beginning of great things to come.

Filed Under: Business, Business News, Guest Post Tagged With: accounting, bookkeeping, EAC, Entrepreneurs, entrepreneurship, Entrepreneurship Advancement Center, foster results, small business

My Life as an EAC Intern- Week 2

May 17, 2013 By admin Leave a Comment

Guest post by:
Blake Hinshaw
Kelley School of Business EAC Intern

Another week down at the EAC and once again I come away with a feeling of accomplishment and newly garnered knowledge. My daily tasks have remained much the same, mainly that I make sure that the EAC website remains active with continual blog posts and that we maintain a strong presence on social media. However, what really left an impression on me were two separate meetings I attended with Cathy.

The first was on Tuesday. I went with Cathy to the Starbucks off 116^th and Allisonville and had the pleasure to meet local entrepreneur Heidi Wolf, founder and creator of Lollies Candy Shop. Cathy has been working with Heidi for a while, first meeting her when Heidi won 2012 Community Business Competition. Heidi came off as a real go-getter. She has a background in marketing but with Lollies Candy Shop, she has started to take control of every aspect, from finances to operations. What amazed me the most was how detailed her plan was to get her business off the ground and the ingenious way she plans to receive funding. Lollies Candy Shop plans to go from being a candy stand in the local Flea Market to a fully-fledged store in the newly developed business area in downtown Fishers. As a candy lover myself, I personally cannot wait to see Lollies Candy Shop Lollipops up-and-running.

On Wednesday, Cathy and I met up with Ron Brumbarger. Ron started his first business, called Bitwise Solutions, as a web development company in 1991. What he found after years of trying to recruit college graduates to work for his company was that, in general, they weren’t prepared to enter the work force. So he decided to have his own hand at the educational system, a solution that he believes better develops successful employees, a solution he calls Apprentice University. Apprentice U works as either an alternative or a supplement to college. It is a 30 month program that places students under the tutelage of actual business leaders. Instead of paying tuition, kids get paid for their work while learning the skills to successfully conduct themselves in a business environment. Ron’s unique take on the educational system was a real eye-opener and made me reflect on the value of my own education.

As I continue to meet local entrepreneurs, I start to develop a sense of what makes for a successful business and how organizations like the EAC can help people realize their vision. My introduction to the entrepreneurial community has been a process, but a process that I’ll enjoy as I continue interning here at the EAC.

Filed Under: Business, Guest Post

Wechsler and Launch Fishers Build a Strong Business Community

May 17, 2013 By admin Leave a Comment

John Wechsler’s long connection with the town of Fishers and his experience in start-ups has lead him to the creation of Launch Fishers, a co working space for start-ups located in the town of Fishers. Although located in Fishers, the space is open to anyone who wants to become a member.

j wechsler

John has always been a self starter, even before he ever envisioned of creating a company. He joined the army right out of college and paid for his own education, eventually graduating with a B.S in Marketing from Indiana University in 1990. Originally he saw himself working in the real estate market, but when he was offered an internship at IBM, the Google of the ‘80s and ‘90s, John’s interest in technology was able to develop. He left IBM in the mid ‘90s to start working on ventures that focused on disruptive, consumer-based technology.

He particularly worked to create companies that had high growth potential. One such company was Wishoo. Wishoo was a video and photo website that aimed to connect companies directly to their consumers. Had they had more money, John believes, it could have developed into a large social medium that would have rivaled the likes of Youtube. Another of John’s more successful ventures was Formspring, a social media website that was the fastest growing website ever going from ideation to 10 million users in 90 days, faster than Facebook, Instagram, and Twitter. As recently as 2011 John helped start Developer Town, a space in Broadripple that works with technology companies, whether start-ups or established businesses, to help further their development.

All of John’s experiences with creating start-up companies made him realize the need for a dedicated space for entrepreneurs to work and for young businesses to develop. That is when the idea for Launch Fishers was born. John conceived and designed the space and the town of Fishers eagerly invested the money to build the infrastructure, understanding the importance that a co-working space for entrepreneurs could bring to the community. John has lived in Fishers since the ‘80s, before it even had its own zip code, and always had the desire to give back to the community in any way he could. “I could have started (Launch Fishers) somewhere else,” said John, “but doing it in my town always mattered to me.”

Launch Fishers gives immense value to entrepreneurs who utilize the space. First and foremost it gives them a professional place to work, other than having to conduct business out of the local Starbucks or Panera Bread. Secondly, Launch helps facilitate and build an informal network between entrepreneurs that as people find common interests and goals, continues to get stronger and stronger. And it perfectly lines up with the town’s strategy to help build a vibrant community.

In John’s own words: “Fishers becomes a stronger community if we organically build businesses and start-ups rather than bidding for companies to come to your town. Those aren’t really beneficial to the community. But the ones that grow up here with their employees having lunch next door and working out across the street and going to concerts at the amphitheater those are the companies that are ultimately important to a community because they are a part of the community and their employees are invested in our success as a community.”

Launch has already made an enormous impact on the Town of Fishers and as it continues to expand, the future looks all the more promising.

Come take a Virtual Tour of Launch Fishers with Kurtis Moss

Filed Under: Business News, Entrepreneur of the Month

Who Owns Your Website?

May 13, 2013 By admin Leave a Comment

Guest Post by
Janet Monroe
Attorney- Of Council
Brannon Sowers & Cracraft PC

So you’ve launched your company and hired a web-developer to breathe life into the idea you’ve poured your heart and soul into developing over the past several months, perhaps even years…

Maybe you never even thought to ask the question, but at the end of the day who actually owns “your” website? You or the web designer?

Indiana software litigation in a ruling by the Supreme Court of Indiana, Conwell v. Gray Loon Outdoor Marketing Group, points to the fact that hiring a contractor for the development of content and programming of a website is considered a service rather than a purchase of a good.

In this case, the Indiana Supreme Court ruled that the independent contractor owns the property, while the hiring party owns a non-exclusive and perpetual license to use such property, unless of course, there is an agreement specifying otherwise.

Looking towards prior Indiana technology litigation the Supreme Court applied the definition of an implied non-exclusive license to the development of a website:

An implied non-exclusive license is granted when (i) a person (the licensee) requests the creation of a work; (ii) the creator (the licensor) makes that particular work and delivers it to the licensee; and (iii) the licensor intends that the licensee copy and distribute the work.

This definition applied to the facts surrounding the website development in this particular case ultimately led the court to its conclusion.

So, expect this to be the case (at least in Indiana) the next time you hire a web designer for your next project: upon final payment, the web designer owns the property, while you own the right to use it… forever.

(Unless, of course, you involve technology legal counsel first and negotiate otherwise.)

This blog is provided for informational purposes only. All information contained should not be considered legal advice, nor should you take action upon this information without first seeking professional counsel. If you decide to comment or contact an attorney by any means of communication, do not disclose information you regard as confidential. Unless otherwise agreed in advance, all unsolicited inquiries or information received by Brannon Sowers & Cracraft PC will not be regarded as confidential. and no attorney/client relationship is formed by means of Internet or digital communication.

Filed Under: Business News, Guest Post

My Life as an EAC Intern Begins

May 10, 2013 By admin Leave a Comment

Guest post by:
Blake Hinshaw
IU Kelley School of Business EAC Intern

My life as an EAC intern began this week. Cathy has been very patient with me as she introduces me to the entrepreneurial community

On Monday I was introduced to the Launch Fishers co-working space and to some of the bright minds who work there. The space really left an impression on me, I could tell immediately that what is going on at Launch is something truly special.

I also saw the different markets EAC serves on back-to-back days. Tuesday I had coffee with Cathy and Senthil Premraj. Senthil is an already successful entrepreneur having started an innovative education-based venture called FlipLessons. On that day he came to Cathy for connections to help further his new venture, called healthplotter. It was impressive to see how Cathy leveraged the EAC’s connections to help out Senthil so quickly.

The other market EAC serves was demonstrated the very next day as Cathy went to Noblesville High School to promote the “Teen ‘Trep Challenge” to a classroom full of juniors and seniors. As I listened to her explain the importance of young entrepreneurship to a group of kids, I realized just how many people the EAC has a chance impact.

So that is where my mind was on Thursday, at the Oak Hill Mansion, sitting at a table with members of the Hamilton County Chambers of Commerce, having to give an elevator pitch for the EAC after only one week of interning there. And you know what, it was easy. As I explained to these people, whom I had never met, the work the EAC was doing, I could sense a genuine interest. I believe that entrepreneurship can make an impact, and so did they.

I’m already looking forward to next week where I can continue to help expand the EAC brand. Watch for my special focus on Launch Fishers!

Filed Under: Business News, Guest Post

Meet Our New Intern!

May 6, 2013 By admin Leave a Comment

Watch for weekly updates from Blake!

Filed Under: Business News

Do You Have Milestones for your Business?

May 5, 2013 By Lorraine Leave a Comment

When I thought about walking my first half marathon, the task seemed overwhelming. I had never walked more than a few miles. But I enrolled in a training program which allowed me to start slowly with three mile walks.

As I progressed through the program, my distance and speed increased. I was prepared and ready for the race, so it was actually fun, and I felt good the next day. Since my first race I’ve completed ten mini marathons. Each one is easier than the last because I approach each one with the same plan. I know where I should be at different check points in my training schedule. The milestones keep me on track, so I am ready for the race.

The lessons I learned preparing for the race come in handy whenever I approach a new project for my small business. I break the process down into smaller steps. Milestones tied to specific goals and objectives help me measure my progress and let me know I’m moving in the right direction. Just as I know I needed to be up to a comfortable speed for an 8 mile walk in the beginning of April, it helps if I can compare our progress on a web design project against milestones set for weeks 3, 7 and 10.

For larger projects, I break the project down into a series of tasks. I use a simple checklist to capture the actions, milestone date, who is responsible and the current status for each task. It can be as simple as using an Excel spreadsheet or a white board, or something more complex such as one of these project management software tools.

The important thing is for you to have a checklist you can refer to so nothing falls between the cracks and you can tell if you are ahead or behind schedule. It’s important to look at the big picture and have one eye on the end result, but real progress happens when you focus on achieving the interim goals along the way.

This post was submitted by Lorraine Ball, owner of Roundpeg, and Indianapolis Marketing Strategy Firm.

Filed Under: Business

The Sunny Side of Tax Time

April 22, 2013 By admin Leave a Comment

Guest blog
Jennifer Foster
Foster Results

“Grab your coat and get your hat. Leave your worries on the doorstep. Life can be so sweet. On the sunny side of the street,” sang famous rhythm and blues man Louis Armstrong. I think he might have had something there. If you are feeling a menacing cloud over you and your business because it’s tax time — you aren’t alone. However, by being prepared and practicing good accounting practices yearlong (and not just during “spring panic” season) you’ll find your business’ doorstep clearly catching the rays.

Many individuals and business owners equate this time of year to a dark frustration of paying the government more taxes. I’m not a tax accountant and I don’t file taxes for my clients, but I do know that there is a sunny side to tax time – and it’s the amount of strategic information you can pull from your accounting program if you’re keeping good data year-round.

“Sure,” you might be thinking. “That’s easy for you to say.” Yes, it’s my business. But that’s the point – I run a business and have to follow good accounting practices and file taxes just like you do as a business executive. However, for me and my firm, tax time is not one painful period of time each year – it’s simply a time to take another snapshot of the financial health of my company. After all, if you know the present health of your business you can make sound investments in its future success.

“By failing to prepare, you are preparing to fail.” Benjamin Franklin

Here are five things to consider in preparing to make tax time a little easier for you and your business:

Keep your general ledger and bank accounts updated and reconcile every month so you have a complete picture of your business’ financial health – in real time. Make your life a little easier by enabling online banking with your business debit or credit card account so that your transactions automatically download into your chosen accounting program, such as QuickBooks. If you don’t use one bank card for all business expenses, do so.
It may seem like an “easy out” to file an extension for your tax return and deal with it later. However, filing for a five or six month reprieve in submitting your return can cost you a great deal more than you might be aware. The sooner you file a return, even if you can’t pay all or some of the taxes due, the less you are likely to owe the IRS and the more you can reinvest in your own business. Waiting until September to reconcile your books and file that return isn’t going to benefit your business decisions today. You could be making costly mistakes based on “gut feel” or estimation.
Set calendar reminders a minimum of once a month to review your accounts receivables and contact customers to collect delinquent accounts. Not to mention improving cash flow, by doing this you have another touch point with your customers and you may find it’s a good way (despite the subject matter) to strengthen customer relationships.
Most small businesses pay estimated taxes quarterly to avoid “shock and awe” at a major deviation in what it owes come tax time. Base your quarterly tax payments on a rolling 12 months calendar, not the last fiscal year or the same quarter in the previous year. This will give you a more accurate picture of what your company is earning in revenue and will make that deviation between what you’ve paid in, and what you still might owe, a little less painful financially.
I’m sure you’ve heard the phrase, “Garbage in, garbage out.” Even your tax advisor, accountant or CPA needs good data to work with. Make tax time a little “sunnier” for him or her too by providing accurate, clean information. Keep your accounts reconciled and address any anomalies immediately.

I understand, as a small business owner myself, that we’re often plagued with the drive to “do it all ourselves.” With the complexity of tax codes and constantly changing regulations, income and business taxes are just too complex and time consuming to keep abreast of for the small business owner.

To be better prepared for long-term success and make tax time a little less bothersome, my last bit of advice is to engage yourself with a reputable firm and let the professionals handle the day to day accounting for your organization. This will make your tax time as sunny as possible.