Hello local Business Owners.

I recently attended a High Performance Business Assessment Training provided by the California Resources and Training (CARAT). CARAT is an organization whose mission is to enhance community and economic development in California. To achieve this mission, CARAT will:

• Identify service gaps and implement programs within the business assistance industry.
• Raise the standards of service and build capacity among business assistance providers.
• Generate additional resources for business assistance providers.
• Expand access to technical assistance for small businesses throughout the state, especially in under-served, low-income, rural and urban communities.
• Cultivate leadership in the community economic development industry.

I would like to share some of the notes that I took during the CARAT training in hopes that there are a few, if not, many business owners/ entrepreneurs out there who will find it useful.

Characteristics of Successful Business Owners
- Have a clear sense of purpose (KNOW what you want to do through research, don’t just go out on a whim.)
- Learn from Experience (It will help you prepare for challenges that you have to face)
- Establish interpersonal relationships (with customers, vendors, EVERYBODY you deal with in your business)
- Think and behave systematically (STRUCTURE is important in running a business)
- Identify and deal with change effectively (don’t be stubborn, be open-minded)
- Think and act with flexibility
- Demonstrate emotional maturity

Developing a successful small business is significantly impacted by how business owners view their role in the business. This perspective involves the orientation of their thinking. Those business owners who demonstrate the most success establish a specific type of MIND-SET. The mind-set involves how they think about their business and their role and responsibilities. This requires that the business owners commit a portion of their time to the PLANNING, MANAGEMENT, FINANCIAL, AND MARKETING aspects of their business, and balance that commitment with those business management responsibilities related to daily operations.

Business Owners should transition their mind-set

From To
Working in the business. Working on the business.
Being the business. Being a business manager.
Doing daily operation management Developing a daily operations management
task by task. system.
Reactively solving business management Developing a business management system
problems as they emerge. that proactively solves problems

Small Business Assessment
On a scale of 1-10, 10 being the highest, how would you rate yourself in the following categories?
- Planning and Strategy
- General Operations/ Management
- Financial Management
- Marketing and Business Development

Remember, there is a difference between your ACTUAL rating and your OPTIMAL rating. The difference is what you have to recognize to create a Gap Analysis and identify business performance needs and set performance goals.

I hope these tips are helpful in your understanding of small business development needs. For further guidance or assistance, please feel free to contact me at the Little Tokyo Service Center at
213-473-1658 or via email at jaraki@ltsc.org.

SCHEDULE

Joe Araki is the Little Tokyo area Business Counselor for the Little Tokyo Service Center, a Community Development Corporation. He assists business owners in drafting marketing plans, packaging loans, and dealing with government agencies. He puts on seminars regarding tax matters, health department issues and accessing capital. Each month he highlights a particular business, service or business owner in Little Tokyo. Mr. Araki can be reached at 213-473-1658 and jaraki@LTSC.org.