Small Business Administration Offers “Mini-MBA” To Jumpstart Small Business
The Small Business Administration is kicking off a mini-MBA program in the Twin Cities that’s intended to help established small businesses grow.
The Emerging Leaders Initiative provides training in areas such as growth strategies, accessing capital, government contracting and CEO mentoring. But early-stage entrepreneurs need not apply: The SBA specifically notes, “This training … is not for start-ups or people who are thinking about starting a business.”
The seven-month program is free for attendees, funded through government grants and sponsorships. Small business owners must meet several requirements, including being located in the Twin Cities metro area, having revenues in the range of $400,000 to $10 million, been in business for at least three years and completing all necessary class time and homework.
The nationwide program appears effective: 70 percent of participants said their companies achieved growth after the training and 80 percent reported adding jobs or retaining existing employees. And it’s proving to be launching pad for securing government contracts, with more than $700 million awarded to participants throughout the country.
Mini-MBA programs are becoming a bit of a trend. In TCB’s May 2015 issue, we noted an uptick in employers that were sending their employees back to skills-specific training courses and programs to get more value out of workers and to prepare for a “silver tsunami” as thousands of skilled Baby Boomers retire