Top Membership Organizations for Young Entrepreneurs

The best national networking resources for entrepreneurs and business owners

Q.  I am a 29 year old Korean-American. I have two businesses. The first is a retail sneaker store. My other business is a lifestyle marketing business which helps mainstream corporations market to the urban world. My problem is both businesses have hit a plateau. What can I do to get my companies to a national level? Also, what organizations can I join to meet other entrepreneurs my age?

A.  Did you ever hear the expression that successful people generate their own luck? Their good fortune doesn't magically land at their door step; rather they pursue it with all-consuming drive and attention to detail.

Similarly, growth doesn't just happen for any company, big or small. You have to organize for it. And you have to pursue it.

I suspect you are in a rut today because you don't really have a current road map to your desired destination. What I'm saying is it's time to update your business plan.

You're not alone. It's quite common for small business owners to lose the discipline of preparing an annual business plan. Business planning research requires owners to face what's not working in their business today and set new product or service goals. Business plan development also forces owners to study the competition, probe emerging customer needs and determine new working capital requirements. Yes, all this research takes time, but it is the best operating foundation to move your company to "the next level."

I can't let this column run without commenting on your management responsibilities to two companies. It's tough enough for ambitious entrepreneurs to get one business to the $1 million; $5 million or $10 million revenue mark without getting overwhelmed by entrepreneurial pain, but two?

Is just 50% of your time really enough to position either company for the national presence you aspire to? Only you know your capabilities. However, if you eventually seek angel or venture funding, expect investors to answer this question without hesitation. Their view, which I agree with, is that fast-growing companies need full-time management.

As you work through the business planning numbers, one of your companies will likely emerge with stronger financial prospects. And, I hope this is the business you love most.

With regard to re-organizing your priorities with the help of networking organizations, here are my recommendations for how and where you can surround yourself with excellence.

They are: Entrepreneur's Organization or "EO" (recently renamed from Young Entrepreneur's Organization), Young Presidents Organization or "YPO" and the Birthing of Giants entrepreneurial education program.

Birthing of Giants brings together 60 ambitious entrepreneurs to MIT's college campus for intensive class work in three consecutive summer sessions. The program involves top notch speakers and noted business school teachers who address some of the more challenging aspects of holding a company together. From first-hand experience I can say that participants can build an extended national network of friends and business contacts. It's wonderful.

EO and YPO offer local support from like-minded business builders plus challenging education programs. Membership is selective. EO members run companies with $1 million+ revenues. After putting in some time with EO, many top performing entrepreneurs then jump to YPO to collaborate with leaders who built $8 million+ revenue companies before age 45.

It is clear from your longer letter that you are bright and determined. Now let's work on focus. A new business plan is the best way to get you back on a more productive path to greatness.

Take Command Action Step

Are all your tax and payroll filings current? Business owners and officers of companies are personally liable for unpaid business taxes – forever. If your business is short of cash, make sure you pay tax obligations first. Spouses of business owners in some states may also be liable for unpaid business and payroll taxes. It's smart to understand the risks of any business venture and always try to meet the most important obligations first. You can do it!

Do you need time-saving tips to help fund and grow your business? Ask Susan How! Write to small business funding expert Susan Schreter at susan@takecommand.org