Moms in the Workplace

Photo Credit: onlineri.com

Once children come along, women are still “opting out” or downscaling their careers to take care of their new family, even though some countries have stepped up the support for working parents. It is starting to become noticeable that this is actually a worldwide phenomenon, most of the time due to one partner earning enough that the mother can afford not to work, or for the mother’s job not paying enough to cover childcare costs. The main drivers are educational attainment and childcare issues. In the US, mothers at the top of the “educational ladder are disproportionally opting out” according to Joni Hersch, professor at Vanderbilt University in Nashville, Tennessee. Women with bachelor’s degrees from the most elite universities are 20% less likely to work, if they are married with children, than those who do not have children. Women with the same degree from lesser-ranked schools are only 13.5% less likely to work. These percentages are magnified when Women who receive bachelor’s degrees from the most-selective schools continue to earn an MBA. 35% of women with bachelors degrees from these schools will also hold an MBA and work full time, in comparison to 66% of women MBA holders from less-selective schools. “For a lot of women, when they’re struggling through that tough pipeline mid-career phase when everything is on their shoulders at work and at home, what women need is to have really strong opportunities to make it worth it for them and their families” says Ilene Lang, president and CEO of Catalyst, a New York-based non-profit that advocates for executive women. 

The other reason for women leaving the work force for their families is the cost and quality of childcare. Another pull for women is that especially in the media, there is an attitude that women should start focusing more on their kids when they are young, says Julia Broussard, the country program manager of UN Women’s China office. In Sweden the availability of high-quality childcare is plenty, there is a guaranteed spot at public preschools for all children, and the parents are charged no more than 3% of their salary for the care. Other European countries are not the same. A report in 2007 by McKinsey & Co showed that employment rates for mothers “ranged from a high of 78% in Sweden to a low of 42% in Spain” (Schoenberger), and probably lower for mothers in the hardest-hit countries since the European financial crisis.

Are you a working mother? How do you balance work life and family life?

Meet Our Recipients - Upper Park Designs

The concept of the Seed Fund is to provide emerging entrepreneurs with small investment that propels them forward. While the capital is important, mentoring and intellectual support has proven to be the valuable components to this program.  

Upper Park Designs is a small disc golf accessory company located in Chico, California. As avid disc golfers we struggled to find a bag that met our needs and looked good doing it. Our goals were simple: create products that are unique in style, innovative in design, and unmatched in comfort. We use cutting edge design techniques and durable, outdoor materials to bring our creations to life. From your average casual player to professionals, our products are designed for all types of play. We believe the best designs should be as versatile as the people using them.

 

Our team consists of three Chico State students: Jon Richardson, Hobie Jensen, and Patrick Edelman. Each of us brings a separate skill set to the table, allowing the three of us to cover the majority of needs in the company. 

 Jon is a well-versed business major with a project management and management background. He handles marketing, customer relations, photography, and the majority of day-to-day business. Almost as outgoing as he is busy, his vision and drive keep the company on a path of growth and success.

Hobie is a complete hands on guy. As a Sustainable Manufacturing major he likes to get down into the details and ensure end-to-end quality. With his 3D printer and connections to local manufacturing companies, prototyping and testing is as easy as ever. Hobie also heads up bookkeeping and product fulfillment. 

Patrick is a passionate Computer Science student with a wide range of web programming and design skills. He provides the team insight of current web technologies and trends to help deliver methods to grow our online sales and marketing platform. . Having also worked and consulted with numerous local start-ups on web and design, he makes a great asset to the team.

For more information on Upper Park Designs, please visit them at
www.UpperParkDesigns.com
or on Facebook

Recipient TidBits - What Does Entrepreneurship Mean To You?

As part of their participation in the Business Vitality Seed Fund, we asked each of our recipients a series of questions to get their view on entrepreneurship, the Seed Fund process, and other entrepreneurial related TidBits. The following is their answers to the question: what does entrepreneurship mean to you?

Five by Five Tonics

"In my opinion, the entrepreneur is characterized by one trait: bravery.  It doesn’t take outstanding intelligence, or loads of money to call oneself an entrepreneur.  It does however take the ability to push forward amid unknowns.  People do not set out to become entrepreneurs.  Rather, they one day find themselves in that roll.  Entrepreneurship involves the simple act of believing in an idea and seeing a dimly lit path ahead and choosing to follow the path even if you aren’t sure where it leads."  

For more on Five by Five Tonics, see our blog post on them here!

Social High Rise

"Entrepreneurship is the idea that you can work hard and create something of value out of nothing. It's a big part of the DNA that our country was founded on and is what I consider the American dream. Entrepreneurs are the job creators, and are the largest contributing factor to a growing and vibrant economy. They take on huge risks, face countless obstacles, persevere, exert ambitious effort, and tirelessly work to create a better world around them. I love that idea, and it's why I consider it a privilege to call myself an entrepreneur. 

Every day I get to work with a talented team. We get to tackle new problems, learn to be smarter, help clients succeed, and build a company that we are passionate about. It's both challenging and rewarding at the same time. #businessing"

For more on Social High Rise, see our blog post on them here!

Upper Park Designs

"Entrepreneurship means focus, drive, and passion. It means being creative by solving problems and being resilient by not giving up when things don't work the first time. You are forced to wear many different hats and in a way that is important to understanding the needs of a business.  

I think many underestimate the time involved in being an entrepreneur. People say entrepreneurship is being your own boss and you can take vacations whenever you want. While that is right in part, you are really a constant employee of your business. There is enjoyment that comes from creating something new, taking an idea and making it real, and simply doing something different than a majority of people. 

Being an entrepreneur is a lifestyle. At times it can be stressful but there is nothing like starting every day with a purpose."

Three Sixty Ecotique

"We are not gonna lie, being entrepreneurs is the hardest thing we have ever done.  Honestly, it is a lot like parenthood, and your business is your baby.  This baby demands late nights, constant attention, patience, tact, it’s extremely expensive, and sometimes it throws up on you, sort of.  You never stop thinking/worrying about your business/baby, even when your not there.  

As difficult as it may be, entrepreneurship is extremely rewarding and fun!  Being an entrepreneur gives you complete artistic control and a chance to chase your passions.   You are able to surround yourself everyday with like-minded people, truly test your limits, learn your strengths and weaknesses, and like your child, watch it grow.  Walking into a space we have completely created is the most beautiful way to start the day.  Besides, social lives are over rated."

Meet Our Recipients - Social High Rise

The concept of the Seed Fund is to provide emerging entrepreneurs with small investment that propels them forward. While the capital is important, mentoring and intellectual support has proven to be the valuable components to this program.

Social High Rise partners with small businesses to create and manage vibrant and engaging online communities via Facebook, Twitter, Yelp, Google+, Foursquare, LinkedIn, and TripAdvisor. They offer a do-it-for-you service so that business owners can stay focused on running their business.

Mark Sorenson is a Chico native who is passionate about entrepreneurship and building Chico's start-up ecosystem. He has extensive experience in direct sales and management and has negotiated and raised investment capital from U.S. and international angel investors for the development of early-stage internet start-ups. As the founder and CEO of Social High Rise, mark's company vision is centered on lean start-up principals and helping small businesses thrive. When he's not working a 14-hour day, you can find Mark trail running in Bidwell Park or playing the guitar.

Just as Mark believed that he had a good idea in building a social media management company, so did 3CORE. Social High Rise received the first investment of the Seed Fund for a total of $10,000. Since that time, SHR has hired tree account managers (2 full-time, 1 part-time) and three sales people (2 full-time, 1 part-time). Social High Rise is currently cash flow break even and has 55 active clients. They currently occupy office space in downtown Chico and are projected to continue its growth and success.

For more information on Social High Rise, please visit them at
www.SocialHighRise.com
or on Facebook or Twitter

Restaurateur's Top 5 Reasons for Business Failures

Restaurateur, Jon Taffer, reports on his findings as the host and executive producer of “Bar Rescue” on Spike TV. Since 2011, he has used his knowledge and expertise to attempt to help save 53 failing businesses across America, and has quite succeeded with 90% of the bars continuing to stay in business and profit after the cameras have turned off and their episodes aired. While each of the bars are failing for many different reasons, and Taffer has had to witness many horrifying sights, he sees five main areas that each of the failing businesses fall often fall into – and while you may not be thinking of opening yet another bar in the Chico area, we believe that each of these 5 points are good reminders for all businesses of every shape and size.

1. Getting into the business for the wrong reasons
 “Restaurants to me are not like children; they are businesses,” says Taffer. Too often do people open a business like a bar because they love hanging out in them. In order to be successful, you should open a business because you have a vision to build that business. Educate yourself or surround yourself with the people, tools, and equipment that can give you the experience to be able to build that business.
2. Not taking responsibility for failures
 Taffer has seen that the reason for every failing business on “Bar Rescue” whittles down to an excuse. It is hard to accept the reality that your business may be failing, but the only way to get over it and to turn your business around is to find the true problem and to fix it. Yes there are a lot of things that make owning a business hard; the economy, competitors, even the weather, but every business owner has to go through the same things. Every time you find yourself giving an excuse for why business isn’t  doing well,  give yourself a reality check and figure out what the real problem is.
3. Not understanding the three essentials of marketing
 “Business owners think too generically about marketing, when they should be implementing three specific marketing initiatives: new customer, frequency, and spending programs,” says Taffer. He then goes on to define each of these initiatives as follows. New customer programs create first-time business, and typically include neighborhood and local business outreach. Frequency programs are special promotions designed to remind existing customers of your business and to encourage them to come back. This could be through advertising in-store, on email blasts, and on social media. Finally, spending programs aim to increase how much each customer spends each time they come into your establishment. This can be achieved by training your employees on learning how to read customers, how to upsell to their wants and needs, and to offer special deals. “If you don’t have those three things, you’re not marketing anything”.
4. Not staying on top of the numbers
 Taffer believes this to be the most important fact of all, and finds it particularly infuriating when those in the restaurant business don’t as there are POS systems that do all of the work for you. In any business, not just the restaurant business, managing expenses is a science and must be maintained regularly. Know the average percentages that your general expenses cost for your industry, doing this will help you more accurately determine your profitability and competitiveness against your competitors.
5. Not having the necessary experience or help
 Taffer works in an industry with extremely high failure rates for first-time owners. One out of twelve first -time restaurant owners fail, compared to one in three second-time owners. His advice for all entrepreneurs in every industry is, “You’ve got to have experience. Either work for someone else first or have a partner with experience.” Reach out to organizations in your community that are dedicated to helping small businesses in your area succeed, like 3CORE for Butte, Glen, and Tehama counties!

Photo Credit: http://onpurposemagazine.com/2013/02/15/government-rescue/

Full Article: http://www.businessinsider.com/bar-rescue-jon-taffer-mistakes-small-businesses-make-2013-10

Meet Our Recipients - Five by Five Tonics

The concept of the Seed Fund is to provide emerging entrepreneurs with small investment that propels them forward.  While the capital is important, mentoring and intellectual support has proven to be the valuable components to this program. 

Five by Five Tonics Co. was founded in October of 2012 with the goal of ushering in a new generation of cocktail bitters and tonics by offering truly handcrafted and quality products.  While these products have been a part of cocktail culture since the cocktail was born, these small additions to a drink remained in the shadows for the better part of the 20^th century.  The goal is to change the face of these products by introducing quality and craftsmanship.  Five by Five Tonics uses only natural fresh and dried botanicals in their recipes.  There are no artificial colors, extracts, flavors.  Each batch is produced entirely by hand in small batches here in Chico, CA.

Five by Five Tonics Co. was founded by Jesse Smith L.Ac.  Jesse received his graduate training in Chinese medicine and is a practicing acupuncturist and herbalist.  He developed this company out of his training as an herbalist and his recognition of the medicinal history that lies in each bottle of cocktail bitters.  Through his training in herbology he developed a sense for the “personality” of specific botanicals and the methods and techniques for properly blending them.  Five by Five Tonics is the first bitters company founded by an herbalist. 

What started as an interest and hobby is now a company that has moved from its industrial warehouse to a storefront with a tasting room.  Five by Five Tonics received an investment of $6,950 from the 3CORE Business Vitality Seed Fund and has utilized accounting mentoring as well as other resources to continue to grow.  Just recently, Five by Five was featured in the local magazine Edible Shasta (click here for the article) and even more impressive Real Simple Magazine (click here for the article).

Jesse commented, “Initially I would have to say that having a more fluid cash flow picture was the biggest benefit, but actually having the knowledge that an outside organization like 3CORE has shown faith and support of my company has been the biggest benefit.  It feels like I have ‘players on my team’.”

For more information on Five by Five Tonics, please visit them at www.fivebyfivetonics.com
or on Facebook

How to Get Sir Richard Branson in Red Lipstick...

Photo Credit: Paul Kane/Getty Images www.cnn.com

Sir Richard Branson loves to take risks and make bets. He says that this mindset
is what keeps his company and employees from getting stuck in a rut. Ever since he
was about 4, and took a bet from his Auntie Joyce that he couldn’t learn to swim by the
time they returned home from a vacation, his passion for pushing through challenges and
making bets has kept him going.

In his article for entrepreneur.com, Branson explains that all these challenges he
has taken throughout his life have taught him “it is important to try things that might not
work, and then improvise solutions along the way. I’ve found that attempts to break
records can result in technological leaps forward.” Talking about his plane the Virgin
Atlantic GlobalFlyer, which flew nonstop around the globe without refueling in 2005. The
plane was made out of carbon fiber, making it much lighter than any of the other plane
manufacturer’s aircrafts that were using heavy materials. After his successful trip in the
GlobalFlyer, Boeing and Airbus both started to use carbon fiber in the manufacturing of
some of their aircraft, which in turn is likely to dramatically reduce the carbon output of
the airline industry in the future (Branson).

In May of this year (2013) Branson honored a bet made with the CEO of AirAsia,
Tony Fernandes. Both men had poorly performing Formula One teams, and they bet
that “the owner of the team that finished lower in the standings would have to work as a
cabin crew member on the other’s airline”. As you can see by the photo above, Branson
lost, but also used the opportunity to raise more than $300,000 for the Starlight
Children’s Foundation. “…Aside from any business concerns, one of the main reasons
my colleagues and I undertake any adventure is because it’s fun, whether it’s a bet that
ends with me serving drinks to passengers in a skirt or whether it’s one that leads to the
creation of a company that transforms the space industry. Should you say yes the next
time somebody proposes a challenge? You bet!” (Branson).

What does your company do to get out of the rut? How do you keep your employees
motivated and fresh? Let us know!

Meet the 3CORE team!

Let Us Introduce Ourselves!

 

 

 

 

 

 

 

 

 

 

 

Marc Nemanic (1991-Present)

Executive Director and Chief Credit Officer

Marc earned his Bachelor of Arts Degree in History with an Economics minor from California State University, Chico. He received the Certified Economic Development Finance Professional (EDFP) Designation from the National Development Council in 1992. Marc served as Investment Committee chairman and Board member with the $24 million California Economic Development Lending Initiative (CEDLI) during 1997-2013.

 

 

 

 

 

 

 

 

 

 

 

Patty Hess (1997-Present)

Assistant Director and Chief Lending Officer

Patty began her work with 3CORE in 1997 serving as Loan Portfolio Assistant, Loan Portfolio Manager, and now her current position. She was granted accreditation from the National Development Council as a Certified Economic Development Finance Specialist (EDFP) in 2011. Patty’s lending team is personally committed to its borrowers, both pre and post loan closing. This commitment attributes to the organization’s long history of loan losses of 1.39%, far below the 6% national average.   Under her leadership, 3CORE has been designated as a state and federal community development financial institution, an approved lender under the California Capital Access Program, and a licensed lender through the California Department of Corporations.

 

 

 

Sheri Nix (1996-Present)

Program Manager

Having been with the 3CORE organization for over 17 years, Sheri has worn a variety of hats throughout the years. With over 20 years of experience in economic and community development, she has supported the Planning side of the organization, with expertise in grant writing, program management, and project implementation. Ms. Nix holds a B.A. in Management (emphasis in Accounting) from Sonoma State and has completed financial analysis coursework through The National Development Council. Having operated a family-owned business in Chico for 25 years, Sheri is familiar with the needs of small business and is a staunch supporter of the business community and service providers who together create a strong foundation from which to grow business. “It’s an exciting time to be involved in small business development. There are so many creative ideas sprouting, in some cases all that is needed is a bit of nurturing, much like a garden.”

Elke Rist (1996-Present)

Loan Portfolio Manager

Elke started her work with 3CORE in 1996 as an Administrative Assistant, Accounting Manager, Loan Administrator, and now her current position. She completed the National Notary Association Education Training Program and has been a Commissioned Notary Public since 1999. With over 16 years of experience managing commercial portfolios for economic develop corporations, Elke is also responsible for day-to-day portfolio management, conducts portfolio and individual loan risk analysis, and generates reports for loan activity, servicing, impact tracking, compliance and capitalization.

 

 

 

 

 

 

 

 

 

 

 

 

 

Joanna Williams (2009-Present)

Finance Officer

Joanna started her own bookkeeping business in 2005, which lead her to meeting Marc through a fellow self-employed accountant. In 2009 she started working at 3CORE as an independent contractor for about 2 years before she became a full time employee as an assistant bookkeeper and quickly progressed to her current title. Joanna studied accounting at California State University, Chico, and has over 23 years of experience in bookkeeping and accounting.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Courtney Farrell (2012-Present)

Community Resource Manager

Courtney is the Community Resource Manager with over 17 years’ experience in economic and community development.  She has coordinated development efforts between cities, counties, government agencies, private companies and nonprofits.  She assists with marketing of programs to 3CORE’s Target Area as well as screening clients for both the Planning and Lending sides of the organization.  Her expertise is in grant writing, donor development and fundraising.  Courtney holds a graduate degree from CSU, Chico and is a graduate of School of Executive Leadership Training, Boys & Girls Clubs of America in partnership with University of Michigan, Ross School of Business and has completed the University of Arizona’s Economic Development Course.  Courtney is passionate about supporting the small business owners in our community and enjoys meeting local entrepreneurs through the Seed Fund program.  “Small businesses are the backbone to our economy.  It is exciting and fulfilling to not only assist in providing investments, but to also connect business owners with mentors and resources that will continue to propel them toward a successful future.”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Emma Kay (2013-Present)

Project Assistant

Emma has always known that entrepreneurship was going to be a part of her life, growing up in an entrepreneurial family, and has a passion for helping people – so when she took on an internship with 3CORE in the summer of 2013 it wasn’t surprising that she fell in love with the work that she was doing. She continued working for them through her final semester at California State University, Chico until she graduated with a Bachelors Degree in Business Administration with an emphasis in Entrepreneurship and Small Business Management, and a pathway minor in Sustainability, and was then offered a full time position as Project Assistant. Within this role, Emma is in charge of raising awareness of the Business Vitality Seed Fund, meeting with clients past, present, and future, and strengthening the relationship between the Chico State Business Organizations and 3CORE.