Recipient TidBit: Life Lessons

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 are some life lessons you learned while starting your business and participating in the Seed Fund?

Five by Five Tonics

"I guess the biggest lesson I am learning is time management. Once my company started to take off, it became all-consuming and I found myself constantly working “in” the business. I am working through how to move to working “on” the business by managing my time and delegating tasks that don’t require my time to others. Other than that, I suppose that I have learned to roll with the ups and downs that happen in a new business. One day everything is peachy and then the next it feels like imminent doom. The very next morning you might be on top of the world. Seems like I do better if I let the goods and bads roll off my shoulder a bit."

For more information on Five by Five Tonics, please visit their website or find them on Facebook!

Upper Park Designs

"The biggest life lesson that we have learned since starting our company is estimating time frames. Always overestimate the time something will take to accomplish. Underestimating will always hurt you, and trying to be exact is a huge gamble. It is better to aim beyond your expected date and deliver earlier then kill yourself trying to deliver on the date you said you would. Learning to give your customers a good time frame can make your business look fantastic, especially when your company is product based. If a customer is expecting to wait 4 months for a product and receives it early or even on time (if unforeseen things happen, which they will) you will still look good in the eyes of your customers and save you potentially hours of time apologizing, refunding, and trying to rebuild your company image.

It’s simple. Things happen that are out of your control. When you are giving a time frame to customers who have preordered or are awaiting a release, it always pays to plan for longer then come up short."

For more information on Upper Park Designs, please visit their website or find them on Facebook!

Social High Rise

"Many entrepreneurs will say that starting a company requires a tremendous amount of resilience to adversity. I have learned that to be the absolute truth. It's been a little over a year since Social High Rise was formed, and we have had our share of challenges. There are two things that stand out to me as lessons learned which have had the greatest impact on me personally. 

The first is to hire great people and get rid of the ones who aren't great. As an entrepreneur, your company is so fragile that you can only afford to bring on individuals who will not only do the job they're given, but will fight as hard as you will to push your company to succeed. Anyone without that mindset will only drag you down. In the early months of Social High Rise, I had to replace a few people who were not a good fit at the time. Some were not a good fit, period. I learned that if I had the wrong people working for me, they didn't just perform below expectations, but they exponentially drove the company closer to failure. I found that a large chunk of my time, energy, and emotional capacity was spent on managing these people who were not a good fit. In turn, I was far less effective and could not focus on what mattered most.

The second lesson I've learned is how important it is to focus on the things that will drive your company forward. It's extremely easy to get caught up in the day-to-day minutia of running your start-up, and you can quickly find days and weeks passing by without any measurable steps in the right direction. Answering emails, tinkering with your website, researching your competition, or crafting the perfect power point presentation are all things that may seem important at the time, but will usually not result in closing more deals or increasing retention; at least not when your company is young and small. If you focus half your time on the 2-3 most important things that will actually drive your company forward, and have the discipline to not let yourself get distracted, you will be amazed at how quickly your company will begin to move forward in the right direction."

For more information on Social High Rise, please visit their website or find them on Facebook!

Recipient TidBits - Who Do You Wish You Had Met Before Applying For The Seed Fund?

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: Who do you wish you had met before applying to the Seed Fund?

I wish I would have been able to reach out and talk to a previous recipient of the Seed Fund. Since I was the first candidate and first recipient of the seed fund, I didn't have that chance. But if I were to give advice to someone who is thinking about applying to the seed fund, I would tell them to reach out to a current seed fund recipient and ask their advice for how to get the most out of their time in front of the review board. 

For more information about Social High Rise, please visit their website or find them on facebook!

I wish we had met someone who knew a little more about selling physical products. We have since met a few advisors who have helped us with some of our questions about product releases and pricing strategies. Most companies and advisors available are more into the tech start up then a product startup, so finding good advise is hard. 

That being said, I believe we still would have approached 3CORE in the same way. We knew what we needed to get us started and we got it. 

For more information about Upper Park Designs, please visit their website or find them on facebook!

Recipient TidBit : What Do You Wish You Had Done Before Applying For The Seed Fund?

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 do you wish you had done before applying for the Seed Fund?


Five by Five Tonics

I always wish I knew financials better. Even after years of preparing and learning small business financials, I still wish I knew more. There is no substitute for rolling up your sleeves and getting very well acquainted with what “funding” means for a business. There are so many definitions for that term.

For more information on Five by Five Tonics, please visit their website or find them on facebook!

Social High Rise

I was pretty well prepared before I had met with the seed fund. I had recently closed an Angel Round of funding from a group of local Chico investors, so I was in fundraising mode. With that said, I wish I had spent more time crafting a more articulated pitch and slide deck. You can never be too prepared for pitching your business and this was no exception. Although I feel I gave a good pitch, I came away wishing I had spent a little more time rehearsing my talking points and keeping things brief. As a result, I was asked to prepare a more formalized business plan to give to the review board. It was a good experience to put together this plan, but I think I could have gotten away without it, had I been more prepared in my presentation.

For more information on Social High Rise, please visit their website or find them on Facebook!

 Upper Park Designs

There is nothing I wish we had done before applying to the seed fund. We came in knowing the plan for the next year and knew what money we needed to get us there. The only issue was showing a track record of sales to the board. We had only been selling for a few months and had proven our returns, although we needed a little more proof behind the numbers. I would suggest to anyone applying to the fund to have a track record of sales (at least a few months) and then build solid projections over the next year. We went in with our current sales and did not spend enough time on the projections based on those sales. I believe this would have provided a little better faith in the vitality of the investment from 3CORE. That being said, everything worked out in the end!

For more information on Upper Park Designs, please visit their website or find them on facebook!

Recipient TidBits - How Has 3CORE Helped 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: How has 3CORE helped you?

Five by Five Tonics

Seed funding offered us a lot more than financial benefit. I think anyone in business knows how quickly any sum of money can go, especially if not well planned for. More than that, though, the seed funding offered a sense of affirmation for the business I had created. 3CORE has stepped up many times since seed funding to offer support and guidance, which is far more valuable than funding alone.

For more information on Five by Five tonics, visit their website or find them on facebook!

 Social High Rise

3CORE is comprised of very talented individuals who are passionate about helping local entrepreneurs succeed. Since becoming a 3CORE Seed Fund recipient, not only have we benefited financially from the fund itself, but have been recipients of other valuable and needed support. For example, we have received sales leads, business document templates, tax prep/filing help, access to their network of professional contacts, to name a few. They are quick to offer solutions to the challenges we face and have been extremely proactive in working with us to find even better ways to be helpful.

Execution is what separates successful entrepreneurs from those who never make it, and 3CORE has helped us shape and execute our business model in a significant way. We owe a lot to their dedication and desire to see others succeed.

For more information on Social High Rise, visit their website or find them on facebook!

Upper Park Designs

As a startup company still in our first year of sales, cash can be limited at times especially amidst working on product updates, new products, and preparing for inventory orders. While in these bootstrapping cycles, we need to focus on our customers while continuing to reach out and gain new customers. Through several avenues of social media we have been able to keep a constant conversation with disc golfers around the world. Although many of these posts are done for free, we have seen a dramatic increase in attention and interaction from sponsoring specific posts. We love to increase the reach of our marketing to as many people as possible, and 3CORE has helped us significantly grow beyond our initial projections. Thanks to their help we were able to build our marketing and online presence, gaining new insight on the needs of our customers. In the first few months we have learned more than we could have expected and it has really helped to propel our company forward in regards to growth.

3CORE has helped connect us to a range of people willing to advise us on any questions that arise. It is comforting to know that we can send an email asking for help with anything and they’ll do their best to understand the problem and utilize their network to get us in touch with someone who can offer advise on a solution. Working with an organization like 3CORE has shown us a company and individuals that there are reliable people willing to stand behind a startup through the good and bad.

Thanks 3CORE!

For more information on Upper Park Designs, visit their website or find them 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