Starting a small business is relatively easy but staying in business is tough. Despite this challenge reports indicate Millennial’s are starting businesses in record numbers. MicroGiants, a mentoring program that meets at Oak Valley College in Colton is designed for those in their 20’s who are considering opening a business. Even individuals with graduate degrees who want to start a business but lack real world experience often find themselves in a precarious position as they work to gain a foothold in their market niche against seasoned competitors. MicroGiants pairs highly experienced mentors with those considering how and when to launch a new business. According to the Small Business Administration slightly more than 20 percent of new businesses manage to survive more than one year. And, those failure rates increase to 33 percent the second year, 40 percent the third year and just under half make it five years. Only about one third of those who start new businesses today will still be in business ten years from now. Yet, the nation depends on small businesses.
For example, small businesses represent 99.7 percent of all businesses, over half of all sales, they occupy 30 to 50 percent of all commercial space, hire 74 percent of new people in a recovery, lead in green technology and are among the most creative and innovative according to experts. The MicroGiants’ meeting format includes a short introduction to a specific subject such as cash flow planning, selecting markets and products, or hiring good people; subjects and concerns that are key to initial success according to its website. Subjects are presented by those who have extensive experience in starting and managing businesses, or with specific expertise in a subject area. To learn more about this mentoring program visit https://www.microgiants.biz/. MicroGiants meet every 2nd and 4th Thursday from noon to 1:30 pm at Oak Valley College in Colton. Participants should bring a brown bag lunch.