by Johari Hamilton
Serving entrepreneurs since 1964, Service Corps of Retired Executives (SCORE), a nonprofit organization that offers free business mentoring and education to entrepreneurs throughout its 300 chapters within the United States.
Gary Robinson, chair of the Memphis chapter, shares how these resources benefit rising entrepreneurs and small business owners.
“In 2018, more than two-thirds of our clients saw an uptick in revenues. Prospective entrepreneurs with a mentor are FIVE TIMES more likely to actually get to the starting-a-business point than others,” stated Robinson.
A recent study showed that, “92 percent of small businesses agree mentors have a direct impact on growth and the survival of their business,” according to Robinson.
“The main reason businesses fail in the first few years is because they are undercapitalized. One of the first things we help dreamers do is figure out the mystery of the business plan. And at the end of that exercise, it’s important that you have enough money for a year,” added Robinson.
SCORE Memphis anticipates helping more entrepreneurs and small businesses succeed.
“Last year alone, SCORE mentors helped to start more than 32,000 new businesses and created more than 135,000 new jobs nationally,” said Robinson.
“The Memphis chapter served nearly 2,100 clients in our fiscal year last year. And we’re going to top that mark in fiscal year 2020.”
To learn more about SCORE Memphis visit the website at SCORE.org.