When architects, lawyers, doctors and many other professionals graduate from university, they are often well prepared in their area of expertise but exceedingly unprepared to manage a professional practice or business. For generations, these small business leaders have had to learn these skills on the job often learning at the “School of Hard Knocks” by making management mistakes.
10KSB across the United States
In 2009, the “Goldman Sachs 10,000 Small Businesses Program” (often called GS 10KSB for short) was created to help address this gap in the knowledge of many small business professionals. The program was developed to foster economic growth by providing education, capital, and support services to high-growth small businesses across the United States. Since its initiation, the program has expanded to many locations around the country and had a positive impact on thousands of entrepreneurs, including those in Rhode Island.
At its core, 10,000 Small Businesses offers a rigorous, no-cost business education program to the owners of small companies. Participant are selected competitively based on their applications and interviews. Those who choose to participate engage in an intensive curriculum focused on key areas over a 10-week period including:
Financial Management: Understanding financial statements, managing cash flow, and securing funding.
Strategy & Innovation: Developing a robust business plan, identifying new market opportunities, and driving innovation.
Sales & Marketing: Enhancing sales and marketing strategies to increase customer acquisition and retention.
Operations Management: Improving operational efficiency, managing inventory, and optimizing supply chains.
10KSB Summit in DC
The final assignment for the course is to write a business plan for a “Growth Opportunity” which would be a new product or service that each company is considering launching. Beyond classroom instruction, the program connects participants with a valuable network of mentors, advisors, and fellow entrepreneurs. This peer-to-peer learning and support system provides invaluable guidance and fosters collaboration.
In Rhode Island, 10,000 Small Businesses Program was initiated by Rhode Island Governor Gina Raimondo in 2016 and has produced three cohorts per year (with a few gaps) and has been instrumental in empowering local entrepreneurs. The program, delivered in partnership with the Community College of Rhode Island (CCRI), has seen significant success in the areas of:
Job Creation: Graduates of the program have demonstrated a strong track record of job creation, contributing to Rhode Island’s economic vitality.
Revenue Growth: Participating businesses have experienced substantial revenue growth, as well as expanded their market reach and increased their profitability.
Community Development: 10,000 Small Businesses have empowered diverse entrepreneurs across various sectors, fostering economic inclusion and strengthening local communities.
The Rhode Island graduates of 10KSB
The success of the 10,000 Small Businesses program can be attributed to several key factors:
Rigorous Curriculum: The program’s comprehensive curriculum provides entrepreneurs with the practical skills and knowledge needed to navigate the complexities of business growth.
Strong Partnerships: Collaborations with community colleges like CCRI ensure access to high-quality education and a strong local support network.
Focus on High-Growth Potential: The program prioritizes businesses with high-growth potential, maximizing its impact on job creation and economic development.
Ross Cann, the Founding Principal of A4 Architecture was an early graduate of the program in Rhode Island and found the course material extremely helpful in delivering high quality to design to his clients and managing his company more professionally. Since its founding, the Goldman Sachs 10,000 Small Businesses program has emerged as a powerful catalyst for economic growth, both in Rhode Island and across the nation and the community of alumni looking to do business and work together continues to grow each year.
Ross Sinclair Cann, AIA is an historian, educator and practicing architect living and working in Newport for A4 Architecture He holds architectural degrees from Yale, Cambridge and Columbia Universities and is a member of a numerous committees, commissions, and boards.