Let’s Taco ‘Bout It: The Small Business Engines that Could
Listen in on a candid conversation with Austin Woman Publisher Melinda Garvey and Patti Greene of the 10,000 Small Businesses program.
In 2009, Goldman Sachs launched an initiative aimed at helping entrepreneurs grow their small businesses. Now a $500 million investment, the 10,000 Small Businesses program gives entrepreneurs in cities throughout the country the resources they need to expand their companies’ economic impact. Austin Woman’s own Melinda Garvey participated in the program in 2015 through Babson College near Boston, where she met Patti Greene, the program’s director and now an Austinite. Overlooking Austin, with skinny margaritas in hand, the teacher and the student talked about two things of vital importance to small businesses in Austin: growth and guacamole.
Melinda Garvey: What was the catalyst for the 10,000 Small Businesses program?
Patti Greene: First, Goldman Sachs started the 10,000 Women program based on research they had done that showed the potential for empowerment of women around the world through entrepreneurship, but also [showed] a lot of missed opportunities. In trying to figure out why that was and what they could do, they saw that it wasn’t just about startups. Frankly, it’s not that hard to start up; it’s actually making something grow and last that is the hard part.
MG: I love that somebody actually focused on women first. And so ultimately, 10,000 Small Businesses became a program that invests in entrepreneurs at a certain point in their businesses.
PG: In order to get into the program, you have to be growth-oriented. We were shocked actually back when we started the program to find out the average age of the companies that we were attracting. It was a forgotten group. You know, 11-, 14-year-old companies that absolutely still wanted to grow but were just stuck.
MG: That’s interesting because I’ve been in business 13 years and have definitely felt that. So how does the program help companies find that growth?
PG: The thing that gets me is that people write those companies off like not high growth or not fast growth, but there are a lot of different ways to grow a business. We grow through the ability to identify opportunities, organize resources and provide the leadership to create something of value, and there’s multiple types of value. We recognize that nobody has the time to do case studies and things, but if you’re working on your own business, if you can come in and put that time into it, that’s a big one. It’s definitely hitting a chord with people.
MG: And it seems like women who create and grow their own companies reinvest more, not just in their own businesses. Do you see differences like that between male and female entrepreneurs?
PG: I could talk for hours about that. One of the numbers I love is that women in the 10,000 Women program tend to become mentors and mentor an average of eight women each. So, if you go 10,000 times eight, we’re talking a lot of mentors. However, I think we have to get out of this model that if women only did more just like the guys, they would have bigger businesses and this and that. I think it’s an unfair assumption to think that all women should work businesses the same as guys. Also, with all due respect, who says the guys are doing it right?
MG: What could female entrepreneurs and business leaders do right now to make a difference?
PG: It’s an election year, and women-led businesses should pull a lot of attention to the policies and regulations that impact their businesses, talk to their candidates about it, really bring it to the forefront that small businesses are the big engine of the country. Let’s legislate from our perspective and make a difference in that.
MG: What advice would you give a female entrepreneur in Austin?
PG: Reach out. Talk to everybody, talk to anybody, a lot, especially in the early stages of starting up. Be open. People love to help. Recognize specific things you’re not confident about and come up with your own plan to practice that. If it’s public speaking, it could be Toastmasters. If it’s your financials, talk to somebody who understands your financials. No matter what it is, pinpoint it and nail it.
Learn how to apply to the 10,000 Small Businesses program at goldmansachs.com/citizenship/10000-small-businesses/US/index.html.
Snapshot
Who: Patti Greene, Paul T. Babson Chair in Entrepreneurial Leadership and Academic Director, 10,000 Small Businesses and 10,000 Women, Babson College
Austinite since: “The first time, from 1989 to 1993. It took us 20 years to get back, but we’ve been back just over a year.”
Number of times she hits snooze in the morning: “Never. Well, almost never. I’m usually eager to get up and at the day.”
How she takes her coffee: “Also, never. I’m a cold caffeine person and want my Diet Coke.”
Her #socialmedia scene: “I’m surprised to say that increasingly, it’s Twitter. I’m @PGGreene and welcome your thoughts.” On her nightstand: “Stacks of books. I’m usually reading something I want to learn more about and something for fun. To be exact, right now, I’m on a biography of Virginia Woolf and I just finished Robert Galbraith’s (aka J.K. Rowling) Cormoran Strike Novels.”
Words to live by: “If you asked anyone in the 10,000 Small Businesses program, they’d say my word is ‘onward.’ I like the idea of always advancing on goals.”
On the Menu
Maudie’s Milagro, 3801 N. Capital of Texas Hwy.
Patti’s order: Combination fajitas, house-made guacamole to share
Melinda’s order: Skinny Sheryl’s Enchiladas, Signature Skinny Margarita with salt
Female Entrepreneurs of Austin
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