The StartUp Blog at PartnerUp

Tough economic times are usually thought of as a great time for recent grads and displaced professionals to head back to school and get some more education. For a lot of people, that means getting an MBA. The problem with this is that shelling out big bucks for a master’s of business administration degree doesn’t mean that landing your dream job will be a breeze.

It sometimes seems like everyone and their mom is going back to get an MBA. Graduate business programs are awarding more and more of them every year, and because of that they’re losing some of their value.

The truth is, however, that an MBA has never really been a guarantee to top-executive status. Research done by BusinessWeek in 2006 found that fewer than one in three executives who held high-level positions in corporate America had an MBA. A more recent poll conducted by two Pace University professors found that out of 488 top companies only 159 CEOs had MBAs.

What’s really important is real-world experience and being able to deliver results. An MBA doesn’t necessarily give someone those qualifications.

In no way am I trying to discourage anyone from attempting to achieve his or her higher education goals. MBAs have a lot of advantages. I’m only saying that getting an MBA isn’t a must. It’s completely plausible to climb your way to the top without it.

Setting up a booth at a trade show can provide small businesses with all kinds of benefits. Through trade shows you can showcase and sell your products, gain new customers and prospects, make great contacts, learn and explore new industry trends, and build awareness of your business. But in order for any of these things to happen, people have to visit your booth. A great way to garner some trade show attention is to get interactive. You could try a demonstration, a game, a survey or even some kind of drawing—anything that’s fun and will give people a memorable experience at your booth.

Sure, everyone would love to take out an ad during the Super Bowl, the holy grail of American sports, but hardly anyone has the ability to do it. Why? Because 30 seconds of air time would cost more money than I could hope to make in a lifetime. We’re talking millions of dollars. Unless you’re a giant corporation like Budweiser, Pepsi or Doritos, spending that kind of money on one ad is crazy.

Well everyone, meet crazy. Her name is Amy Borkowsky, and she’s attempting to do exactly that. The kicker? She’s not advertising a product or service, or anything business related for that matter. She’s advertising herself.

Borkowsky says that a Super Bowl ad is the best way for her to find a potential husband because “getting myself in front of a captive audience of sixty million men would increase my odds of meeting Mr. Right,” she says on her Web site, SuperBowlSingleGirl.com. At this point Barkowsky has only a couple thousand dollars, but she’s hoping that donations on her Web site will start pouring in.

If she actually pulls this off—gets enough money for an ad and gets a husband—then I will be more than happy to apologize for calling her crazy. But for now, I’m sticking with crazy.

You can’t put all your eggs in one basket like this. Super Bowl ads are cool and all, but when you’re a small business (or single and desperate), blowing that much money on the off chance that maybe you’ll get the positive results you’re looking for is insane.

Happy Halloween and have a great weekend!

Leases are long and confusing, and important clauses can also sometimes be hidden. Tenants often feel the urge to breeze through the fine print and sign on the dotted line. I know I’ve been guilty of it a time or two. But a lease is a legally binding contract, and it shouldn’t be taken lightly.

One area where tenants should pay particular attention is the termination clause, which varies from lease to lease. Some leases can be automatically terminated at the end of their term, while others may be automatically renewed. You may also have to let your landlord know well in advance that you don’t plan to renew, or you might be forced to renew anyway. So be sure to carefully read the termination clause and fully understand what is required of you.

Early termination clauses give tenants the ability to relieve themselves of some or all of their lease obligations before the expiration date of their lease. Rarely do major changes happen to neatly and conveniently coincide with the end of a lease term, particularly in business, so having and understanding an early termination clause is important. It can also sometimes be tricky. Typically a tenant is required to give a written notice on a certain date or within a certain period in order to get out of the lease, but provisions vary from landlord to landlord. If the early termination clause is in any way unclear or leaves you with questions, talk to your landlord, get everything straightened out and then get it in writing.

It’s also smart to consult a lawyer to make sure that your best interests are being addressed. Small business owners and entrepreneurs in particular should make sure that an early termination clause is included in their lease. You don’t want to be held liable to pay the remainder of your lease if the business is not successful or if your company is acquired by another business.  Many times a small business can negotiate a termination payment that allows tenants to get out of their lease early.  This can be a good way to entice the leaser to agree to the termination clause since they will still receive some additional money for their willingness to terminate.

Technology has positively influenced the world in more ways than I could ever name given an entire lifetime. One of technology’s greatest benefits, at least where business is concerned, is its ability to drastically increase productivity. Businesses can leverage technology to work faster, safer, better, less; and they can do it cheaper. Basically technology is awesome.

The problem with technology, however, is that it can sometimes create distance between businesses and their customers. One of the most common complaints I hear is about phone systems that are seemingly designed to keep you from ever speaking to an actual human being. In such cases customer service has been sacrificed for productivity and saving money.

I get that through technology one person can do the work of many, but at what cost? Customer service is an area where small businesses can gain a competitive edge on large corporations. At the same time, staffing large call centers is an expense that most small businesses can’t afford.

What’s the answer to this dilemma? Balance. Technology will no doubt help your business run more efficiently and will be much cheaper, but don’t let your customer service policies be driven entirely by cost cutting. When possible, take the time to work with your customers directly; then leave the rest up to technology.

Turning your hobby into a business can be a great idea. One of the most important characteristics an entrepreneur can have, and the one that most often results in success, is passion. So if there’s something out there that you love to do anyway, why not make a living out of it?

Unfortunately there are issues with transforming your hobby into a business. For starters, many hobbies are difficult to monetize. One of my hobbies is collecting shot glasses. I doubt anyone could come up with a way for me to make money off of it though. Another issue, and probably the biggest one, is viability. So many people engage in hobbies that have the potential to bring in some cash. The problem is that either most of these people aren’t talented enough at their hobbies or their work isn’t distinct enough to result in a profitable business venture. You have to be realistic about your abilities. You may love to take photographs, but do you take good photographs? And if you do, then what about your photographs makes them distinct and will cause them to stand out in the marketplace?

If you can monetize your hobby and have the ability to turn it into a viable business, then go for it. But here’s one last little warning. Running a business takes a lot of work and commitment, so be careful that you don’t turn something you love into something you hate.

Twenty-four hours in a day never feel like enough, but adding more hours to your day isn’t an option. All you can do is make the most of your time and manage it effectively. Learning to manage your time is a process, and it’s different for everybody. But overall, the key is to figure out how you’re currently spending your time and then reorganize that time so it’s consistent with your priorities. What you have to get through your head though, is that effective time management isn’t possible if you try to accomplish every single little thing you’d like to accomplish. So consider your priorities and pick your battles accordingly.

This is the time of year when business owners should start planning for the year ahead. That means establishing a budget. Whether they’re in the early phases of starting their businesses or just hate taking the time to make accurate financial projections, many small business owners have never tackled the budgeting process. But budgeting should be a priority, a high priority in fact. It is a part of your financial road map and guides your saving and spending habits.

Budgets are important for many reasons. They serve as a reference point to guide your business management strategies. They lend a sense of reality to your conceptual business ideas. They also help you set realistic goals for the future. One reason why budgets are especially important, however, is their appeal to potential investors and lenders. Budgets tell them three things:

1. How you plan to carry out your business plan.
2. How the loan will be repaid.
3. What type of return can be expected on the investment.

Well-planned budgets greatly improve your chances of getting funding because they also show credibility. In this financial climate businesses should be doing everything they can to increase their chances of receiving financing.