VIRGINIA BEACH, Va. — From generating trillions of dollars in annual revenue to employing millions of workers, small businesses in the U.S. can accomplish a lot. However, many begin with too little: limited access to the right tools, funding, and guidance to thrive in a competitive market.
"What we find so often is that people wanting to start small businesses are lacking the knowledge and the resources," said Dr. Scott Miller, president of Virginia Wesleyan University (VWU). He believes that exposure to the right opportunities can be a game-changer for them.
By connecting small business owners with valuable resources and networks, Dr. Miller said they can unlock new directions for growth. The newfound access can not only lead to success but a stronger economic impact.
"You have to know how to navigate federal support and how to access capital funding and financial literacy and management and the like," Dr. Miller said. "And so often, small business owners, and, in particular, women and people of color, don’t know where to go to find those resources. And consultants to help start those small businesses are rather expensive."
It is why VWU is hosting a free, one-day workshop this week for small, women-owned and minority-owned businesses. The event aims to provide essential resources and support for these entrepreneurs, helping them overcome common barriers and scale their businesses.
"We are 42% students of underrepresented populations, 27% African American, 11% Hispanic. And we felt like in order to be the comprehensive university of the future that we needed to have programs that would serve better the community that we serve," Dr. Miller said. "What we want to do is stimulate thought, show opportunities, [and] inspire the capability of these individuals to fulfill their dreams."
Faculty and staff from the university will join industry experts, including members of the Hampton Roads Workforce Council and representatives of the Hampton Roads Small Business Development Center of the Hampton Roads Chamber of Commerce, to cover topics ranging from wealth creation to sustainable expansion. Attendees will have the opportunity to gain insights tailored to their unique business challenges.
"There’s a full day of activities, and it includes sessions on how to access capital funding, financial literacy and best practices, government contracting 101, principles of effective and responsible business practices, access to no-cost business workshops," Dr. Miller said. "And then, afterwards, there will be an information fair where they can go to different tables around the room and get more specific information that will support what they want to do."
Dr. Miller said an accounting control manager from Capital Group will also be on hand, and Newport News Commissioner of the Revenue Tiffany Boyle will facilitate a session on government.
The event, designed to equip entrepreneurs with strategies for growth and long-term stability, is part of the U.S. Department of Treasury's 50 States Initiative. It aims to promote economic growth and equity by supporting small businesses across the country.
"It's really designed to inspire entrepreneurs," Dr. Miller said. "We do that with the traditional students every day. We can now do it in the talent development area, supporting Hampton Roads' employment objectives."
VWU also offers ongoing learning and support opportunities to strengthen business growth through programs like VWU Global Campus, allowing entrepreneurs to continue developing their skills beyond the workshop.
"What we want to do is inspire activity. And Virginia Wesleyan offers 80 to 100 non-credit courses per year that are designed to facilitate additional discussion off of these objectives that we're looking to cover at this week's event," Dr. Miller said. "And those courses are no charge, and they are available to people that are wanting to develop their talent to go into our workforce around here. And they are located on our campus, they are at The HIVE in [Virginia Beach] Town Center, and sometimes even at local businesses to help inspire interest in particular businesses."
He stated that women and minority entrepreneurs are a driving force behind the Hampton Roads economy, and both the public and private sectors should help guide them in paving their path to success.
"So often, people think that these are the only kinds of things that big business can do. We want to show them that there is a future for small businesses as well," Dr. Miller said. "We tell our traditional students that in the classroom, follow your dreams, study, work hard, learn what you need to learn, and then apply it when you get out. This is taking it a step further: inspiring people to think innovatively, collaboratively, and to stimulate our economy through small business growth, which contributes to the future of this region and beyond."
The workshop is Thursday, September 26 from 8 a.m. to 5 p.m. at the Brock Commons facility on the campus of Virginia Wesleyan University. It is co-sponsored by Truist and the Hampton Roads Small Business Development Center of the Hampton Roads Chamber of Commerce.
The event is free, but attendees need to register in advance. Click here or contact Larry Belcher at 757-455-3292 to sign up.