How Goldman Sachs is Empowering Small Businesses
Goldman Sachs’ 10,000 Small Businesses (10KSB) program was founded 14 years ago. Over those 14 years, the program has served more than 15,000 small business owners nationwide, surpassing what was initially imagined for the initiative’s efforts. With a mission to “promote economic development and job creation, both regionally and nationally,” the program equips small business owners with the critical tools required for success.
I had the pleasure of connecting with Dr. Karmen P. Sorenson, Executive Director of the Goldman Sachs 10KSB program for North Dakota. In our conversation, we discussed what requirements small business owners in North Dakota should be aware of, the long-lasting benefits of the program, and how you can apply to jumpstart your small business growth. I also had the privilege of connecting with several North Dakotan small business owners who went through the program’s first cohort, to discuss how the program benefited their businesses, what valuable information they took away from it, unexpected benefits they were unaware of when entering, and more.
Goldman Sachs 10KSB program is a 12-week initiative designed to help address issues and struggles for small business owners when growing, including finding and retaining talent and accessing capital. “Small businesses are engines of economic growth in North Dakota and nationwide,” Sorenson said.
Designed to tackle the core challenges small businesses face, the program takes a “three-pronged approach,” according to Sorenson, to provide business owners with the tools needed to create jobs and power the local economy. The approach is structured around three pillars: comprehensive business education, capital access, and an extensive entrepreneurial network.
How It Works
Over the 12-week training course covering a wide array of topics from finance to marketing, the program aims to equip entrepreneurs with a sharp skill set that they can use in real-world settings. The program brings in different panelists to discuss and share both opportunities and resources in our community and region.
In North Dakota’s program, participants meet in person at the beginning and end of the cohort, allowing small business owners to facilitate connections and network on the front and back ends of the course.
“We’re starting to see some of the momentum and impact on our end, and real small business owners have already seen the program’s impact since graduating,” Sorenson said. “We expect to see a lot more success here in North Dakota in the coming months.”
“Throughout the program, we facilitate panels with alumni and business leaders in our communities to connect with our small business owners,” Sorenson said. “We also have a strong network of like-minded individuals trying to do this together.”
"It's a unique opportunity to have something like this at Bismarck State College, and partnering with Goldman Sachs to offer it in our own backyard is amazing. We do this to help small businesses in our state, and it is a wonderful opportunity for small business owners to take advantage of at no cost. The focus is to help them grow their businesses, which then positively impacts their communities, so it's a win-win all around."
Did You Know?
Goldman Sachs pays for participants’ hotels, transportation, and meals so they can focus on growing their businesses and taking home a new set of skills.
Upon their graduation, they are welcomed into a significantly larger, interconnected alumni network. “If you’re operating a unique business in rural North Dakota, feeling as though there’s no other quite like yours within the state, entering this network can change that,” Sorenson said. “With more than 15,000 graduates from our program to date, it’s possible to encounter businesses with similar models in the most unexpected of places across the country.”
A recent instance showcased the network’s power, where a group of small business graduates collaborated with a local commercial realtor—also an alum—to locate suitable business premises. This showcases Goldman Sachs’ cross-regional collaboration through its alumni network.
"We're not studying the theory of marketing; we're actually learning marketing, which I believe underpins why we're offering this program. Through learning modules, participants are actively working on their own businesses, which is very beneficial to them."
Did You Know?
Goldman Sachs 10,000 Small Businesses program cohorts typically consist of 25 to 35 small business owners, while never exceeding 40.
Want To Know When Applying
1. The Goldman Sachs 10KSB Program focuses on business growth.
“We specialize in the growth phase of a business, so it is a very attractive program for small business owners who are focused on taking their business to the next level. This program is for anyone with a growth mindset; it truly transcends the type and size of any applicant’s industry. Part of the program’s magic is bringing different companies across different industries together to bounce ideas off each other and peer-learn from one another.”
2. Minimum requirements.
“The minimum requirements include being the owner of the business and in business for 2+ years, having business revenues over $75,000, and at least one additional employee in the business. There are no upper limits on employees or revenue, and we are agnostic to business industries.”
3. The initial application process takes less than 15 minutes.
“The initial application simply asks a handful of basic questions to determine if you meet the program’s guidelines (2 years in business, $75,000 in revenue, and 2+ employees). From there, we go into the second and third rounds of applications, so it’s a very easy process to get started.”
The 10KSB Program’s Access to Capital
Access to capital remains a significant hurdle for many small-business owners. Through strategic partnerships with community development financial institutions (CDFIs) across the country, including Dakota Business Lending in North Dakota, the program strives to bridge this gap. The initiative offers a range of support to small business owners, including assets, insights, and tools.
For example, they will organize panels with community experts to address critical topics, such as securing funding.
One particularly helpful panel focuses on financing options, featuring speakers from CDFIs, angel investors, and commercial lenders, where they share their knowledge, experiences, and personal advice regarding acquiring capital.
“There are so many practical topics that we’re able to teach and share with business owners through the program,” Sorenson said. “For example, we fly in a negotiation expert to facilitate a negotiation workshop with small business owners when they’re with us. Our goal is to provide small business owners with resources that not only aid in their current operations but also encourage them to think more expansively about their growth potential.”
“In North Dakota, we recently introduced small business owners to Dave Kleppe (pictured left), manager of the ND APEX Accelerator Program, which assists North Dakota businesses with local, state, and federal government contracting. Kleppe connected participants with officials from the U.S. Small Business Administration (SBA), Small Business Development Centers (ND SBDC), Women’s Business Centers (NDWBC), and others. This initiative aimed to bridge the gap between entrepreneurs and the resources in their communities that they might not have known about. We want to introduce them to as many resources as we can in our communities to help them grow their businesses, which in turn impacts their communities and the entire state of North Dakota.”
– Karmen Sorenson, Executive Director
Networking & Alumni Opportunities
Bringing together like-minded, growth-oriented entrepreneurs, Goldman Sachs provides alumni coordinators in each of its markets, as well as at the national level. Furthermore, it hosts region-wide, statewide, and nationwide alumni gathering events. “We’re proud to have created such a vast network of entrepreneurs who can connect, bounce ideas off each other, and work together,” Sorenson said.
A Synergistic Partnership with Bismarck State College
The collaboration with Bismarck State College showcases their shared vision of practical, hands-on learning learning for local leaders. As North Dakota’s first and only polytechnic institution, the college provides the perfect backdrop for the program’s mission. Small business owners can learn hands-on, actionable, and practical information that can be brought back to their business within 12 weeks.
“10KSB is an educational 12-week program created and designed for busy small business owners, so it’s much more accessible than an MBA for many busy small business owners,” Sorenson said. “[The program] fits in nicely with Bismarck State College’s polytechnic mission. While it’s a noncredit program, it allows our small business community and workforce to take advantage of hands-on learning experiences.”
Did You Know?
The 10KSB Connect Online platform was developed internally by Goldman Sachs exclusively for their program’s graduates. This platform allows users to look at a particular sector, search by state or industry, and more, offering a more formalized and structured way for alumni to connect and engage.
What is a Polytechnic College?
A polytechnic school, such as Bismarck State College, combines the in-depth study found at universities with practical, hands-on skills training experiences for students.
Looking Ahead
With the recent launch of the Investment in Rural Communities initiative, Goldman Sachs has reaffirmed its commitment to empowering rural small businesses nationwide. This $100 million initiative, focusing on 20 rural states over five years, including North Dakota, signifies a major expansion of the program’s reach and impact in the coming years.
“This investment by Goldman Sachs in rural communities is huge, and we’re grateful for that,” Sorenson said. “It’s not every day that North Dakota gets to be involved in something like this, so we’re excited about this expansion. We’ve rolled out to North Dakota, we’re in South Dakota right now, and we’re launching a new cohort in Minnesota beginning this fall.”
“While the 10,000 Small Businesses program just graduated the first cohort in South Dakota, they are preparing to launch in Minnesota and Nebraska.”
“We offer two cohorts each year and rotate through a four-state area. We plan to be back in North Dakota with a new cohort in 2025.”
For small business owners in North Dakota and beyond, the 10,000 Small Businesses program represents a unique opportunity to achieve new heights. By combining education, access to capital, and networking, the program addresses immediate challenges faced by entrepreneurs and lays the groundwork for positive community building. As many businesses across North Dakota continue to thrive post-participation, the program’s mission for growth promises a brighter future for small businesses across the state and the nation.
Keely Graves, Owner of Keely’s Cleaning Crew
Q: Can you tell me how you initially came across this program and were introduced to 10KSB?
A: I have a relative and friend who works for Bismarck State College. She reached out and thought it would be a great opportunity for me to apply and get some additional resources and education to grow my business.
Q: What’s the timeline for when you applied for the program and went through it?
A: I submitted my application in early July 2023. From there, they conducted interviews and requested additional information about our business, followed by another interview in August. We started the program in September, which ran through December.
Q: What have been some highs and lows, or benefits and hurdles, for your business as you continue to grow Keely’s Cleaning Crew?
A: It just depends on where you are in your business to know if it’s a high or a low. I’ve gone through times when finding employees was easy and times when it was more challenging. Finding employees can be both good and bad, a high and a low, depending on the market. Additionally, finding customers has been a journey. There came a point in my business when I had to start investing in marketing, which was something I never had to do before.
Early on, I ran the business by adding employees and clients as they came to me, without pushing for growth. But eventually, I reached a stage where I wanted to grow. However, seeing the potential in Bismarck-Mandan and recognizing the opportunities, I decided to take a leap, push for growth, and see where I could take the business. Now, I’ve grown to have 14 hard-working employees.
Q: What were some of your biggest Takeaways when exiting the program that Personally stuck out to you, and that You were able to bring back to Keely’s Cleaning crew?
A: One of the biggest benefits of going through the program is gaining knowledge in many areas of the business that you may not have had before. As I’ve said many times, owning a small business means wearing many hats, and you may not be an expert in all of them. Nobody starts a business knowing how to handle all aspects of marketing, HR, and payroll; you learn as you go.
Going through the program provided the opportunity to grow in areas where I wasn’t an expert. One of the most beneficial parts of the program was gaining contacts and resources and knowing where to turn if you have questions. That was huge for me and has been very helpful since completing the program. I’ve reached out to many people and discovered more avenues for asking the necessary questions.
Q: For others considering applying, is there anything you wish you knew beforehand, anything helpful to know going in, or any unexpected benefits you didn’t know about?
A: I would say go in with an open mind. You’ll gain much more if you’re willing to put in the time needed to acquire as much knowledge as you can, ask questions, and attend all the sessions and extra classes available. Having the time to dedicate to this will be crucial. So, know that when you apply, it is a time commitment, but you’ll get out of it what you put into it.
Q: Do you have any final thoughts regarding the 10KSB that you’d care to share with readers?
A: I am very grateful for the program and the resources they have offered me. As a small business owner in North Dakota, where small businesses make up 99.8% of all businesses in the state, going through this program has been invaluable. The program covers all expenses, providing us with significant access to resources and capital. They don’t take any direct involvement in our businesses, but the resources and opportunities they provide are a definite plus.
Yvette Reyes, Owner of FM Aerial & Movement Arts
Q: What were some of the biggest takeaways from the 10KSB program that you brought back to FM Arial and movement arts? what did you learn in the program that has resonated with you since completing it?
A: A couple of the biggest takeaways are the community and the resources. The new curriculum used throughout the 10KSB focuses heavily on action and provides further opportunities to audit different modules. Each module touches on various aspects of business, whether it’s working on your next hire, operations management, or the financial side. This information was new to me, but the program helped me understand these areas better.
The community aspect was equally important. Networking and building strong relationships with other businesses in the area, along with the mentors provided, was invaluable.
Q: For others considering applying, is there anything you wish you had known beforehand or an unexpected, lesser-known benefit that you were unaware of when applying?
A: Yes, one thing that pleasantly surprised me was the alumni network. Upon completion, the program includes templates and resources to remain updated, the ability to stay connected with other scholars, as well as a broader network of small business owners to collaborate with.
There are various events, such as one that I recently returned from in Minneapolis, that are incredibly beneficial for business networking. I feel like I already made plenty of new connections to help the business grow. The program team is very focused on ensuring we can immediately apply the business skills we learn and build interpersonal connections. The continuous support and networking opportunities available after the program were unexpected but greatly appreciated.
Q: Regarding not only the 10KSB program but also your time with FM Aerial and movement arts, have there been any specific instances where you faced a significant hurdle or challenge, and the knowledge from 10KSB helped you overcome it?
A: For me, it’s specifically about employment. When I first started the business, I had six employees, not including myself. Now, after going through the program and learning about how to actively delegate and create systems, it’s not just me working on my business but also them working towards our common goal. I’ve been able to hire more staff, and we have almost doubled our team. After completing the program, I hired an additional six to seven people. I now have a lot more confidence in hiring and feel much more confident about the business moving forward.
In the past, I often didn’t know how to handle various aspects of the business, such as planning for the next month or future business activities. The program has helped me focus and realize the key metrics that are valuable to grow [FM Aerial and Movement Arts]. It has also guided me on how to take steps towards achieving my future goals.
- Did You Know?
Goldman Sachs monitors participants’ progress for up to three years after they complete the program. This helps them understand the program’s lasting impact on small business owners. They have found that:
- 72% of rural business owner participants have added jobs since completing the program.
- 74% of rural business owner participants have increased their revenue.
- 85% of rural business owner participants believe their business is more resilient as a result of completing the program.
- 69% of alumni do business with one another or collaborate at some level with one another post-graduation.
Brett Wegleitner, Owner of West River Chiropractic Co.
Q: How did you initially come across this program and get introduced to 10KSB?
A: I was introduced to the program by a local banker I’ve been working with on a business buyout. She sent me an email about applying for the 10,000 Small Businesses program through Goldman Sachs and mentioned it might be something I’d be interested in as I aim to grow my business.
I started looking into it and was particularly intrigued by their financial module, which showcased opportunities to expand my business. As the process continued, it led to an interview with a local entrepreneur from Bismarck-Mandan and two other panel members from the Goldman Sachs team. They emphasized the selection process for the program, aiming to find the right fit for participants.
I was genuinely interested in the opportunity to grow my business through their financial model. However, I quickly realized it was a comprehensive 12-week program covering critical aspects of running, maintaining, and sustaining a business. Additionally, it provided access to a network of local and national entrepreneurs, which has been a significant asset over the past few months.
Q: What were some of the biggest takeaways from that program that stood out to you during those 12 weeks?
A: The biggest thing I got out of the program was the ability to create a financial forecast. Throughout this 12-week module, the goal was to develop a growth plan. I like to explain this as essentially a beefed-up business plan. All business owners need to have a business plan in place, especially if they’re seeking capital or a loan, to prove their strategy. This program helps build a more detailed version of that plan.
Most entrepreneurs work in their business but not necessarily on their business. They know what they want to achieve and how they want to grow but may not be clear on the steps to get there. This program, with its growth plan component, guided us through that process.
My biggest takeaway was identifying my growth plan opportunity: adding another associate chiropractor and a physical therapist to our clinic. The program laid out the foundation for step-by-step progress—how to begin, reach the middle portion, and eventually add to the clinic while remaining financially stable.
Q: You mentioned adding some employees since then. what are some other improvements or growth aspects within West River Chiropractic Co. since you went through this program?
A: We have added another associate chiropractor, a physical therapist, and, at the beginning of January, a massage therapist. This not only creates jobs in the community but also enhances our outreach and positively impacts our patients and local community health.
We have also implemented several other changes in our clinic, including different marketing strategies, growing our social media presence, and tweaking our website based on what we learned from the program. One major takeaway was financial forecasting. It’s a more sophisticated way of budgeting, allowing us to dive into the numbers and assess the feasibility and potential return on investment for business decisions. For me, the biggest benefit of the program was understanding the financial side of the business and learning what constitutes a good return on investment, something I didn’t learn in chiropractic school. We were trained to treat patients and help them heal, but we were never taught how to actually run and operate a small business. This program provided comfort and confidence in managing the business side of things, especially if you have a good idea but are not entirely sure how to execute it.
Q: What have been some highs and lows you’ve experienced with the company?
A: Our biggest success has been the overwhelming support from our local community. As you know, being from Bismarck-Mandan, we are a small community. Every patient you have or person you work with in business is going to be some type of neighbor to some degree—you know just about everyone in town. So, it’s great having the community support us, which has been huge.
One of the biggest setbacks we faced was during COVID-19. We were fortunate in North Dakota that we did not have to shut down our clinic like in many other states. We actually grew our business by about 30% that first year of COVID-19 because most people were trying to stay away from larger clinics and hospitals and were coming to more holistic or smaller clinics. Initially, it was very difficult and stressful not knowing what would happen, but it ended up being a blessing in disguise.
After the program, the biggest change was gaining new insights into the business. I had wanted to add more employees and become a multidisciplinary clinic for the past few years. This experience gave me the motivation to push forward. I initially thought it would take about a year to implement my growth plan, but I accomplished it within the first four months.
Q: Is there anything you wish you had known beforehand, whether it be during the application process or any unexpected benefits that resulted from the program?
A: I don’t want anyone to be deterred by thinking they don’t have the time. I’ve been going through a business buyout, I have a young family, and I run a business, yet I was still able to complete the program. This has been one of the best things I’ve ever done for my business. It has helped me grow, and I will continue to use the growth plan and tools provided by Goldman Sachs to keep expanding, hopefully adding more clinics to my resume and business throughout the area.
The network of people you meet is invaluable. Not only do you connect with individuals within the program, but Goldman Sachs also brings in various experts during the program. These include people lending capital, networking groups, and others who can promote or support your business.
85% of 10KSB alums end up working with one another after the program or turn to the alumni community for additional skills. This has been a huge asset for me. I’ve collaborated with others from my cohort in retail spaces, expanding our business lenders for capital or credit lines. Additionally, I’ve worked with another CPA from the cohort, exchanging questions and advice. It’s been incredibly beneficial to have this network to reach.
Q: Do you have any final thoughts regarding 10KSB that you’d care to share with readers?
A: Yes, don’t squander the opportunities that come your way. These opportunities are very rare for a place like North Dakota. Being a smaller community, it’s uncommon to have a big Fortune 500 company like Goldman Sachs coming in, especially free of charge for what they are offering. Please take the opportunity to apply; you will be so glad that you did in the end. Taking the chance and opportunity to grow your business. Even if you think you know everything about business is so valuable, I can guarantee that Goldman Sachs’ 10KSB program is going to teach you quite a few things that you may not have thought about, or will challenge you to think about in a different mindset.
A Q&A with Karmen Sorenson
Executive Director Of Goldman Sachs 10KSB Program In ND
Q: Is there currently an application deadline for North Dakotans?
A: We are not actively recruiting North Dakota small business owners until next year, so stay tuned for updates. Interested small business owners can always submit an application early at www.10ksbapply.com.
Q: Based on your experiences with the program and its success stories, what is some advice for aspiring entrepreneurs in North Dakota, regarding this program?
A: I encourage any small business owner interested in taking their business to the next level to apply for the program, especially if you’re at a comfortable enough point where you want to grow. The program is highly beneficial to small businesses across any industry, and you’ll walk away with an actionable, practical growth plan for your business.
Learn more by visiting:
10ksbapply.com
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