CRP Accelerator Launch Session 1

Welcome to the National ACE Capital Readiness Program Accelerator Launch Accelerator 1 - January 23, 2024

Opening Remarks from National ACE

Chiling Tong

(she/her)

Chief Executive Officer & President National Asian/Pacific Islander American Chamber of Commerce and Entrepreneurship

Who am I? Michael Thien Van (he/him) ● ● ● ● ●

●

Son of Vietnamese refugees and 1st generation immigrant Grew up working in nail salons through high school and college, watching parents working tirelessly Chicago Public School Educator for 5 years + Master's in Education Bought Nail Salon at 27 (2016) Self made MBA from work experience + self study/reading + joining entrepreneur groups. What took him 7 years to learn he’s committed to sharing in less time.

Michael’s vision for everyone in the room: “The Dream” which is not just about building a successful business; crafting a venture that offers its owner the ultimate freedoms – the freedom to choose, coupled with the luxury of time, financial independence, and a lifestyle that's both fulfilling and liberating.

mvan@nationalace.org

National ACE represents 2.91 million AANHPI small business owners who employ over 5.1 million people and collaborates with over 120 affiliate minority chambers and partner organizations across the country

Objectives 1.

2.

Connect you to funding Provide technical assistance to help boost the likelihood of acceptance as well as overall business skills and health.

1. Be On Time Consistently being on time is the product of proper planning, personal discipline, and a respect for other people’s time.

Making a habit of being late demonstrates none of these things and is often a sign of patchy priorities and selfishness. Habitual lateness says, “My time is more valuable than yours.” Zero Dean Learn to be reliable and a person of integrity by adopting the discipline necessary to be on time.

2. Be Open-Minded It’s the only way new things can get in. -Colleen Hoover If you keep an open mind, you can learn so much from the people around you. -Lynn Good Thinking like a scientist involves more than just reacting with an open mind. It means being actively open-minded. It requires searching for reasons why we might be wrong—not for reasons why we must be right—and revising our views based on what we learn.

Every new idea is just a mashup or a remix of one or more previous ideas.

The Genealogy of Ideas

The Genealogy of Ideas

Keys for Success 1. Be on time Consistently being on time is the product of proper planning, personal discipline, and a respect for other people’s time.

Making a habit of being late demonstrates none of these things and is often a sign of patchy priorities and selfishness.

Habitual lateness says, “My time is more valuable than yours.” Zero Dean Learn to be reliable and a person of integrity by adopting the discipline necessary to be on time.

2. Keep an open mind It’s the only way new things can get in. -Colleen Hoover If you keep an open mind, you can learn so much from the people around you. -Lynn Good Thinking like a scientist involves more than just reacting with an open mind. It means being actively open-minded. It requires searching for reasons why we might be wrong—not for reasons why we must be right—and revising our views based on what we learn.

Every new idea is just a mashup or a remix of one or more previous ideas.

3. Take Massive Action You are what you do, not what you say you’ll do.

-Carl Jung You’ll never plough a field by turning it over in your mind.

An inch of movement will bring you closer to your goals than a mile of intention. -Steve Maraboli You don’t have to be great to start, but you have to start to be great. -Zig Ziglar

3 Keys for Success 1. Be on time Consistently being on time is the product of proper planning, personal discipline, and a respect for other people’s time.

Making a habit of being late demonstrates none of these things and is often a sign of patchy priorities and selfishness. Habitual lateness says, “My time is more valuable than yours.”

Zero Dean Learn to be reliable and a person of integrity by adopting the discipline necessary to be on time.

2. Keep an open mind

3.Take massive action

It’s the only way new things can get in. -Colleen Hoover

You are what you do, not what you say you’ll do. -Carl Jung

If you keep an open mind, you can learn so much from the people around you. -Lynn Good

You’ll never plough a field by turning it over in your mind.

Thinking like a scientist involves more than just reacting with an open mind. It means being actively open-minded. It requires searching for reasons why we might be wrong—not for reasons why we must be right—and revising our views based on what we learn.

An inch of movement will bring you closer to your goals than a mile of intention. -Steve Maraboli

Every new idea is just a mashup or a remix of one or more previous ideas.

You don’t have to be great to start, but you have to start to be great. -Zig Ziglar

How to set yourself up for success 1

Be on time, ready to learn and/or set yourself to watch the recording without distractions

2

Participate! Ask questions. Share your perspective.

Show up to the office hours. *Any questions during the session please submit through the Q&A box.

General comments you can put in chat.

3

Submit your end of session survey if you’re attending live.

Submit your quizzes if you’re watching the replay. These are to track your attendance, to keep you focused and to help you retain the information.

Who are you?

What type of business do you run?

What is ONE thing you want to accomplish by the end of this 8 week period?

CEO

CFO

Vinny Viewer

Sales Director

You’re in the right place if ● ● ●

If your goal is aligned with the objective of this program You want to take action You want to learn alongside others/receive support from others who have expertise and experience

Indicates Guest Speaker/Subject Matter Expert

What You’ll Learn

*office hours on Fridays starting February 2nd*

Throughout the course, this is how you’re going to feel…

If you want to go fast, go alone.

If you want to go far, go together.

Everyone needs a coach ● ● ● ● ● ● ● ● ● ●

Head Coach Assistant Coach Shooting Coach Strength and Conditioning Coach Skills Development Coach Defensive Coach Mental Performance Coach Nutrition Coach Rehabilitation Coach Video Analyst Coach

What the business coaches can support you with:

1

One on one meetings to develop your business plan

2

Get prepared to apply for loans

3

Help you strategize to scale and grow your business

Meet your Business Coaches

Sign Up for Coaching

Scott Rogalski

Chettha Saetia

Allen Wu

Specialties: Find your lender match by telling your story, projections and forecasting models, maximizing financials for growth and qualifying for a loan

Specialties: Sales Strategy, Product or Service Marketing, and Business Plan Development

Specialties: Working Capital, Equipment Loan, Business Acquisition, Commercial real estate, acquisition, renovation or value added

Location: Sacramento, CA

Location: Chicago, IL

Location: Washington, D.C.

The U.S. Government has money set aside to fund small businesses

$10 billion

$16 million

The American Rescue Plan Act tasked State Small Business Credit Initiative (SSBCI) to provide $10 billion to support small businesses

National ACE will work to connect AAPI small business owners to $16 Million in capital for their small business via small business loans and grants.

What is a Capital Advocate?

1

After you’ve met with your business coach, we connect you to a capital advocate

2

They will guide you to the right funding source for your business’s needs

Meet your Capital Advocates

Linh Hoang (he/him)

Tony Tang

Specialties: Business Development, Government Contracting, Proposals, State/Local Grants and Loans, Fund Matching Programs

Specialties: Access to Capital (Consumer and Commercial Lending), Local, State and Federal Procurement, Certifications

Location: Washington, D.C.

Location: San Francisco, CA

https://www.nationalace.org/crp-bios

From Negotiating to Horse Races Baseball is a game of inches A split decision decides champion and the person we forget two weeks later Boxing A few strokes determine money winners or those who barely survive the tour

Little Things Make the Big Differences!

Horse Racing with $200,000 purse: 1st - $120,000 2nd - $40,000 3rd - $12,000 5th - $3,000 $117,000 difference!

The Importance of Atomic Habits Atomic habits are small tiny changes, 1% improvements but powerful routines that can lead to significant improvements.

Success is often achieved through consistent incremental progress, not massive one time efforts.

Real life example 1908

2003

In Process

2008

How it started

Dave Brailsford's Appointment/A new Era

Small Adjustments and Innovations

Remarkable Olympic Success

Since 1908, British riders had won just a single gold medal at the Olympic Games, and they had fared even worse in cycling’s biggest race, the Tour de France. In 110 years, no British cyclist had ever won the event.

British Cycling hires Dave Brailsford as the new performance director.

Brailsford introduces the philosophy of "the aggregation of marginal gains." He emphasizes the idea that by improving every aspect of cycling by just 1 percent, the cumulative effect can lead to significant improvements in performance.

Brailsford and his team start making small, seemingly insignificant improvements in various areas of cycling. This includes redesigning bike seats, using biofeedback sensors, testing fabrics, and even improving hygiene practices.

Just five years after Brailsford's appointment, the British Cycling team achieves remarkable success at the 2008 Olympic Games in Beijing, winning an impressive 60 percent of the gold medals in road and track cycling.

Small Changes, Big Impact

Habits are the compound interest of self-improvement.

The same way that money multiplies through compound interest, the effects of your habits multiply as you repeat them.

They seem insignificant in the short term but have a significant impact over months and years.

The value of good habits and the cost of bad ones become apparent over time.

You get what you repeat.

Put in the chat: What is a small 1% improvement you can repeat and implement during this accelerator?

Check your Compounding Habits Negative Compounding

Stress and Negative thoughts compound. ● ● ● ●

The frustration of a traffic jam.

The weight of parenting responsibilities.

The worry of making ends meet.

Negative thoughts about you or others.

By themselves, these common causes of stress are manageable. But when they persist for years, little stresses compound into serious health issues.

The more you think of yourself or your business a certain way → the more you condition yourself to interpret life that way.

You get trapped in a thought loop.

Check your Compounding Habits Positive Compounding Productivity, Knowledge and Relationships compound ● ●

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Accomplishing one extra task is a small feat on any given day→ a lot over an entire career.

Automating an old task or mastering a new skill can be even greater → more tasks you can handle without thinking, the more your brain is free to focus on other areas.

Learning one new idea, reading a book → different ways to think about old ideas, or a commitment to lifelong learning can be transformative.

INSTEAD OF GOALS, FOCUS ON SYSTEMS INSTEAD

Goals vs Systems

What’s the difference between systems and goals? ● ●

Goals are about the results you want to achieve/focuses on outcomes. Can lead to temporary changes.

Systems are about the processes that lead to those results.

Can create lasting improvement

Examples: If you’re a coach, your goal might be to win a championship.

Your system is the way you recruit players, manage your assistant coaches, and conduct practice.

If you’re an entrepreneur, your goal might be to build a million-dollar business.

Your system is how you test product ideas, hire employees, and run marketing campaigns.

Goals vs Systems Taking what you wanted to accomplish (your goal) for the end of the 8 weeks, what is the SYSTEM you will put in place?

What’s Next Session #2 Mastering Your Financial Game ● ● ● ●

Fundamental financial literacy for entrepreneurs Techniques for financial statement analysis and forecasting Understanding income sources: Salary, Profit, Dividends, Equity Introduction to Business Valuations 101

Get Connected to a Business Coach

Thank you.

Take a minute to submit the closing quiz