Navigating the American Dream

It's one thing to know the ins and outs of a craft, trade, profession or industry.

Much more is required when one steps into a leadership role and assumes ownership of a business or company.  

“Much of our work is with existing businesses, because that’s where the pain and opportunities are,” North Idaho Small Business Development Center Regional Director William Jhung said Oct. 11.

“You know how to do something, you have an aspiration, you have a passion, you start and then you begin to realize there is more to running a business than just doing the job," he said. "So how do you do that?”

Business owners are required to wear many hats, Jhung said. 

“Running a business teaches you how to do that — you know how to be a doctor and treat patients, you know how to fix plumbing or do electrical or build a house, but how do you actually become a leader of a business and lead a business?" he asked. "It’s a whole different game.”

A no-cost resource for aspiring small business owners and seasoned company leaders alike can be found at the North Idaho Small Business Development Center, 420 N. College Drive, on the north side of the Hedlund Building on the North Idaho College campus in downtown Coeur d'Alene.

One-on-one confidential coaching with industry experts, a wide scope of business training opportunities and a plethora of other tools are available through the Small Business Development Center, which is funded in part through a cooperative agreement with the U.S. Small Business Administration. The national entity was created in 1953 to help small business owners and entrepreneurs pursue the American Dream.

“We want to help people live the American Dream,” Jhung said. "Whoever comes, whatever state, we’re going to help them accelerate success."

The center helps entrepreneurs make critical decisions. Its coaches provide guidance on whether to buy franchises, how to craft business plans, what is required to acquire capital and what goes into coordinating a launch. Market research and certification requirement information is also available.

Growth, continuity and survival are business aspects for which expanding and legacy entities may need advice. All of those and more can be found at the Small Business Development Center.

A main goal of the center is to simplify tasks and objectives that may otherwise seem complicated, Jhung said.

"We help them to focus on the core things and try to develop metrics — just a few — that will help them make better decisions," he said.

This free resource has a direct impact on North Idaho's economy. In 2023, it helped businesses generate $34.8 million additional revenue, helped raise $17.6 million in capital, helped create 110 new jobs and saved about 80 jobs for businesses that were struggling and needed help retaining employees. 

"That’s one year," Jhung said. "If you multiple it 19 years, you get a sense of our economic contribution."

Jhung is the only full-time employee of the Small Business Development Center. His seven colleagues are part-time employees or volunteers.

While the center is in need of coaches, its small-but-mighty team of industry experts comes with a collective 330 years of advice and knowledge that spans agrifarming, aerospace, mortgage banking, marketing, sales, manufacturing, clergy, international affairs and, of course, business ownership.

“We have amazing talent, and why do they do it? Because they’ve been there," Jhung said. "They know how painful some of this journey can be, and every season is different.

“You think about the American Dream, which is to get rich, retire early and then do what?” he said with a chuckle. “This is kind of their contribution, in all the gains they’ve had through pain and challenges and struggles and joys, they love helping small businesses navigate and grow and thrive."

Tony Marmon, owner of Hayden-headquartered Legacy Heating and Cooling, began working with the Small Business Development Center about five years ago. He said the main resource he has utilized is leadership-focused monthly trainings with Jhung.

“When the leader gets better, the entire company gets better," Marmon said. "Everyone wins."

He said a must for any company is to set the culture up for success.

"This starts with setting a clear vision, mission and set of values," Marmon said.

He said one tip he learned from the center that he has applied to his business is making sure to use the "Three Cs" when hiring: Character, competency and chemistry, with the most important being character.

"Another must is talking through and setting clear-stretch goals with your team," Marmon said. "These goals become your team's to hit. They own it, no excuses."

Visit nisbdc.com or call 208-665-5085 for details.

    The North Idaho Small Business Development Center is at 420 N. College Drive, on the north side of the Hedlund Building on the North Idaho College campus in Coeur d'Alene.

    Jhung