The
Runners’ Club – Developing the Next Generation Of Large-Scale African
American Entrepreneurs
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Frequent Questions |
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OVERVIEW CANDIDATE SELECTION
THE PROGRAM
FUNDING
BENEFITS
OVERVIEW The "Runners' Club" is an advanced entrepreneurial training program that accelerates and amplifies the success of African American entrepreneurs. Our goal is to increase the ranks of large, African American-owned companies and, as a result, create more employment and economic development in African American communities. We continue to accomplish this goal by providing specific entrepreneurial training, mentoring, and access to business networks. Why is the program called the Runners' Club? The "Runners' Club" name is a metaphor that describes the character of the program. A traditional Runners' Club is a small group of serious distance runners who meet regularly to exercise their skills, exchange tips, and motivate or "push" each other. Entrepreneurship, like running a marathon, is hard work and requires dedication, discipline, and sacrifice. Both marathoners and entrepreneurs gain from sharing their experiences and lessons learned with others. A Runners' Club generates both cooperation and competition. In a Runners' Club, the group wants to see every member succeed, but there is also a friendly rivalry in which no member wants to be the slowest. How many classes have there been for the Runners' Club? Thus far two classes have been completed for Runners' Club. The first began in 1996 and ended in 1997. That was the pilot program whose success led to the development and funding of a formal organization. The second class began in June of 2000 and will end in January of 2001. How many classes are held each year? One to two program classes commence each year. The Marathon Group (TMG) is the Advisory Board program for the program. TMG is comprised of successful entrepreneurs and dealmakers. TMG is responsible for all operations of the Runners' Club including selection of the Executive Director and participants; curriculum development; and selection of the Brain Trust The Brain Trust is a select group of outside human resources, including successful entrepreneurs, bankers, attorneys, accountants and venture capitalists. We call this volunteer group our "Brain Trust", as these individuals provide program participants with immediately usable information about market opportunities, deal structuring, financing options, management team formation, corporate governance, and other practical issues facing aspiring and existing entrepreneurs. The Brain Trust provides a critically important mentoring function as well as access to business and entrepreneurial networks for the Runners. Some of the volunteers that comprise the Brain Trust include:
All contact with Brain Trust members is made through the Executive Director, unless approval is received from the actual Brain Trust individual.
CANDIDATE SELECTION What audience does the program target to participate in the program? The individuals considered Ready to Run demonstrate the capacity, courage, capital and commitment to become large-scale entrepreneurs.
In addition to the items listed above potential participants are evaluated based on the characteristics business acumen, technical skill, and management experience and personal assets that are typical to successful entrepreneurs:
These are the kinds of "social capital" and 'unwritten rules" that are ordinarily provided to entrepreneurs through a network of peers and mentors. The Runners' Club provides these elements as part of its program. What is the process to participate in the program?
How many people participate in each program class? One of the tenets of the program is to keep the class sizes small with 10 to 15 participants. This allows program management to provide focused attention on the business of each existing and aspiring entrepreneur. It also allows the participants to transfer knowledge between themselves. Lastly, a small class size provides session leaders with the sense that he/she is speaking to individuals instead of a crowd and thereby will be able to better transfer their knowledge and expertise to the Runners. THE PROGRAM When will the next class start? Second Quarter 2001. Where and when are the program sessions held? The majority of the sessions are held in Chicago area at the place of business of a successful veteran entrepreneur or at a central downtown location. Some sessions are held at the place of business of non-Chicago based entrepreneurs. The program is not a Chicago program, this just happens to be where it is located. We urge and support the program members to have a national and global perspective". Brain Trust" members are located nationally and the market for potential investors, partners and customers should be viewed globally. How are the classes structured? The program consists of 10 sessions led by a veteran entrepreneur or deal specialist. Each session covers a unique topic that is critical to entrepreneurial success. The sessions are held once per month. Each session begins on Friday evenings with a networking function. The next day, Saturday, consists of two sessions (morning and afternoon session). All Saturday sessions begin at 8:00 a.m. sharp and end at 5:00 p.m. All participants, regardless their home location, are expected to participate in every weekend session event. Program participants are expected to spend a minimum 10 hours per week working to accomplish the milestones established in work-plans that each participant is required to complete at the beginning of each program. What is the goal of a program session? Program sessions transfer knowledge from the session leaders and guests - successful venture capitalists, investment and commercial bankers, lawyers, entrepreneurs and experience dealmakers. In addition, these sessions provide intimate exposure to individuals whom they would normally not have access. The sessions:
What is the role of the session leader? The Session Leader's role is to facilitate the knowledge exchange between the Program members and the Brain Trust members around a particular entrepreneurial issue. The meetings usually begin with a tour of the Session Leader's company and then a discussion of:
Using the Session Leader's company as a case study, Program Members ask questions that help to reinforce the core concepts conveyed by the Session Leaders. It should be noted that these sessions are not venues for the sole purpose of telling "war stories." The Executive Director works directly with the Session Leaders in advance on a specific curriculum outline to ensure that the key concepts are conveyed to the Runners. This interactive and Socratic method of instruction is a highly effective way of transmitting valuable information. FUNDING The Runners' Club primary sources of funding
BENEFITS How does the Runners Club Benefit a Participant?
What were some of the successes achieved by participants in previous classes? Listed below is a short synopsis of the success of the inaugural class. The second class, which started in June 2000, is still in progress.
What can the Runners' Club do for an individual that they cannot do for themselves? The Runners Club provides a highly structured process through which an existing or aspiring entrepreneur can gain knowledge in the area they need it; receive a personalized review process by a team of incredibly experienced and connected individuals; have access to a channel of capital, partners, and customers; and have a system of peer advisors with whom they can transfer knowledge in a secure environment. Upon joining the program one has access to a group of program alums and future participants who like themselves are highly skilled, motivated and focused on entrepreneurship. These elements are rarely found in one place. Because entrepreneurs are typically successful, highly confident and driven they can fall prey to "entrepreneurs dilemma", which is the belief that others are not qualified and knowledgeable enough to give them advice they would execute against. This is where entrepreneurs don't know what they don't know, and this dilemma can turn their assets into the very liability that can hamstring a business from succeeding. |
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