For small business owners in the shipping sector, making the entrepreneurial leap to the big leagues working with Tier 1 suppliers of major automotive companies can result from a mix of planning, opportunity, preparation, and expertise. Attending venues like the Entrepreneur’s Summit and networking in similar matchmaker events and trade shows geared toward the automotive community are the perfect ways to secure contracts for deals that will generate millions of dollars in revenue from companies that are eager to work with suppliers of color.
The following seven-point matchmaking guide will help steer you through the process, courtesy ofÂ Joset B. Wright of the National Minority Supplier Development Council.
1)Â Â Â Â Â Make sure you are NMSDC-certified as a minority supplier.
2)Â Â Â Â Â Get to know Tier 1 suppliers that provide the same service lines.
3)Â Â Â Â Â Tell Tier 1 suppliers how you can solve their problems and offer a solution.
4)Â Â Â Â Â Ask for top mentors to be matched up with your company.
5)Â Â Â Â Â Have a contract commitment to do business. The automotive business on the parts side is capital intensive, and you must be able to survive competitions and economic fluctuations.
6)Â Â Â Â Â Share success stories with other minority business enterprises, and be willing to pursue new alliances with them.
7)Â Â Â Â Â Don’t take on contracts at any price or try to make a non-profitable contract profitable.
The 2015 Black Enterprise Entrepreneurs Summit hosted by Nationwide, May 13-16, will be held at the Hyatt Regency Atlanta. Expect innovative sessions, high-powered speakers, and an early peek at the products, trends, and services you’ll need to stay ahead of the curve. Be sure to enter our Elevator Pitch Competition to qualify for the $10,000 grand prize. To register and find out more, visit dev.blackenterprise.com/ec/<http://dev.blackenterprise.com/ec/>.