Entrepreneurs learn secret of success

OAKLAND — Deborah Senegal has a background in banking, but after hitting a "glass ceiling" —
workplace barriers to corporate advancement — she has decided to start her own business: Legacy 1
Enterprises.

By Staff Writer: Chauncey Bailey Oakland Tribune

"I want to sell novelty gifts, from bird houses to watches, from my home," said Senegal, who attended
the city’s second annual Small Business Symposium on Thursday at the downtown Marriott Hotel.

There were all-day sessions on how to start or expand small companies at the free event, which
brought small-business and corporate leaders to 36 different workshops targeting current and
prospective business owners in Oak-

land.

Hosted by Vice Mayor Larry Reid and funded by Allstate and Wells Fargo, this year’s forum attracted
600 people — double the turnout of last year.

"I learned a lot about being insured, liabilities and planning for wealth and retirement," said Senegal,
during a luncheon break. "And this was a great place for networking."

There are now 30 million small businesses in the United States, according to Willie Nett, a Wells
Fargo district manager. Asked if this is a good time to start a business given the state of the
economy, Nett said retailers would do well and so would business owners "who find the right niche
and product."

Too many upstart businesses are under-capitalized, and owners fail to make accurate projections for
cash flow, Nett said.

Speakers during a workshop titled "Tools To Accessing Capital" included Greg Garrett, director of the
One Stop Capital Shop, who works on loan packages of more than $150,000; and Michael
McPherson, director of the Oakland Business Development Corporation, who processes requests
for financing of less than $150,000.

Andrew Krone, a representative from Marble Bridge Funding, with offices in Walnut Creek and
Oakland, was among presenters.

His company allows small businesses to use invoices to customers to secure loans in 48 hours
instead of waiting months for customers to pay — a situation that hurts the ability of small businesses
to survive or expand.

Garrett stressed the need for emerging businesses to build a management team, diversify
ownership, repair credit records, plan, know the competition and pay attention to marketing,
bookkeeping and accounting.

"We hope people will leave here with the business skills they need to be successful," he said.

Pamela King attended a real estate workshop. "I just took over 15 housing units in Oakland and
Berkeley," said King. "I’m also interested in knowing more about e-commerce and access to capital."

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