SCORE Billings Partners with Montana State University Billings

SCORE Billings has partnered with Montana State University Billings School of Business (MSUB) to develop a program to support small businesses in the Billings, MT, area. The program is largely thanks to SCORE volunteer Dr. Rodrigo Lobo, a SCORE Billings chapter member and professor at MSUB. See below to read Dr. Lobo's summary of the program. Amazing work, Dr. Lobo and SCORE Billings! This is a great example of a partnership that all SCORE chapters can work towards. 

 

The partnership between SCORE and Montana State University Billings (MSUB) College of Business exemplifies a proactive commitment to supporting and empowering small businesses in the Billings, MT area. By combining SCORE’s mentoring expertise with MSUB’s educational resources, the collaboration fosters an environment where aspiring entrepreneurs and existing small business owners can access invaluable guidance, mentorship, and practical support to thrive in a competitive marketplace. Since its inception in Fall 2022, the partnership has benefited 34 small businesses and 137 MSUB Business students. 

 

At the core of this partnership is the emphasis on business plan development and mentoring, both of which are fundamental to small business success. Through MSUB entrepreneurship faculty and senior students and SCORE’s established network of experienced business mentors, entrepreneurs in Billings gain access to practical, real-world insights that are essential for developing comprehensive business plans. These plans serve as roadmaps, helping businesses set clear objectives, anticipate challenges, and align strategies with financial and operational goals. While the business plans are ultimately developed by the MSUB students, SCORE mentors bring industry knowledge and strategic insight, which, when paired with MSUB’s academic resources, provides entrepreneurs with a holistic understanding of both the theoretical and practical aspects of running a business.

 

The collaboration also allows MSUB’s entrepreneurship faculty and senior business students to play an integral role in supporting small businesses. Faculty members, with their in-depth knowledge of business principles and local market dynamics, work alongside SCORE mentors to provide advanced mentoring sessions. This approach not only deepens the learning experience for MSUB students but also reinforces the support available to entrepreneurs. As part of their senior projects, business students participate in these mentoring activities that are the foundation to develop business plans to support the businesses, offering innovative ideas, assisting with research, and gaining firsthand experience by working with actual business clients. This mutually beneficial setup equips students with the practical skills they need for their future careers while providing local businesses with fresh perspectives and strategic insights.

 

A unique aspect of the partnership is the co-participatory model, where SCORE mentors, MSUB faculty, and students collaborate directly with business clients. This approach allows entrepreneurs to benefit from multiple perspectives and expertise, enhancing the quality and applicability of the support they receive. Co-participation ensures that business owners have access to a well-rounded support team that can address diverse aspects of business management – from financial planning and marketing strategies to operational efficiency and growth planning. Additionally, co-participation creates a supportive learning environment where students can observe the mentoring process, learn from seasoned professionals, and contribute to meaningful projects, thereby strengthening their professional development.

 

Furthermore, the partnership underscores a shared commitment to fostering economic growth in Billings by focusing on small business advocacy. Small businesses form the backbone of the local economy, and supporting their growth and sustainability is crucial to the overall well-being of the community. The MSUB – SCORE partnership not only offers essential resources for business owners but also strengthens the bond between the university and the local business ecosystem. By building this network, the collaboration enhances opportunities for ongoing education, professional development, and community engagement.

 

The partnership between SCORE and MSUB is a dynamic, innovative, and unique model for supporting small businesses through mentorship, academic involvement, and hands-on experience. By empowering local entrepreneurs with comprehensive support, the collaboration serves as a vital resource for the Billings area, bolstering the community’s economic resilience and equipping future business leaders with essential, real-world skills.

 

Benefits to Small Businesses in the Billings, Montana Area

 

The partnership between MSUB College of Business and SCORE brings several key benefits to small businesses in the Billings, MT area, particularly through resources like mentorship, co-participation with students and faculty, and targeted business planning support. Here are some of the main advantages:

 

1. Enhanced business planning: A well-developed business plan is essential for guiding growth, managing operations, and attracting potential investors. Through this partnership, small businesses receive support in creating and refining their business plans, ensuring they are comprehensive, actionable, and aligned with business objectives. With SCORE’s mentorship and MSUB faculty insights, businesses are better equipped to identify their unique value propositions, plan financially, and set realistic goals.

 

1. Access to experienced mentorship: SCORE mentors bring years of industry knowledge and expertise, offering small businesses a unique opportunity to receive guidance from professionals who understand the challenges of starting and sustaining a business. SCORE mentors help entrepreneurs address strategic issues, develop business plans, and provide insights that can save time and resources in the long run.

 

1. Affordable, local support: For small businesses, access to quality resources can often come with a high price tag. Through MSUB and SCORE, small businesses can tap into expert mentorship and business support services at no cost, making this partnership an affordable and accessible option for entrepreneurs who might not otherwise have access to these resources.

 

1. Real-industry student engagement: Senior MSUB business students bring current knowledge of business practices, digital marketing, strategy, and technology trends, all of which are critical for small businesses to stay competitive. Small businesses can leverage the skills and enthusiasm of students eager to make an impact, benefiting from the latest academic approaches to modern business challenges.

 

1. Co-participation model with fresh perspectives: The collaboration with MSUB allows SCORE mentors to work alongside MSUB faculty and senior business students, offering small businesses a more diverse range of perspectives and innovative solutions. Business owners benefit from the combined viewpoints of experienced professionals and emerging business minds, gaining access to both time-tested strategies and fresh, modern approaches to problem-solving.

 

1. Ongoing community and networking opportunities: By working with MSUB and SCORE, small businesses become part of a larger network of local businesses, educators, and professionals. This network fosters a supportive business environment where owners can share experiences, form connections, and build community ties that benefit both individual businesses and the local economy.

 

In essence, the MSUB-SCORE partnership is a valuable resource for small businesses advocacy in Billings, helping them overcome obstacles, innovate effectively, and create sustainable growth paths, all while enriching the local community and economy.

 

Benefits to MSUB College of Business Students  

 

The partnership also provides valuable benefits for students, especially those studying business and entrepreneurship. Here are some key advantages that students gain from this collaboration:

 

1. Real-industry experience: Working directly with SCORE mentors and local small businesses gives MSUB students hands-on experience with real-world business challenges. This experiential learning opportunity and exposure to practical business operations, decision-making, and problem-solving prepare students to navigate the complexities of business environments more effectively after graduation.

 

1. Mentorship and networking: The partnership allows students to work alongside experienced SCORE mentors who have extensive knowledge and industry connections. Through these interactions, students gain mentorship from seasoned professionals, helping them build professional networks that can lead to internship opportunities, job placements, and guidance on their career paths.

 

1. Business planning skills: Students involved in developing business plans for local companies learn essential skills such as market research, financial planning, and strategic analysis. These abilities are invaluable for any business professional and provide a solid foundation in planning, critical thinking, and communication, skills that are highly sought after by employers.

 

1. Co-participation opportunities: In the co-participation setup with SCORE mentors and MSUB College of Business faculty, students are part of a dynamic mentoring model where they can contribute their academic knowledge and fresh ideas. This arrangement not only enriches their learning experience but also allows students to feel empowered by actively shaping business solutions and collaborating on innovative approaches to challenges.

 

1. Enhanced resumé and portfolio: Students who participate in the partnership have the opportunity to work on tangible projects that they can showcase on their resumés and in their portfolios. Having real-world projects under their belt demonstrates to potential employers that they have practical experience, which can significantly improve job prospects after graduation.

 

1. Increased confidence and leadership skills: Collaborating on projects with SCORE mentors and business owners allows students to take initiative, make recommendations, and contribute actively to business solutions. These experiences help students build confidence, develop leadership skills, and learn how to work collaboratively with clients and team members from diverse backgrounds.

 

1. Exposure to entrepreneurship: The partnership provides a unique opportunity for students to witness the inner workings of small businesses, which can be especially inspiring for those interested in starting their own businesses. This exposure gives students a firsthand understanding of what it takes to build and sustain a business, including both the rewards and challenges of entrepreneurship.

 

The MSUB-SCORE partnership offers students a comprehensive learning experience that bridges the gap between classroom theory and business practice. It enhances their professional skills, broadens their career perspectives, and equips them with the tools needed for success in the business world.

 

Benefits to Billings, MT, SCORE Chapter 

 

The partnership between MSUB College of Business and SCORE offers numerous benefits to SCORE, enhancing its mission to support and advocate for small businesses. Here are some of the main advantages that SCORE gains from this collaboration:

 

1. Extended reach and impact: Partnering with MSUB allows SCORE to expand its influence and reach within the local small business community, including startups and young businesses in the Billings, MT area. This extended outreach enables SCORE to serve more clients and further its mission of fostering small business growth and success.

 

1. Increased volunteer support and resources: With MSUB faculty and students involved, SCORE gains additional support in mentoring and developing resources for small business clients. This co-mentoring approach distributes the workload and allows SCORE mentors to focus on high-impact areas while students assist with research, plan development, and project execution, making the mentoring process more efficient.

 

1. Access to fresh perspectives and innovative ideas: By collaborating with MSUB’s business students, SCORE mentors benefit from fresh insights and innovative solutions provided by the younger generation. Students bring current knowledge, new perspectives, and creative approaches, enriching SCORE’s traditional methods and offering fresh ideas that can benefit small business clients.

 

1. Stronger community presence: The MSUB-SCORE partnership strengthens SCORE’s visibility and reputation in the local community. Through events, workshops, and collaborative projects, the partnership builds awareness of SCORE’s role in supporting local businesses. This enhanced community presence can attract more volunteers, clients, and partnerships, boosting SCORE’s resources and capacity.

 

1. Enhanced data and insights: Students involved in projects contribute valuable research and data analysis, which can inform SCORE’s approaches and tools. By leveraging the academic resources and analytical skills of MSUB students, SCORE can gain better insights into local market trends, industry challenges, and the needs of small business clients, allowing for more targeted and effective support.

 

1. Sustainable talent pipeline: Working closely with MSUB provides SCORE with a steady stream of young professionals who may continue as SCORE volunteers or mentors after graduation. This pipeline helps SCORE maintain its mentorship program with knowledgeable and motivated new talent, ensuring a sustainable future for the organization’s mission.

 

1. Strengthened educational mission: This partnership aligns with SCORE’s commitment to business education by actively involving the next generation of business professionals. By working with MSUB, SCORE not only supports small businesses but also contributes to developing knowledgeable, experienced business leaders of the future.

 

The MSUB-SCORE partnership enriches SCORE’s resources, strengthens its community presence, and ensures a sustainable future for its mission, all while enhancing the quality and effectiveness of services offered to small business clients. This collaboration allows SCORE to expand its reach and impact in ways that are mutually beneficial and aligned with its core objectives.

 

Relevance of the Partnership to Small Business Advocacy

 

The collaboration between SCORE and MSUB College of Business is essential to the advancement of small business advocacy because it offers a unique combination of community support, education, and mentoring. Despite being the foundation of local economies, small businesses can confront major obstacles in areas like market rivalry, financial management, and strategic planning. By fusing the abundance of seasoned business mentors from SCORE with the intellectual rigor and new insights of MSUB academics and senior business students, this collaboration tackles these issues.

 

This partnership gives Billings-area small businesses access to professional advice on financial modeling, business plan creation, and strategic decision-making. With their extensive industry knowledge, SCORE mentors provide tried-and-true answers to typical entrepreneurial problems. Small business owners are given the resources they need to thrive in the cutthroat market of today thanks to the creative ideas and insights that MSUB faculty and students provide, which are based on modern business methods.

 

Through the promotion of a collaborative and supportive culture, the partnership also enhances advocacy for small businesses. Working closely with small business owners helps MSUB faculty and students better understand the difficulties these entrepreneurs experience, which in turn helps them come up with solutions and promote awareness that benefit the larger business community. In addition to enhancing students' education, this practical experience develops a pool of future professionals who are knowledgeable about the demands and difficulties faced by small businesses.

 

Ultimately, the MSUB-SCORE partnership enhances the local economic ecosystem by empowering small businesses to thrive. It provides a platform for shared learning, mentorship, and innovation, ensuring that small businesses have the resources and support they need to grow and contribute meaningfully to the community. This partnership exemplifies the importance of collaboration in advocating for the success and sustainability of small businesses.