By: Ltelatk Fritz
Center Director/Certified Small Business Adviser
Palau SBDC
McMichael Mutok, Jr., is a young entrepreneur living in
Palau. McMichael recently graduated from the University of Guam, with a degree
in anthropology. He is currently working as a Historic Preservation Specialist under the Ministry of Community
& Cultural Affairs. However, in the two years that McMichael has been
living back in Palau, he observed an interesting pattern in the local community
that sparked an interest in launching his business.
Palauans have a great culture of sharing and celebrating with
immediate and extended families, clans, and the local community. At these many
family, community, and cultural events, Palauans play host to their guest by
providing food, drinks, and entertainment. With all these guest attending these
events, they needed chairs to rest, tables to place their meals, and tents to
provide shelter for the guests. This is need or problem that McMichael
identified and launched McMike Rentals to meet this need.
McMichael started planning for his
business to rent equipment in the local community. He had some work experience
and a college degree, but felt it was important to understand his customers and
managing his business to ensure it does become successful. McMichael turned to
SBDC for the one-on-one free, confidential business counseling.
McMichael’s business advisor
provided more details on what information to research and how to put his plans
in order. Then McMichael started researching—by talking to his colleagues at
work, people in the community, and others in the same industry. A friend of
McMichael, who also rents similar equipment, shared about the struggles he
faces in keeping up with the demand for this service. “It requires dedication and time to meet the customer needs, from
getting up really early on weekends and delivering the equipment, all by
himself.” McMichael realized his business requires proper planning and
scheduling, but also needed partnership with other businesses just like his
friend.
With the technical assistance
provided Palau SBDC, McMichael was able to apply for a microfinance loan from
the development bank to purchase his truck, equipment, and other administrative
supplies to launch McMike Rentals: Chairs, Tables, & Tents this year.
McMichael says that he has not encountered much challenges with starting his
business attributing to the proper planning and technical assistance with Palau
SBDC.
When asked how did Palau SBDC help
you start your business? Here’s what McMichael responded: “Palau SBDC with the help and generous support from Ms. Ltelatk Fritz,
help me to creating a Business Plan and finding the right tools needed for
creating my business. Giving me advice through many aspects of starting up and
running a rental business. Also helping me to define ways in developing a
business plan through a short-term and long-term goal in financial investment,
strategies for achieving success, and developing my rental business concept,
organizational plan, and financial plan. If someone wants to start a business
like me, the best advice I can provide to that person is to go to SBDC and ask
many questions as they want in starting a business. Palau SBDC is the right
place for expert business advice and guidance in all areas. A great place for a
one-on-one free counseling.”
For more information on how Palau
SBDC can help your business, contact 587-6004. Business counseling is free for
eligible clients.
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Business Name:
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McMike Rentals – Chairs, Tables, & Tents
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Business Type:
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Equipment Rentals
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Business Owners:
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Mr. McMichael Mutok
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Location:
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Airai, Palau
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Contact:
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(680) 779-7368
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