Dollars and $ense

September 2013
It's September! And the deadline is fast approaching to nominate a local business owner worthy of recognition. We are looking for the next winner of the Palmer Gillis Entrepreneur of the Year Award. Do you know someone who exemplifies what an entrepreneur is all about? If so, nominate them today! The deadline is September 27th, so don't wait! 
     This month we share a story about feature a Student Business Plan Competition that will be rewarding for the winner! Also 
     Do you want your business to be featured in next month's newsletter? Own a business we should profile? Email us at jcurrie@marylandcapital.org. Thanks for reading!
Dr. Gordshell's Skin Cream
A formula for business success

CLIENT PROFILE

BALTIMORE -- A skin cream dating back to 1858 is still alive and well and flying off the shelves of your local Walgreens thanks to a Baltimore entrepreneur who brought the company back from the brink.  
Jumoke Gyenyame

Dr. Gordshell's skin cream, originally made in Baltimore and marketed as a salve for all kinds of skin issues, is still being made in Baltimore with the original formula, according to Jumoke Gyenyame who now owns controlling interest in the company. 
   
But when he and his wife bought that interest in 2003, what seemed like an easy earning opportunity changed almost overnight. 
 
"What we didn't anticipate was the distributors immediately severing the relationship upon us notifying them of the change in ownership, due to a significant decline in the sales trend for the product," Gyenyame explained. "Overnight, we literally lost hundreds of big box pharmacies (Rite Aid, Giant, Walmart, etc) that were buying the product from the East Coast to the Midwest."
 
That crippling news led them to pursue real estate for the next several years and put the miracle cream back on the shelf. But when the real state market tanked a few years later, they had to explore other options.   
 
"In 2008, we dusted off the brand and decided to give it the full commitment that it deserved from the start. At that time, we had two independent retail pharmacies still buying the product. Mostly, through fax blasts to independent pharmacies and health food stores all over the country, we accumulated more and more stores (over 150)."
 
Then came the phone call that changed everything. 
 
"In February 2011, we received a call from Walgreens. Due to expressed customer interest they brought us on as a local Vendor. Starting with one store on the Eastern Shore, we commenced to adding more stores. Local Vendors with Walgreens are allowed to secure approval at the Store Manager level, which means that we had to build up the catalog of stores one by one. By the end of 2011 we had roughly 40 stores. Last year we added another 100 Walgreens by venturing out into southern MD, DE, and PA. With the help of MCE we're now working on getting into the local Rite Aid and CVS stores."  
 
When asked what advice he would give to young entrepreneurs, he suggested they make sure the business is a good fit, to stay focused, and to keep the faith.
 
"Business rarely grows as fast as we want it to, but with focus, determination, and a consistent work ethic it will grow," he said.
 
To find out where to buy the product near you, visit their website: www.gordshells.com.
 


 
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MCE offers classes on everything from starting a new business to dealing with difficult people, and from social media to Quickbooks. Check out our schedule:
  
 



 
Nominate an Entrepreneur for MCE's Palmer Gillis Entrepreneur of the Year Award

Do you know a successful entrepreneur who inspires you to work harder? Is there someone that toils day in and out for his or her business to guarantee it's a success? 

Why not nominate them for MCE's Palmer Gillis Entrepreneur of the Year Award?

Eligibility Criteria:
  • Nominees must be a small business owner or majority partner involved in day-to-day operations of the business
  • Business must be located in Wicomico, Worcester or Somerset counties
  • The company must employ 100 employees or less
  • The business must have been established locally for at least two (2) years
  • Must be a for-profit business
  • Business must be in the good standing with the state of Maryland

The award will come with a monetary prize and the winner will be announced at MCE's Annual Gala on Saturday, November 16, 2013. 

"We are so grateful to Palmer Gillis and to a team of local business professionals who are helping us make this award a meaningful and important honor," said Hayley Gallagher, Executive Director of MCE.

 

"Encouraging, nurturing and inspiring entrepreneurs is what MCE does best."  

 

To nominate a worthy candidate, please fill out the nomination form online at 

http://www.marylandcapital.org/nomination. 

 

Business owners can nominate themselves by filling out the Application Form.

 

Nominations must be received by 5 p.m. on Friday, September 27, 2013. The number of nominations is not a factor. 

 

Please let your candidates know that representatives form MCE will be contacting them to get more information about their business. 

 

 

Student Business Plan Competition 
Win up to $1,200 in cash Prizes

MCE and the Eastern Shore Entrepreneurship Center are collaborating to once again hold the student business plan competition. 

 

This competition is open to juniors and seniors at any public or private school on the eastern shore as well as full or part-time community college students under the age of 25. 

 

There are cash prizes for those plans that place in the top three of the two geographic districts (Chesapeake College - Upper and Mid-Shore counties; Wor-Wic - Lower Shore counties).

 

Those 6 finalists will then advance to the Eastern Shore finals where their plans will be evaluated once more and the final three plans will receive the top cash prizes.  For further details about eligibility, rules, and submissions go to www.shorebizplan.com.

 

"The goal of this competition for MCE and ESEC is to stimulate the minds of young innovative students for the purpose of promoting future business start-ups." said MCE's Joe Morse. "We are encouraging students to utilize their knowledge, skills, and creativity to develop a business plan that is practical and is able to promote not only themselves but the community as well." 

 

"This competition is what will get the youth actively thinking how their ideas could turn into a real business. It is our hope that this competition will spark many great ideas and encourage students to begin thinking like an entrepreneur. We know they're out there - they just need to come forward," he added. 

 


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Words to Live By -  John Gaddis
 
"Children are the world's most valuable resource and its best hope for the future."  
                                     John F. Kennedy
 
 
John Gaddis
As Interim Superintendent of Schools in Somerset County,  John B. Gaddis is in his 25th year as an educator. He was a classroom teacher for eight years in elementary schools, then assistant principal, principal, Coordinator of Technology, Assistant Superintendent and now Superintendent. He was raised in Pocomoke and attended Salisbury University for his undergraduate degree and his Masters. He attended Wilmington University for his Doctorate in Innovation and Leadership.
 
Words to Live By is a monthly feature where we ask business and political leaders to tell us what inspirational quote motivates them to be their best. Email us your favorite quote at info@marylandcapital.org.    
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