Learning from Small Businesses

Author: Katelyn Pierce | Major: Accounting and Economics

My name is Katelyn Pierce and I am in the Walton College of Business. I am majoring in Accounting and Economics and will graduate with my undergraduate degree in the Fall of 2022. I will continue my education and get my Masters of Accounting and graduate with that degree in the Spring of 2023. I spent the summer of 2020 working on a virtual research and internship program with the people of Dangriga, Belize where I created a five week business workshop to assist small business owners in running and operating their business more effectively and cost efficiently.

My mentor and leader for the project was Dr. Amy Farmer in the Economics department of the Honors College. She has been running the summer research and internship program in Dangriga for many years and was one of the greatest resources and mentors for this project. Through her many years and countless trips to Dangriga Dr. Farmer was able to connect us directly to different people and resources in Belize to help us make this project so successful and beneficial for the business owners in Dangriga.

Over the summer I worked with a team of fellow researchers and the help of Dr. Farmer to create a five week long business workshop with a week of review and practice for the local business owners to show us everything that they had learned over the course of the workshop. The business workshop focused on creating and operating a google platform through gmail, slides, and documents, basic financial analysis and organization, and effective marketing strategies. This project ended at the end of July, but I believe there was still so much that could be done for the people of Belize.

When school started in the fall and I was getting back into my regular schedule I wondered what else I could do to help the people of Belize and continue helping the small business owners become more successful. I met with local small businesses in the Fayetteville area to talk with them and see what worked for them when starting and running their business. One of the most helpful and insightful people I talked to came from someone I had never even thought of talking to before now. I work at a small family owned pizza restaurant in Arkansas. I started talking to my boss and the owner of the pizza restaurant about what helped him be successful and how he manages to keep his small business running so effectively. After talking to my boss and other small business owners I had a better idea of what I could do to help the people of Belize. Over the course of the semester I created a continuing business outline that will help these small businesses keep elevating their business. It is an outline that can be worked at whatever pace the business chooses. Each step has different tasks and goals to complete to continue making each business better and better.

This semester of research and business planning gave me so much more knowledge that I never knew I needed. I learned so much about how to run a business and what is needed to continue running a small business effectively and efficiently. I am so grateful I was given this opportunity to work with these small businesses not only locally, but also in Dangriga. I will take all of this new knowledge and information with me as I continue college and go into the workforce.