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Building Entrepreneurial Communities

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    • 1. Building Entrepreneurial Communities Oklahoma Regional Economic Development Conference June 15, 2007 Craig Schroeder, Sr. Associate
    • 2. Session Outline:
      • Entrepreneurs and Entrepreneurship
      • Making the Case
      • Understanding and Targeting E Talent
      • Entrepreneurship Development Systems
      • Getting Started and Q & A
    • 3. Entrepreneurs & Entrepreneurship Working Definitions
    • 4.
      • “ A person who creates and grows a venture .” Jay Kayne, Miami University
      Entrepreneur
    • 5. Entrepreneurial Attributes Perceive Opportunities Risk Tolerant Flexible & Resourceful Creative & Innovative Smart & Dynamic Growth Oriented Independent ? ?
    • 6.
      • “ The process through which ventures are created .” Deb Markley, RUPRI Center for Rural
      • Entrepreneurship
      Entrepreneurship
    • 7. Entrepreneurship Development
      • Environment that fosters and supports entrepreneurs and entrepreneurship
      • through public and private partnerships and practices.
    • 8. The Many Faces of Entrepreneurs Aspiring Lifestyle Serial Growth Startups
    • 9. Vanceboro Apparel Owner: Shirley Williams Vanceboro, NC Two-time “victim” of industrial flight Decided owning her own shop was the best bet
    • 10. Who’s a Business Entrepreneur in Your Region?
    • 11. Civic Entrepreneur – Haley Kilpatrick
    • 12. Who’s a Civic Entrepreneur in Your Region?
    • 13. Rural Context
      • More aspiring entrepreneurs
      • Fewer entrepreneurs
      • Far fewer growth entrepreneurs
      • Far fewer serial entrepreneurs
    • 14. Challenges for Rural Entrepreneurs
      • Physical & psychological isolation / distance
      • Limited access to technology
      • Limited sources of funding/resources
      • Poor connections to markets
      • Limited opportunities for networking
    • 15. Entrepreneurial Communities
      • It is about an environment that fosters entrepreneurs .
    • 16. Fairfield, Iowa – pop. 9,600
      • Recognizes and celebrates entrepreneurs
      • Over 20 years: created 3,000 jobs; tripled per capita income; increased charitable giving; HQ for 75 companies
    • 17. Are There Entrepreneurial Communities in Your Region?
    • 18. Making the Case The Value of Taking an Entrepreneurial Approach
    • 19. Growing Body of Research
    • 20. Entrepreneurship and Economic Development
      • Promote entrepreneurship as the bedrock for economic development
      • Creating an entrepreneur-friendly community makes it easier to attract and retain industry and other businesses
      • Entrepreneur-friendly refers to both the business and community environment
      Recruitment Retention Entrepreneurship
    • 21. Evidence - Data
        • Positive net job growth from small businesses vs. large – 2002-2003, US businesses with <500 employees gained 1.990 M jobs while businesses with >500 employees lost 995K
        • Jobs come from expanding businesses (55%), new businesses (44%), and business re-locations (1%) (SBA, 2003)
              • Increase in self-employment – 5.7 % in US 2002-2003 biggest increase ever (US Dept. of Commerce)
              • Importance of microenterprise (<5 employees) – 22.5 million establishments in US (AEO, 2006)
    • 22. Evidence - Historical Trends
      • Small entrepreneurial growth companies account for:
        • 5-15% of all US businesses
        • 2/3 of net new jobs in the 1990s (60-80% in 2003 – SBA)
        • 2/3 of inventions since WWII
        • 95% of radical innovations since WWII
      • Of the Inc 500 “best” entrepreneurs:
        • 69% started with <$50,000
        • 50% are non-tech related
        • 56% started at home
        • Only 18% used venture capital
      • National Commission on Entrepreneurship , A Candidate’s Guide, 2002, http://www.entreworks.net/library/reports/4249_NCOE_GUIDE.pdf .
    • 23. Defining Your “Vision”
      • What do I hope to accomplish through entrepreneurial development and how will my approach help me get there?
    • 24. Two Examples of Vision
      • Entrepreneurial Development
      • Nurture local firms
      • Stimulate others to “take the leap”
      • Create jobs
      • Generate and reinvest wealth
      • Healthy community
      • Industrial Recruitment
      • Attract new plant
      • from outside
      • Create jobs
      • New residents
      • New taxes
      • Healthy
      • community
    • 25. Recruit Validators
      • You can’t do it alone!
        • It takes a sustained community effort
        • Must “recruit” others who support your vision
        • Target 1: Successful Entrepreneurs
        • Target 2: Other Local Champions
        • Target 3: Entrepreneurial Youth
    • 26. Hot Buttons -- Vision
      • Why Should People Care About E-ship in Your Region?
        • Wealth Creation (and Reinvestment)
        • Job Creation
        • Citizen Empowerment
        • Youth Attraction
        • Civic Capacity-Building
    • 27. Be Creative!
      • Create your own “ribbon-cutting” opportunities
      • Give politicians what they want
        • Access to Publicity, Information,
        • Time, Voters
      • Provide
        • Information on Local Economy
        • Access to Entrepreneurs
        • Success Stories and Field Trips
    • 28. Understanding & Targeting E Talent Every community has it--- e -talent
    • 29. Understanding Entrepreneurial Talent Understanding the e-talent in your region can lead to more strategic shaping of your economic development program .
    • 30. Entrepreneurial Talent Growth Entrepreneurs Entrepreneurs EGCs – Serial Es Potential Entrepreneurs Aspiring Dreamers Startups Youth Survival Restarts Lifestyle Transitional
    • 31. Entrepreneurial Talent & Development Opportunity Large Immediate High-Growth Potentially Large Short-Term Growth-Oriented Modest Medium-Term Start-Ups Wide Range Long-Term Aspiring Scale of Impact Time to Impact E Talent
    • 32. Common Needs
      • A supportive environment
      • Freedom and encouragement to innovate
      • Technical assistance that meets their needs
      • Entrepreneurial networks
      • Various forms of capital for different types of entrepreneurs
    • 33. Youth Engagement and Entrepreneurship Be sure to include your young entrepreneurs!
    • 34. Critical Issues & Youth Impact
      • Historical Youth Out-Migration Trends
      • Loss of Farms and Small Businesses
      • Erosion of Leadership Capacity
      • Generational Wealth Transfer
    • 35.  
    • 36. Why Target Youth “E” Talent?
      • Youth currently in your region may well represent your greatest resource for economic growth and community sustainability.
      • The challenge is to: engage these youth,
      • equip them with the skills and knowledge to be successful,
      • and then support them and their enterprising ventures.
    • 37. Teen Survey Results 49% 49% 48% 47% Picture yourself living in the area in the future? 19% 7% 9% 17% Have a business right now? 51% 43% 41% 47% Interested in owning your own business in the future? 6.2 5.1 5.3 6.6 Rate your community (1-10) Garden County Pop. 2,292 Columbus Pop. 20,971 McCook Pop. 7,994 Cambridge Pop. 1,041 Survey Questions
    • 38. Youth Engagement System © Community Support of Youth and Their Ideas Entrepreneurial Education & Career Development Youth Involvement & Leadership in Community Engage Equip Support
    • 39.
      • 4-H
      • Jr. Achievement
      • FFA, FCCLA, DECA, FBLA
      • Youth Led Projects
      • Community Scholarships
      Vehicles to Consider
    • 40. Targeting Entrepreneurs Entrepreneur Expertise
    • 41. Why Target?
      • Different E talent = different needs
      • Limited resources = making strategic decisions about what types of talent to target in your community
    • 42. What Aspiring E’s Need and Want
      • Clarification:
        • Idea
        • Feasibility
        • How
      • Decision:
        • Go or No Go
    • 43. Appropriate Approaches Training Networking Moral Support Business Counseling Micro
    • 44. What Startups Need and Want
      • Game Plan
      • Team
      • Some Capital
      • Markets
      • Management
    • 45. Appropriate Approaches Facilitation Micro Networking Training Mentors
    • 46. Key Insight
      • The success rate of startups rises dramatically with strong supportive environments!
    • 47. What Growth Entrepreneurs Need and Want
      • Customized Assistance
      • Higher Order Assistance
      • Real Time Assistance
      • Perspective
      • Peer Support
    • 48. Appropriate Approaches Networks Capital Incubators Facilitation Peer Groups
    • 49. What High-Growth Entrepreneurs Need & Want
      • Room to Grow
      • Capital
      • Workforce
      • Infrastructure
      • Listening & Responsiveness
    • 50. Appropriate Approaches ESO Capital Environment Networks
    • 51. Key Insight
      • Keeping high-growth companies in rural areas is as challenging as helping to create them.
    • 52. Finding the “Sweet Spot” Entrepreneurial Talent Development Goals Development Capacity The Sweet Spot or Strategic Focus
    • 53. Infrastructure Elements
      • Move beyond traditional economic development notion of infrastructure
        • Sites and buildings
        • Roads, utilities, etc
      • Think outside the box
        • Leadership
        • Service providers (public, private, non-profit)
        • Educational institutions
      Demand-Driven Approach
    • 54. Support Elements
      • Basic
      • Advanced
      • High Performing
    • 55. Basic
      • Positive Climate
      • Necessary Infrastructure
      • Focus on Entrepreneurs
      • Business Services
      • Networks & Mentors
    • 56. Advanced
      • Financing
      • Market Opportunities
      • Entrepreneurial Training
      • Youth Entrepreneurship
      • Support Organizations
    • 57. High Performing
      • Enterprise Facilitator or Coach
      • Equity Capital
      • Entrepreneurship in the Schools
      • Entrepreneurial Support Organizations
    • 58. Rural Culture
      • Entrepreneurship is a creative process. Local culture can enable or limit this process .
    • 59. Cultural Check: How Do We Treat Our Entrepreneurs? Do we value, encourage and support them? Or do we gossip about and criticize them?
    • 60. Creating an Entrepreneurial Culture
      • Create climate and culture in which entrepreneurs and entrepreneurship can flourish
      • 4 organizing principles:
        • Community-driven
        • Regionally-oriented
        • Entrepreneur-focused
        • Continuously learning
    • 61. Tools to Help Your Region Move Ahead…
      • Community Readiness Factors
      • How do you know if your region is “ready” for entrepreneurship?
      • www.energizingentrepreneurs.org
    • 62. Entrepreneurship Development Systems (EDS) It takes a system….
    • 63. Successful Entrepreneurship Development Systems (EDS)
      • Focus on entrepreneurs
      • Build on assets
      • Encourage collaboration & take regional approach
      • Engage youth, minorities, aging and others who are not usually invited to the table
      • Strategically target & respond to entrepreneurs
      • Celebrate community and entrepreneurial success!!
    • 64. Getting Started
      • Is your region ready to focus on entrepreneurship development?
      • What kind of culture of support for entrepreneurs exists in your region right now?
      • What elements of a support infrastructure do you already have in place that you can build upon?
    • 65. Q & A Craig Schroeder [email_address] www.energizingentrepreneurs.org