On October 23rd, 2014, we updated our
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“ The process through which ventures are created .” Deb Markley, RUPRI Center for Rural
Environment that fosters and supports entrepreneurs and entrepreneurship
through public and private partnerships and practices.
The Many Faces of Entrepreneurs Aspiring Lifestyle Serial Growth Startups
Vanceboro Apparel Owner: Shirley Williams Vanceboro, NC Two-time “victim” of industrial flight Decided owning her own shop was the best bet
Who’s a Business Entrepreneur in Your Region?
Civic Entrepreneur – Haley Kilpatrick
Who’s a Civic Entrepreneur in Your Region?
More aspiring entrepreneurs
Far fewer growth entrepreneurs
Far fewer serial entrepreneurs
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
It is about an environment that fosters entrepreneurs .
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
Are There Entrepreneurial Communities in Your Region?
Making the Case The Value of Taking an Entrepreneurial Approach
Growing Body of Research
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
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)
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 .
Defining Your “Vision”
What do I hope to accomplish through entrepreneurial development and how will my approach help me get there?
Two Examples of Vision
Nurture local firms
Stimulate others to “take the leap”
Generate and reinvest wealth
Attract new plant
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
Hot Buttons -- Vision
Why Should People Care About E-ship in Your Region?
Wealth Creation (and Reinvestment)
Create your own “ribbon-cutting” opportunities
Give politicians what they want
Access to Publicity, Information,
Information on Local Economy
Access to Entrepreneurs
Success Stories and Field Trips
Understanding & Targeting E Talent Every community has it--- e -talent
Understanding Entrepreneurial Talent Understanding the e-talent in your region can lead to more strategic shaping of your economic development program .
Entrepreneurial Talent Growth Entrepreneurs Entrepreneurs EGCs – Serial Es Potential Entrepreneurs Aspiring Dreamers Startups Youth Survival Restarts Lifestyle Transitional
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
A supportive environment
Freedom and encouragement to innovate
Technical assistance that meets their needs
Various forms of capital for different types of entrepreneurs
Youth Engagement and Entrepreneurship Be sure to include your young entrepreneurs!
Critical Issues & Youth Impact
Historical Youth Out-Migration Trends
Loss of Farms and Small Businesses
Erosion of Leadership Capacity
Generational Wealth Transfer
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.
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