Dell Gines - Strengthening the Entrepreneur Presentation Transcript
Strengthening the Entrepreneur Centered Economic Development Ecosystem Dell Gines, MBA, CeCD Sr. Community Development Advisor Federal Reserve Bank of Kansas CityThe views in this presentation do not represent the views of the Federal Reserve Bank ofKansas City nor the Federal Reserve System.4.2.13 Sourcelink Conference
Food For Thought
Food For Thought
Food For Thought
Grow Your Own At the Kansas City Federal Reserve Bank we are taking a particular interest in entrepreneurship economic development strategy. We feel that entrepreneurship development benefits low to moderate and disadvantage communities in rural an urban environments. We encourage thoughts andThe Grow Your Own Guideprovides a high level overview of feedback by practicing economicwhat it takes to conductentrepreneurship based economic developers as we continue to supportdevelopment. our local communities.
The Five C’s of theEntrepreneurship Ecosystem Capital Financial Resources Climate Regulatory, Econo Capability mic Development Entrepreneurship & Policy Skillset Environment The Entrepreneur Culture The local Connection communities’ Resource & perception and Relationship support of Network entrepreneurship
The Entrepreneur Focus What makes a Michael Jordan Entrepreneur?1. Ability – They have natural talent that they develop formally and informally2. Actualization – They have a high internal drive to continue to grow, build and create3. Awareness – They know where there are opportunities, resources and education4. Access – They have access to markets, networks, capital5. Acceptability – Their community holds up entrepreneurship as a career http://celebjug.com/wp-content/uploads/2013/02/1michaeljordan-jpg_171100.jpg possibility, a noble goal, and a recognized Psychologist Anders Ericsson positive course of action wrote that to become an expert it requires intentional6. Affirmation – Their community publicly practice in the range of affirms, celebrates and supports 10,000 depending upon the entrepreneurs field and the competition. http://www.psy.fsu.edu/faculty/ericsson/ericss on.exp.perf.html
The Entrepreneur Focus Not All Entrepreneurs Will Be Michael Jordan Entrepreneurs! But all entrepreneurs add value. The Entrepreneur Continuum Hobby Self- High Growth Employment Gazelle To have a sustainable and balanced ecosystem it must behttp://2.bp.blogspot.com/_u1ysKRt1C9M/TTa5uqgsdjI/AAAAAAAAAJE/8ET8_2dICOc/s1600/basketball+nerd.jpg organized in such a way the needs of all types of entrepreneurs are addressed, even if certain types of entrepreneurs are a priority focus.
The Transparent Ecosystem Transparent Foggy and Fragmented and Connected One of the largest complaints we hear from individuals seeking to start or grow a business is that the service system is complex and hard to navigate
The Dense Ecosystem Ecosystem #1 - Sparse Ecosystem #2 - Dense Policy Microloan Group MentoringMicroloan Networking Business K-12 Market Plan Education Research Business Mentoring Plan Community Venture University Capital Support Business Celebration Are the programs, policies and activities sufficient in number and type to meet development goals?
Entrepreneurial Opportunity Cost Simply stated, an opportunity cost is the cost of a missed opportunity. – inc.com Foggy & Sparce Ecosystem Transparent & Dense Ecosystem Time and energy spent figuring out How more productive how to get could our businesses be support from the Time and energy if they had more time entrepreneurship spent figuring out and energy to focus on 10% ecosystem how to get growing? 25% support from the Time and energy entrepreneurship spent working on ecosystem building the business Time and energy spent working on 75% building the business 90%The strongest entrepreneurship development ecosystems do the best job of allowing existingand potential entrepreneurs to spend more time and energy 1) focusing on building thebusiness and 2) becoming more effective business owners rather than wasting time figuringout how to get support, information, and resources to build the business.
Effective Ecosystem Model Dense Ecosystem • Quality policy • Quality policy • Supportive culture • Supportive culture • Appropriate information & • Appropriate information & resources resources • Struggle to access • Easy to access • Difficult to navigate • Easy to navigate • Slow responsiveness • Rapid responsiveness Foggy Transparent • Poor policy • Poor policyEcosystem • Resistant culture • Resistant culture Ecosystem • Lack of information & Resources • Lack of information & Resources • Struggle to access • Easy to access • Difficult to navigate • Easy to navigate • Slow responsiveness • Rapid responsiveness Sparse Ecosystem
Why Sourcelink MattersTraditional economic development is centralized andorganization based.Entrepreneurship based economic development isdecentralized and organic.SourceLink can connect the dots and fostercollaboration across the entrepreneurship ecosystem
Why Sourcelink MattersAs previously discussed, entrepreneurs need areduced opportunity cost to acquire knowledge,resources and connectivity to increase productivityand business growth.SourceLink can improve productivity across theecosystem because they eliminate or reduce the timeand energy required by entrepreneurs to acquirewhat they need.
Why Sourcelink MattersAs previously discussed, entrepreneurs need areduced opportunity cost to acquireknowledge, resources and connectivity to increaseproductivity and business growth.SourceLink can improve productivity across theecosystem because it helps eliminate or reduce thetime and energy required by entrepreneurs to acquirewhat they need.
Contact Dell Gines Sr. Community Development Advisor Federal Reserve Bank of Kansas City firstname.lastname@example.org (402) 221-5606 For more information & resources http://kansascityfed.org/community/To sign up for our bi-monthly email please email the address above