Uploaded byGlenn Muske
Mandan Business Start-Up Workshop Intro
This document discusses myths and realities of small business ownership and entrepreneurship. It notes that small businesses are the primary job creators and make up over 99% of US employers. While definitions vary, both entrepreneurs and small business owners contribute significantly to the economy. Common myths include that starting a business is easy and will make you rich quickly. In reality, success depends on traits like passion, creativity, willingness to learn from mistakes, and strong people skills. These traits can be learned. The document provides resources for small business owners seeking more information.
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- 1. Be Your OwnBoss!! Glenn Muske Rural and Agribusiness Enterprise Development Specialist NDSU Extension Center for Community Vitality Glenn.Muske@ndsu.edu 701-328-9718 April, 2011
- 2. Be Your OwnBoss: Myths, Realities, and Why We Discuss Why are we here? Who are we talking about? What are the realities? And the myths? Will I be successful? Is it for me?
- 3. Why are wehere? For: Communities and Economic Developers
- 4. Why are wehere? For: You
- 5. Who are wetalking about?
- 6. Small Businesses Arethe Base # of Businesses Small Businesses Small Businesses Myth Reality
- 7. Definitions • Are entrepreneursand small business owners the same thing? – We don’t know (and we don’t care) • Academic definitions – Entrepreneur – An individual who establishes and manages a business for the principal purposes of profit and growth » Achievement, innovation, planners, growth, risk taker – Small business owner – An individual who establishes and manages a business for the principal purpose of furthering personal goals » Work-life balance, not dominant, slow development Carland, Hoy, Bolton & Carland • What about inventors and innovators? – Great, IF they take the next step and create a business (or sell/license the idea)
- 8. Reality • We don’tcare – Why? • Both add to the economy • New businesses (5 yrs or less) are the job creators • We don’t know who will be the fast-growth firm • May change over time – maybe several times • Highly dependent on each other • World rarely differentiates in broad economic terms
- 9. What we knowabout Small Businesses • 99.7% of US employers (6 M) with 50% of jobs – + 22,000,000 non-employers + 2 million farms – ND – 17,448 small businesses (96% of employers) • + 47,000 non-employers • 7 to 35% of SBOs fit entrepreneur definition • Contribute 30 - 50% of business receipts • Other names – family business, home-based business, micro business, copreneurs
- 10. Entrepreneurial Typologies Serial vs. Single Opportunity vs. Necessity Investment vs. Lifestyle Farm vs. nonfarm High-tech vs. Low-tech High-growth vs. Low-growth
- 11. What are theMyths? • FREE MONEY • Get rich quick • You must be born an entrepreneur • Right place and the right time • If you build it, they will come • You need a great idea • It takes a lot of money
- 12. Will I besuccessful? Is it for me? These help: – Passion – Creativity – See the need – Willingness to learn – Willingness to make mistakes – People-person skills – Ability to execute – Can you make money? The Secret: – Traits are not genetic – YOU CAN LEARN THEM!
- 13. Questions?? For resources: www.ag.ndsu.edu/smallbusiness Glenn Muske Rural and Agribusiness Enterprise Development Specialist NDSU Extension Center for Community Vitality Glenn.Muske@ndsu.edu
- 14. Resources SBA ND Profile- http://www.sba.gov/sites/default/files/nd12.pdf Monthly newsletter – email: glenn.muske@ndsu.edu or go to: www.ag.ndsu.edu/smallbiz Online marketing tools http://go.unl.edu/DirectMarketingFood http://go.unl.edu/agritourism