Understanding Entrepreneurs

Session 3

September, 2009

Session 3

• Entrepreneurs Defined• Entrepreneur Stories• Many Faces of Entrepreneurs• Targeting & Impact

ENTREPRNEURSHIP INTRODUCED

“ A person who creates and grows a venture.”

Jay KayneMiami University

Entrepreneurs Defined

“ The process through which ventures are created.”

Deb MarkleyNorth Carolina

Entrepreneurship Defined

A Framework

Business

Entrepreneurs

Public, Civic

& Social

Entrepreneurs

Organizations

Communities

Many Faces of Entrepreneurs

EntrepreneurStories

• Beth Strubbe• Dickinson, North

Dakota• Age: Early 40s• Stay at Home Mom

with 3 Children• Loves Children• Loves Children’s

Education• No Prior Business

Experience

Situation 2002

Impact

• Beth Strubbe, President• FunShine Express Inc.• Business Owner• Preschool Education

Curriculum• $1 Million Plus Sales• 14 Jobs Created• Growing Rapidly

Situation 2002

• Jadyne and Mike Reichner• Retired – Sequim, Washington• School Teacher/Park Supervisor• No Business Experience• No Capital• Bored

Impact

• Co-Owners• Purple Haze Lavender• 8 FTE/23 Part Time• $1 Million Plus Sales• Revitalized Lavender

Industry• Sold Out & Re-Retired

Kim Curtis, Shepherd’s Dairy

Shirley Williams, Vanceboro Apparel

Jerry Atkin, Skywest Airlines

Entrepreneurial Talent

“By understanding the entrepreneurial talent present in

your community, it is possible to be more strategic in shaping an

economic development program.”

Entrepreneurial Talent

Entrepreneurs

Business

Owners

Potential

Entrepreneurs

Limited

Potential

Entrepreneurial Growth Companies

Serial Es Growth-Oriented

Lifestyle Survival

Aspiring Youth

Not Working Want to be An

Employee

Restarts

FrustratedStartups

Dreamers

Can’t Work

Likely Rural Targets

Aspiring & Startups

Business Transfers

YouthGrowth Oriented

Aspiring and Startup Characteristics

They are Actively Considering Going into BusinessThey are Actively Researching a Business IdeaThey are Attending Business WorkshopsThey are Networking and Testing Their Ideas with

Other FolksThey are Motivated Towards a Change in Their

Life

Aspiring & Startups

• Self-Awareness• Sequencing• Testing• Pacing• LISTENING

• Training• Financial Literacy• Business Literacy• Feasibility• Credit Access

Business Transfer Characteristics

• A Threat & Opportunity• Replace & Reinvent the Business• 30, 40 & Even 50% of All Businesses• Can Not Wait Too Long to Act• Closing Sale & Vacant Buildings

Business Transfers

• Huge Rural Issue• Discovery• Early Awareness• Build Trust• Honest Assessment

• Customized Assistance• Valuation• Transition Planning• Customer Identification• Financing

Youth Entrepreneurs Characteristics

• A Possibility for All Young People• 40 to 60% Want to Return• Most are Open to an Entrepreneur Career• One-Third are Experiential Learners• Do Not Forget Young Adults

Youth Entrepreneurs

• Find Them• Experiential Learners• Validate Them• Mentors• Classes & Training• Micro Credit

More in the nextSession.

Growth Oriented Characteristics

• Already in Business• Successful in Business• Motivated to Grow• New Markets• New Product or Service

Growth Oriented

• Go to Them• Listen & Learn• Build Trust• Solve What You Can• Hard Referrals

TeamBuilding

• Network to Solutions• Mentors• Advisory Boards• Capital Access• Market Research

A Final Thought…

Cycle

of Progress