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 Kayne Miami University Entrepreneurs Defined

“ The process through which ventures are created.” Deb Markley North Carolina Entrepreneurship Defined

A Framework Business Entrepreneurs Public, Civic & Social Entrepreneurs Organizations Communities Many Faces of Entrepreneurs

Entrepreneur Stories

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 EsGrowth-Oriented LifestyleSurvival Aspiring Youth Not Working Want to be An Employee Restarts Frustrated Startups Dreamers Can’t Work

Likely Rural Targets Aspiring & Startups Business Transfers Youth Growth Oriented

Aspiring and Startup Characteristics They are Actively Considering Going into Business They are Actively Researching a Business Idea They are Attending Business Workshops They are Networking and Testing Their Ideas with Other Folks They 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 next Session.

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 Team Building Network to Solutions Mentors Advisory Boards Capital Access Market Research

A Final Thought… Cycle of Progress