ENTREPRENEURSHIP: Keys to Success and Resources to Get You There Entrepreneur & Inventors Connection...
Transcript of ENTREPRENEURSHIP: Keys to Success and Resources to Get You There Entrepreneur & Inventors Connection...
ENTREPRENEURSHIP:ENTREPRENEURSHIP:Keys to Success and Keys to Success and
Resources to Get You ThereResources to Get You There
Entrepreneur & Inventors ConnectionEntrepreneur & Inventors ConnectionJefferson Co. Economic Development Jefferson Co. Economic Development
ConsortiumConsortiumDecember 7, 2005December 7, 2005
Greg Wise, Community Development Greg Wise, Community Development Specialist/ProfessorSpecialist/Professor
Center for Community and Economic Center for Community and Economic DevelopmentDevelopment
Number of Firms by Number of Firms by Employee Size, 2003Employee Size, 2003
0
5000
10000
15000
20000
25000
30000
35000
40000
45000
Dane
Dodge
Jeffe
rson
Rock
Walw
orth
Wauk
esha
50 +
10 - 49
1 - 9
0
The percentage of a county’s firms that have 0 to 9 employees ranges from a low of 89% (Waukesha Co.) to a high of 92% (Dodge Co.), with Jefferson Co. coming in at 90.4%
Sources: 2003 County Business Patterns and Nonemployee Statistics, U.S. Census Bureau
Seven Habits for Business Seven Habits for Business SuccessSuccess
Plan thoroughlyPlan thoroughly Get organizedGet organized Find the right peopleFind the right people Delegate wiselyDelegate wisely Inspect what you expectInspect what you expect Measure what gets doneMeasure what gets done Keep people informedKeep people informed
Brian Tracy, entrepreneurship.com, May 17, 2004 – Adapted from Million Dollar Habits, Entrepreneur Press
10 Critical Factors for 10 Critical Factors for Business SuccessBusiness Success
To get where you’re To get where you’re going, you’ve got to going, you’ve got to have a maphave a map
Management: nothing Management: nothing ever happens without ever happens without great peoplegreat people
It’s okay to be a It’s okay to be a watchdog, but boards watchdog, but boards must create valuemust create value
Cash flow: show me Cash flow: show me the moneythe money
You can only grow as You can only grow as big as your marketbig as your market
Maintaining your Maintaining your competitive position competitive position against the frayagainst the fray
Business models: it’s not Business models: it’s not just just whatwhat you do, it’s you do, it’s howhow you do it you do it
Product development: Product development: you’ve got to have you’ve got to have something “cool” to sellsomething “cool” to sell
Customers: you’ve got Customers: you’ve got to have someone to sell to have someone to sell your product toyour product to
Never walk alone: Never walk alone: channels and allianceschannels and alliances
Kurtzman and Rifkin, Startups That Work: The 10 Critical Factors That Will Make or Break a New Company, Portfolio, 2005
Why Does it Matter to Why Does it Matter to “Small” Businesses?“Small” Businesses?
Greater potentialGreater potential Greater riskGreater risk Limited access to capitalLimited access to capital One or few managersOne or few managers Less able to survive major mistakesLess able to survive major mistakes
Where to StartWhere to Start
Is this, or any business, right for Is this, or any business, right for you?you?
Are you financially ready to start a Are you financially ready to start a business?business?
What are you selling and who’s likely What are you selling and who’s likely to buy it?to buy it?
Look in the MirrorLook in the Mirror
Is this, or any business, right for me?Is this, or any business, right for me? Personal inventoryPersonal inventory
Characteristics/Traits and Skills Characteristics/Traits and Skills Setting goals and objectivesSetting goals and objectives
Family; Social; Physical; Community, Family; Social; Physical; Community, Financial; Legal; Spiritual; Risk; LeisureFinancial; Legal; Spiritual; Risk; Leisure
To be financially independent = To earn a minimum of $50,000 per year by year 3
To be active in my community = To be elected to the school board
To keep physically fit = To train and run the local 5K Run/Walk
Personal Financial Personal Financial FeasibilityFeasibility
Personal Personal Net Worth StatementNet Worth Statement (balance sheet)(balance sheet) Assets (cash, IRAs, etc.) less Liabilities Assets (cash, IRAs, etc.) less Liabilities
(loans, etc.)(loans, etc.) Personal Personal Income StatementIncome Statement (cash (cash
flow)flow) Income less ExpensesIncome less Expenses
What am I Selling and What am I Selling and Who’s Likely to Buy It?Who’s Likely to Buy It?
PricePrice QualityQuality ServiceService SelectionSelection ConvenienceConvenience
Sizing Up Your MarketSizing Up Your Market
GeographicallyGeographically DemographicallyDemographically LifestyleLifestyle
Geographically: Traffic Geographically: Traffic DataData
Fresh Vegetable StandFresh Vegetable Stand Highway 33 in Sauk County Highway 33 in Sauk County
WisconsinWisconsin Target Market: Tourists and Local Target Market: Tourists and Local
ResidentsResidents Locals Purchase during the weekLocals Purchase during the week Open Memorial Day to Labor DayOpen Memorial Day to Labor Day
Is that your final answer?Is that your final answer?
On what days is the traffic volume On what days is the traffic volume on Highway 33 to the heaviest?on Highway 33 to the heaviest? 4th of July weekend4th of July weekend Labor Day weekendLabor Day weekend Saturdays in AugustSaturdays in August Sundays in OctoberSundays in October
Is that your final answer?Is that your final answer?
On what days is the traffic volume On what days is the traffic volume on Highway 33 to the heaviest?on Highway 33 to the heaviest? 4th of July weekend4th of July weekend Labor Day weekendLabor Day weekend Saturdays in AugustSaturdays in August Sundays in OctoberSundays in October
Wisconsin DOT Hwy 33 Wisconsin DOT Hwy 33 Vehicles/HourVehicles/Hour
Rank Vehicles per hour
Date Hour of the day
1 124 Oct 9 2:00 PM
2 121 Oct 9 3:00 PM
3 114 Oct 15 2:00 PM
4 98 May 28 noon
5 97 Oct 15 noon
6 95 Oct 16 1:00 PM
Is that your final answer?Is that your final answer?
Do you think bowlers are more likely Do you think bowlers are more likely to be:to be: ““Older” or “Younger” people?Older” or “Younger” people? ““High School” or “College” educated?High School” or “College” educated? ““White Collar” or “Blue Collar” White Collar” or “Blue Collar”
workers?workers?
Demographically: Adult Demographically: Adult Bowlers by AgeBowlers by Age
Age U.S. Bowlers
18 to 24 13% 25%
25 to 34 22% 25%
34 to 44 22% 23%
45 to 54 15% 15%
55 to 64 11% 5%
65+ 17% 7%
Demographically: Adult Demographically: Adult Bowlers by EducationBowlers by Education
EducationEducation U.S.U.S. BowlersBowlers
College graduateCollege graduate 20%20% 22%22%
Attended collegeAttended college 22%22% 27%27%
H.S. graduateH.S. graduate 39%39% 38%38%
< H.S.< H.S. 20%20% 13%13%
Demographically: Adult Demographically: Adult Bowlers by OccupationBowlers by Occupation
OccupationOccupation U.S.U.S.BowlersBowlers
Professional/managerProfessional/manager 28%28% 27% 27%
Tech/sales/clericalTech/sales/clerical 31%31% 33% 33%
Precision/craftPrecision/craft 11%11% 11% 11%
OtherOther 30%30% 28% 28%
Is that your final answer?Is that your final answer?
Do you think bowlers and golfers Do you think bowlers and golfers subscribe to different magazines? subscribe to different magazines? Maybe …Maybe … Bowlers tend to read Car & Driver?Bowlers tend to read Car & Driver? Golfers tend to read Wisconsin Trails?Golfers tend to read Wisconsin Trails?
Lifestyle: Magazine Lifestyle: Magazine Subscription Differences of Subscription Differences of
Bowlers and GolfersBowlers and GolfersPublication Bowlers Golfers
Barron’s 26% 28%
Business Week 21% 19%
House Beautiful 13% 6%
Gourmet 13% 13%
Smithsonian 13% 12%
Who Can Help?Who Can Help? PeersPeers
The Connection Group, “Like” Businesses, The Connection Group, “Like” Businesses, Neighbor MentorsNeighbor Mentors
ProfessionalsProfessionals Bankers, Lawyers, Attorneys, Consultants Bankers, Lawyers, Attorneys, Consultants
Local OrganizationsLocal Organizations Chamber of Commerce, SCORE, Economic Chamber of Commerce, SCORE, Economic
Development ConsortiumDevelopment Consortium Public AgenciesPublic Agencies
City and County officials, Universities (UW-City and County officials, Universities (UW-Extension, UW-Whitewater, UWC-Rock), Extension, UW-Whitewater, UWC-Rock), Technical Colleges, Department of Commerce Technical Colleges, Department of Commerce and other state agencies, SBA, IRSand other state agencies, SBA, IRS
University ResourcesUniversity Resources UW-Extension Jefferson CountyUW-Extension Jefferson County
Steve Grabow and TeamSteve Grabow and Team Labor economistsLabor economists Community & economic development specialistsCommunity & economic development specialists Business & marketing specialistsBusiness & marketing specialists Other faculty and student resourcesOther faculty and student resources
UW-Whitewater’s Small Business Development UW-Whitewater’s Small Business Development CenterCenter Deb Malewicki and TeamDeb Malewicki and Team
Wisconsin Innovation Service Center (WISC) – market Wisconsin Innovation Service Center (WISC) – market assessment service for entrepreneursassessment service for entrepreneurs
Business counseling, seminars and classesBusiness counseling, seminars and classes Wisconsin Wisconsin PeerSpectivesPeerSpectives Network – peer-to-peer learning Network – peer-to-peer learning
for growth-oriented companiesfor growth-oriented companies SBDC Business Answerline – 1-800-940-7232SBDC Business Answerline – 1-800-940-7232
or or [email protected]@uww.edu
Wisconsin Entrepreneurs’ Wisconsin Entrepreneurs’ NetworkNetwork
Over 50 partnering organizations Over 50 partnering organizations located statewide to provide located statewide to provide assistance to entrepreneursassistance to entrepreneurs
A promise to identify the most A promise to identify the most appropriate and effective services appropriate and effective services for entrepreneursfor entrepreneurs
A system to connect the dots A system to connect the dots between key Wisconsin between key Wisconsin entrepreneurship service providersentrepreneurship service providers
WEN Support and WEN Support and ServicesServices
One-stop access for One-stop access for businesses and businesses and entrepreneurs in all entrepreneurs in all industries and at all industries and at all stages of stages of developmentdevelopment Business PlanningBusiness Planning Management Issues Management Issues
& Training& Training Financial Resources Financial Resources
& Assistance& Assistance Marketing & Marketing &
ResearchResearch
Regulatory Regulatory ComplianceCompliance
NetworkingNetworking Product Development Product Development
& Intellectual Property & Intellectual Property ProtectionProtection
Manufacturing Manufacturing AssistanceAssistance
Import/Export Import/Export AssistanceAssistance
Incubator & Lab SpaceIncubator & Lab Space Internship & Student Internship & Student
ServicesServices … … and more!and more!
Other ResourcesOther Resources The World Wide WebThe World Wide Web
Google Google http://http://www.google.comwww.google.com Encyclopedia of AssociationsEncyclopedia of Associations
Example: National Christmas Tree Association Example: National Christmas Tree Association http://www.christmastree.org/home.cfmhttp://www.christmastree.org/home.cfm
American FactFinderAmerican FactFinder http://www.census.govhttp://www.census.gov SBASBA
Starting a Business Starting a Business http://www.sba.gov/starting_business/http://www.sba.gov/starting_business/ Online Entrepreneurship Course Online Entrepreneurship Course http://www.myownbusiness.org/s1/index.html#2http://www.myownbusiness.org/s1/index.html#2
Mintel REPORTS Mintel REPORTS (via UW-Extension)(via UW-Extension) Consumer Expenditure SurveyConsumer Expenditure Survey http://www.bls.gov/cex/home.htmhttp://www.bls.gov/cex/home.htm Personal Financial StatementsPersonal Financial Statements
SBA http://www.sba.gov/sbaforms/sba413.pdf SBA http://www.sba.gov/sbaforms/sba413.pdf CCH http://www.toolkit.cch.com/tools/perstm_m.asp CCH http://www.toolkit.cch.com/tools/perstm_m.asp
CCED – CCED – Community ProfilesCommunity Profiles http://www.uwex.edu/ces/cced/CountyEconomicProfile.htm http://www.uwex.edu/ces/cced/CountyEconomicProfile.htm Example: Sonoran Institute: Example: Sonoran Institute:
http://www.sonoran.org/programs/eps/si_se_epsindex.html http://www.sonoran.org/programs/eps/si_se_epsindex.html Wisconsin SBDCWisconsin SBDC http://www.wisconsinsbdc.org/http://www.wisconsinsbdc.org/ WENWEN http://wenportal.comhttp://wenportal.com Wisconsin Department of CommerceWisconsin Department of Commerce
hhttp://commerce.wi.gov/sitemap/business/index.htmlttp://commerce.wi.gov/sitemap/business/index.html
How to AccessHow to Access
Be Be EntrepreneurialEntrepreneurial!! Good places to start:Good places to start:
Steve Grabow, UW-Extension Jefferson Steve Grabow, UW-Extension Jefferson County (920) 674-7295; County (920) 674-7295; [email protected] [email protected]
Deb Malewicki, UW-Whitewater SBDC Deb Malewicki, UW-Whitewater SBDC (262) 472-1365; [email protected] (262) 472-1365; [email protected]
Dennis Heling, Jefferson County Economic Dennis Heling, Jefferson County Economic Development ConsortiumDevelopment Consortium(920) 674-8710; [email protected](920) 674-8710; [email protected]
Contact meContact me
Greg WiseGreg WiseProfessor and Community Development SpecialistProfessor and Community Development SpecialistCenter for Community & Economic DevelopmentCenter for Community & Economic DevelopmentCo-DirectorCo-DirectorWisconsin Agricultural Innovation CenterWisconsin Agricultural Innovation CenterUniversity of Wisconsin-ExtensionUniversity of Wisconsin-Extension(608) 263-7804; [email protected] (608) 263-7804; [email protected] CC&ED Home Page: CC&ED Home Page:
http://www.uwex.edu/ces/cced/http://www.uwex.edu/ces/cced/AIC Home Page: http://aic.uwex.eduAIC Home Page: http://aic.uwex.edu