Exploring Entrepreneurship for Your Region

Exploring Entrepreneurship for Your Region

Loading
Loading Social Plug-ins...
Language: English
Save to myLibrary Download PDF
Go to Page # Page of 30

Description: Entrepreneurship should not be the economic development strategy of last resort. A Few Definitions- Entrepreneur: Person whose goal is to create or capitalize on new economic opportunities through innovation. Entrepreneurship: Process through which entrepreneurs create and grow enterprises.

Entrepreneurial Community: Community where significant economic and social entrepreneurial activity exists within an effective system of public and private support. Entrepreneurship Development: Policies and practices (public and private) that foster entrepreneurship.

 
Author: SRDC  | Visits: 297 | Page Views: 505
Domain:  Business Category: Entrepreneurial 
Upload Date:
Link Back:
Short URL: https://www.wesrch.com/business/pdfBU1QYB000EYHL
Loading
Loading...



px *        px *

* Default width and height in pixels. Change it to your required dimensions.

 
Contents:
Exploring Entrepreneurship
for Your Region

Reflecting on the Previous Sessions
What characteristics of the region led to
your interest in cultivating
entrepreneurship as an economic
development strategy?

What regional clusters do you hope to
advance with entrepreneurship
development?

Goal for this Session
Explore the tools and
resources necessary to
develop an action plan to
enhance regional
entrepreneurship
development

Entrepreneurship
should not be the
economic development
strategy of last resort.

The Three-Legged Stool

A Few Definitions
Entrepreneur:
Person whose goal is to create or capitalize on new
economic opportunities through innovation

Entrepreneurship:
Process through which entrepreneurs create and grow
enterprises

Entrepreneurial Community:
Community where significant economic and social
entrepreneurial activity exists within an effective system
of public and private support

Entrepreneurship Development:
Policies and practices (public and private) that foster
entrepreneurship
Source: Based on Dabson and Wilcox (2012)

Identifying Entrepreneurs
People with
underused talent

Small
businesses

Social
entrepreneurs

Unemployed

Entrepreneurship

Youth

High-growth
businesses

Innovators
Self- employed

Collective Visioning
• What might be possible in
your region related to
entrepreneurship?
• What can build on past or
current accomplishments
within the region?

Key Questions
Recruit from
outside or
grow locally?

Fast growing
or slow and
steady?

Serve local
needs or
export?

Assessing Regional Capacity
• Community surveys:






Inventory existing programs
Gauge community readiness
Weigh leadership support
Identify existing business networks
Inventory existing businesses

• Interviews with local entrepreneurs:
 Assess ambitions and needs
 Identify regional barriers

Challenges with Finding Data
• Navigating complex databases
• Using consistent definitions of
“entrepreneur”
• Comparing data across
sources
• Geography

Measuring Current Entrepreneurship
• Regional Economic Accounts
(Bureau of Economic Analysis)

• Non-employer Statistics (Census)
• County Business Patterns (Census)
• Survey of Business Owners (Census)
• Panel Study on Entrepreneurial Dynamics

Cultivating New Entrepreneurs
• Educational attainment
• Immigration and diversity
• Financial resources
• Business resources

An Example from Tennessee

Establishing a Regional Goal
• Where we are: Do gaps or unmet needs
exist in self-employed/small businesses in
our region?

• Where we are going: What do we hope to
accomplish for our region?

Entrepreneur & Small
Business Development
Supportive
Environment

Networks,
Mentoring and
Coaching

Components
of Success
Access to Capital

Training &
Technical
Assistance

Youth
Entrepreneurship

Access to Capital
• Investment is a “given” for
success

• Different sources fit different
needs
• Regional approach may have
new opportunities

Supportive Environment
• Human, financial, and physical
infrastructure
• Supportive climate that engages
and celebrates entrepreneurs
• Positive citizen and community
attitudes
• Open and creative community
leadership that encourages and
nurtures emerging leaders
Source: Markley et al (2005)

How Nurturing is Your Region?
Three Phases of Innovation

Conception

Business
Process
Regional
Capacity

Implementation

Marketing

• Idea generation
• Project planning

• Development
• Prototype creation
• Testing

• Production
• Launch

• Education
• Technical
assistance

• R&D centers
• Universities
• Industrial parks

• Capital availability
• Community support

Source: Tawari, Buse and Herstatt, 2007

Entrepreneur Networks
Informal gatherings of entrepreneurs to share
experiences and information
• Facilitate, but don‟t lead
• Networks should be “by and for” entrepreneurs

20

Mentoring and Coaching

Connecting entrepreneurs
with the right people
at the right time

Training & Technical Assistance
National
• eXtension Community of Practice
• Small Business Administration
• Small Business Development Centers

State/Local
• State/Local Economic Development Agencies
• Business Incubators/Accelerators
• Microbusiness Development Organizations
University
• Small Business Colleges
• „Cashing in on Business‟

Youth Entrepreneurship
• Why it is important?
– Filling the pipeline with potential
businesses
– Creating a culture that values selfemployment
– Fostering innovation

• What can be done?
– In-school programs
– After-school programs
– 4-H, Girl Scouts/Boy Scouts, etc.

Programs, Models, Resources






Economic Gardening
Innovation Centers
Incubators
Networks/Clubs
Entrepreneurial League
System
http://www.youtube.com/watch?v=CysIVyskQZI&feature=related

Balancing Available Assets
Asset mapping can
help you identify
under utilized assets
within your region
Equally important is
identifying those
assets which may be
at or over capacity

Region’s Success Components
Component
of Success

Access to
Capital
Environment
Networks,
Mentors,
Coaches
Training &
Technical
Assistance
Youth

People

Volunteer
Institutions
Associations

Physical
Resources

Barriers

Your Region’s Capacity for Innovation
• What are your region‟s most
competitive assets?
• What assets can help
launch new ideas and
innovations?
• What resources does your
region offer to foster
innovation?

Audience Matters!
• Who are your target entrepreneurs?
• What do they need from you?
• Which resources will be most valuable
to your region?

Drafting Your
Regional Action Plan
“Good plans shape
good decisions.
That's why good planning
helps to make elusive
dreams come true.”
Lester Robert Bittel

Summary
• Success in economic
development strategies does
not happen overnight
• Other communities are
having success
• Success requires time and
energy from the entire region