Exploring Entrepreneurship

Exploring Entrepreneurship
for Your Region
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.
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#he #hree$!egged Stool
A Fe% "efinitions
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 'ommunity&
'ommunity where significant economic and social
entrepreneurial activity exists within an effective system
of public and private support
Entrepreneurship "evelopment&
Policies and practices (public and private) that foster
entrepreneurship
Source: Based on Dabson and Wilcox (!"#
Identifying Entrepreneurs
Small
businesses
Self- employed
People with
underused talent
Social
entrepreneurs
Unemployed
Innovators
High-growth
businesses
Entrepreneurship
$outh
'ollective (isioning
%
What might be possible
in your region related to
entrepreneurship?
%
What can build on past or
current accomplishments
within the region?
)ey *uestions
Serve local
needs or
export?
&ecruit from
outside or
grow locally?
'ast growing
or slow and
steady?
Assessing Regional 'apacity
%
'ommunity surveys&

(nventory existing programs

)auge community readiness

Weigh leadership support

(dentify existing business networ*s

(nventory existing businesses

%
ntervie%s %ith local entrepreneurs&

+ssess ambitions and needs

(dentify regional barriers

'hallenges %ith Finding "ata
%
,avigating complex databases
%
-sing consistent definitions of
.entrepreneur/
%
0omparing data across
sources
%
)eography
+easuring 'urrent Entrepreneurship
%
&egional Economic +ccounts
(Bureau of Economic Analysis)
%
,on1employer Statistics (Census)
%
0ounty Business 2atterns (Census)
%
Survey of Business 3wners (Census)
%
2anel Study on Entrepreneurial Dynamics
'ultivating ,e% Entrepreneurs
%
Educational attainment
%
(mmigration and diversity
%
'inancial resources
%
Business resources
An Example from #ennessee
% Where we are: Do gaps or unmet needs
exist in self1employed4small businesses in
our region?
% Where we are going: What do we hope to
accomplish for our region?
Establishing a Regional Goal
Entrepreneur - Small
.usiness "evelopment
Access to 'apital
%
(nvestment is a .given/ for
success
%
Different sources fit different
needs
%
&egional approach may have
new opportunities
Supportive Environment
%
5uman6 financial6 and physical
infrastructure
%
Supportive climate that engages and
celebrates entrepreneurs
%
2ositive citi7en and community
attitudes
%
3pen and creative community
leadership that encourages and
nurtures emerging leaders
Source: 8ar*ley et al (!!9#
/o% ,urturing is Your Region0
'onception mplementation +ar1eting
% (dea generation
% 2ro:ect planning
% Development
% 2rototype creation
% ;esting
% 2roduction
% <aunch
.usiness
Process
Regional
'apacity
% &=D centers
% -niversities
% (ndustrial par*s
% 0apital availability
% 0ommunity support
% Education
% ;echnical
assistance
#hree Phases of nnovation
Source: ;awari6 Buse and 5erstatt6 !!>
Entrepreneur ,et%or1s
(nformal gatherings of entrepreneurs to share
experiences and information
%
'acilitate6 but don?t lead
%
,etwor*s should be .by and for/ entrepreneurs
!
+entoring and 'oaching
0onnecting entrepreneurs with
the right people
at the right time

#raining - #echnical Assistance
,ational
%e@tension 0ommunity of 2ractice
%Small Business +dministration
%Small Business Development 0enters
State2!ocal
%State4<ocal Economic Development +gencies
%Business (ncubators4+ccelerators
%8icrobusiness Development 3rgani7ations
3niversity
%Small Business 0olleges
%A0ashing in on Business?
Youth Entrepreneurship
%
Why it is important?
B 'illing the pipeline with potential
businesses
B
0reating a culture that values self1
employment
B
'ostering innovation
%
What can be done?
B (n1school programs
B
+fter1school programs
B C156 )irl Scouts4Boy Scouts6 etcD
Programs4 +odels4 Resources
%
Economic )ardening
%
(nnovation 0enters
%
(ncubators
%
,etwor*s40lubs
%
Entrepreneurial <eague
System
http:44wwwDyoutubeDcom4watch?vE0ys(Fys*GH(=featureErelated
.alancing Available Assets
+sset mapping can
help you identify
under utili7ed assets
within your region
EIually important is
identifying those
assets which may be
at or over capacity
Region5s Success 'omponents
'omponent
of Success
People (olunteer
Associations
nstitutions Physical
Resources
.arriers
+ccess to
0apital
Environment
,etwor*s6
8entors6
0oaches
;raining =
;echnical
+ssistance
$outh
Your Region5s 'apacity for nnovation
%
What are your region?s most
competitive assets?
%
What assets can help
launch new ideas and
innovations?
%
What resources does your
region offer to foster
innovation?
Audience +atters6
%
Who are your target entrepreneurs?
%
What do they need from you?
%
Which resources will be most valuable
to your region?
"rafting Your
Regional Action Plan
!ood plans shape
good decisions"
#hat$s why good planning
helps to ma%e elusive
dreams come true"&
'ester (obert Bittel
Summary
%
Success in economic
development strategies does not
happen overnight
%
3ther communities are having
success
%
Success reIuires time and energy
from the entire region