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ENTREPRENEURSHIP: Keys to Success and Resources to Get You There Entrepreneur & Inventors Connection Jefferson Co. Economic Development Consortium December.

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Presentation on theme: "ENTREPRENEURSHIP: Keys to Success and Resources to Get You There Entrepreneur & Inventors Connection Jefferson Co. Economic Development Consortium December."— Presentation transcript:

1 ENTREPRENEURSHIP: Keys to Success and Resources to Get You There Entrepreneur & Inventors Connection Jefferson Co. Economic Development Consortium December 7, 2005 Greg Wise, Community Development Specialist/Professor Center for Community and Economic Development

2 Number of Firms by Employee Size, 2003 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

3 Seven Habits for Business Success Plan thoroughly Plan thoroughly Get organized Get organized Find the right people Find the right people Delegate wisely Delegate wisely Inspect what you expect Inspect what you expect Measure what gets done Measure what gets done Keep people informed Keep people informed Brian Tracy, entrepreneurship.com, May 17, 2004 – Adapted from Million Dollar Habits, Entrepreneur Press

4 10 Critical Factors for Business Success To get where you’re going, you’ve got to have a map To get where you’re going, you’ve got to have a map Management: nothing ever happens without great people Management: nothing ever happens without great people It’s okay to be a watchdog, but boards must create value It’s okay to be a watchdog, but boards must create value Cash flow: show me the money Cash flow: show me the money You can only grow as big as your market You can only grow as big as your market Maintaining your competitive position against the fray Business models: it’s not just what you do, it’s how you do it Product development: you’ve got to have something “cool” to sell Customers: you’ve got to have someone to sell your product to Never walk alone: channels and alliances Kurtzman and Rifkin, Startups That Work: The 10 Critical Factors That Will Make or Break a New Company, Portfolio, 2005

5 Why Does it Matter to “Small” Businesses? Greater potential Greater potential Greater risk Greater risk Limited access to capital Limited access to capital One or few managers One or few managers Less able to survive major mistakes Less able to survive major mistakes

6 Where to Start Is this, or any business, right for you? Is this, or any business, right for you? Are you financially ready to start a business? Are you financially ready to start a business? What are you selling and who’s likely to buy it? What are you selling and who’s likely to buy it?

7 Look in the Mirror Is this, or any business, right for me? Is this, or any business, right for me? Personal inventory Personal inventory Characteristics/Traits and Skills Characteristics/Traits and Skills Setting goals and objectives Setting goals and objectives Family; Social; Physical; Community, Financial; Legal; Spiritual; Risk; Leisure Family; Social; Physical; Community, Financial; 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

8 Personal Financial Feasibility Personal Net Worth Statement (balance sheet) Personal Net Worth Statement (balance sheet) Assets (cash, IRAs, etc.) less Liabilities (loans, etc.) Assets (cash, IRAs, etc.) less Liabilities (loans, etc.) Personal Income Statement (cash flow) Personal Income Statement (cash flow) Income less Expenses Income less Expenses

9 What am I Selling and Who’s Likely to Buy It? Price Price Quality Quality Service Service Selection Selection Convenience Convenience

10 Sizing Up Your Market Geographically Geographically Demographically Demographically Lifestyle Lifestyle

11 Geographically: Traffic Data Fresh Vegetable Stand Fresh Vegetable Stand Highway 33 in Sauk County Wisconsin Highway 33 in Sauk County Wisconsin Target Market: Tourists and Local Residents Target Market: Tourists and Local Residents Locals Purchase during the week Locals Purchase during the week Open Memorial Day to Labor Day Open Memorial Day to Labor Day

12 Is that your final answer? On what days is the traffic volume on Highway 33 to the heaviest? On what days is the traffic volume on Highway 33 to the heaviest? 4th of July weekend 4th of July weekend Labor Day weekend Labor Day weekend Saturdays in August Saturdays in August Sundays in October Sundays in October

13 Is that your final answer? On what days is the traffic volume on Highway 33 to the heaviest? On what days is the traffic volume on Highway 33 to the heaviest? 4th of July weekend 4th of July weekend Labor Day weekend Labor Day weekend Saturdays in August Saturdays in August Sundays in October Sundays in October

14 Wisconsin DOT Hwy 33 Vehicles/Hour

15 Is that your final answer? Do you think bowlers are more likely to be: Do you think bowlers are more likely 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” workers? “White Collar” or “Blue Collar” workers?

16 Demographically: Adult Bowlers by Age

17 Demographically: Adult Bowlers by Education EducationU.S.Bowlers College graduate 20%22% Attended college 22%27% H.S. graduate 39%38% < H.S. 20%13%

18 Demographically: Adult Bowlers by Occupation Occupation U.S.Bowlers Professional/manager 28% 27% Tech/sales/clerical 31% 33% Precision/craft 11% 11% Other 30% 28%

19 Is that your final answer? Do you think bowlers and golfers subscribe to different magazines? Maybe … Do you think bowlers and golfers subscribe to different magazines? 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?

20 Lifestyle: Magazine Subscription Differences of Bowlers and Golfers

21 Who Can Help? Peers Peers The Connection Group, “Like” Businesses, Neighbor Mentors The Connection Group, “Like” Businesses, Neighbor Mentors Professionals Professionals Bankers, Lawyers, Attorneys, Consultants Bankers, Lawyers, Attorneys, Consultants Local Organizations Local Organizations Chamber of Commerce, SCORE, Economic Development Consortium Chamber of Commerce, SCORE, Economic Development Consortium Public Agencies Public Agencies City and County officials, Universities (UW-Extension, UW- Whitewater, UWC-Rock), Technical Colleges, Department of Commerce and other state agencies, SBA, IRS City and County officials, Universities (UW-Extension, UW- Whitewater, UWC-Rock), Technical Colleges, Department of Commerce and other state agencies, SBA, IRS

22 University Resources UW-Extension Jefferson County UW-Extension Jefferson County Steve Grabow and Team Steve Grabow and Team Labor economists Labor economists Community & economic development specialists Community & economic development specialists Business & marketing specialists Business & marketing specialists Other faculty and student resources Other faculty and student resources UW-Whitewater’s Small Business Development Center UW-Whitewater’s Small Business Development Center Deb Malewicki and Team Deb Malewicki and Team Wisconsin Innovation Service Center (WISC) – market assessment service for entrepreneurs Wisconsin Innovation Service Center (WISC) – market assessment service for entrepreneurs Business counseling, seminars and classes Business counseling, seminars and classes Wisconsin PeerSpectives Network – peer-to-peer learning for growth-oriented companies Wisconsin PeerSpectives Network – peer-to-peer learning for growth-oriented companies SBDC Business Answerline – or SBDC Business Answerline – or

23 Wisconsin Entrepreneurs’ Network Over 50 partnering organizations located statewide to provide assistance to entrepreneurs Over 50 partnering organizations located statewide to provide assistance to entrepreneurs A promise to identify the most appropriate and effective services for entrepreneurs A promise to identify the most appropriate and effective services for entrepreneurs A system to connect the dots between key Wisconsin entrepreneurship service providers A system to connect the dots between key Wisconsin entrepreneurship service providers

24 WEN Support and Services One-stop access for businesses and entrepreneurs in all industries and at all stages of development One-stop access for businesses and entrepreneurs in all industries and at all stages of development Business Planning Business Planning Management Issues & Training Management Issues & Training Financial Resources & Assistance Financial Resources & Assistance Marketing & Research Marketing & Research Regulatory Compliance Networking Product Development & Intellectual Property Protection Manufacturing Assistance Import/Export Assistance Incubator & Lab Space Internship & Student Services … and more!

25 Other Resources The World Wide Web The World Wide Web Google Google Encyclopedia of Associations Encyclopedia of Associations Example: National Christmas Tree Association Example: National Christmas Tree Association American FactFinder American FactFinder SBA SBA Starting a Business Starting a Business Online Entrepreneurship Course Online Entrepreneurship Course Mintel REPORTS (via UW-Extension) Mintel REPORTS (via UW-Extension) Consumer Expenditure Survey Consumer Expenditure Survey Personal Financial Statements Personal Financial Statements SBA SBA CCH CCH CCED – Community Profiles CCED – Community Profiles Example: Sonoran Institute: Example: Sonoran Institute: Wisconsin SBDC Wisconsin SBDC WEN WEN Wisconsin Department of Commerce Wisconsin Department of Commerce

26 How to Access Be Entrepreneurial! Be Entrepreneurial! Good places to start: Good places to start: Steve Grabow, UW-Extension Jefferson County (920) ; Steve Grabow, UW-Extension Jefferson County (920) ; Deb Malewicki, UW-Whitewater SBDC (262) ; Deb Malewicki, UW-Whitewater SBDC (262) ; Dennis Heling, Jefferson County Economic Development Consortium (920) ; Dennis Heling, Jefferson County Economic Development Consortium (920) ;

27 Contact me Greg Wise Professor and Community Development Specialist Center for Community & Economic Development Co-Director Wisconsin Agricultural Innovation Center University of Wisconsin-Extension (608) ; CC&ED Home Page: AIC Home Page:


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