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8/20/2019 Entrepreneurship Power Point Savedown
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Exploring EntrepreneurshipExploring Entrepreneurship
for Your Regionfor Your Region
8/20/2019 Entrepreneurship Power Point Savedown
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Reflecting on the Previous Sessions
What characteristics of the region led toyour interest in cultivating entrepreneurship
as an economic development strategy?
What regional clusters do you hope to
advance with entrepreneurshipdevelopment?
8/20/2019 Entrepreneurship Power Point Savedown
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Goal for this Session
Explore the tools and
resources necessary to
develop an action plan toenhance regional
entrepreneurship development
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Entrepreneurship
shouldnot
be theeconomic development
strategy of last resort.
F A ! E
" F A
! E "
F A ! E
"
F A ! E
"
F A ! E
"
F A ! E
"
F A ! E "
F A ! E "
F A ! E "
F A !
E "
F A ! E
"
F A ! E
"
8/20/2019 Entrepreneurship Power Point Savedown
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#he #hree$!egged Stool
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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 socialentrepreneurial activity exists within an effective system
of public and private support
Entrepreneurship "evelopment&Policies and practices (public and private) that fosterentrepreneurship
Source: Based on Dabson and Wilcox (!"#
8/20/2019 Entrepreneurship Power Point Savedown
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Identifying Entrepreneurs
Smallbusinesses
Self- employed
People with
underused talentSocial
entrepreneurs
Unemployed
Innovators
High-growthbusinesses
Entrepreneurship
$outh
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'ollective (isioning
% What might be possible
in your region related to
entrepreneurship?
% What can build on past or
current accomplishments
within the region?
8/20/2019 Entrepreneurship Power Point Savedown
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)ey *uestions
Serve localneeds or
export?
&ecruit fromoutside or
grow locally?
'ast growing
or slow andsteady?
8/20/2019 Entrepreneurship Power Point Savedown
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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
8/20/2019 Entrepreneurship Power Point Savedown
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'hallenges %ith Finding "ata
% ,avigating complex databases
% -sing consistent definitions of
.entrepreneur/
% 0omparing data across
sources
% )eography
8/20/2019 Entrepreneurship Power Point Savedown
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+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
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'ultivating ,e% Entrepreneurs
% Educational attainment
% mmigration and diversity
% 'inancial resources
% Business resources
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An Example from #ennessee
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% Where we are: Do gaps or unmet needsexist in self1employed4small businesses inour region?
% Where we are going: What do we hope toaccomplish for our region?
Establishing a Regional Goal
8/20/2019 Entrepreneurship Power Point Savedown
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Entrepreneur - Small
usiness "evelopment
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Access to 'apital
% nvestment is a .given/ forsuccess
% Different sources fit differentneeds
% &egional approach may have
new opportunities
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Supportive Environment
% 5uman6 financial6 and physicalinfrastructure
% Supportive climate that engages andcelebrates entrepreneurs
% 2ositive citi7en and communityattitudes
% 3pen and creative communityleadership that encourages andnurtures emerging leaders
Source: 8ar*ley et al (!!9#
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/o% ,urturing is Your Region0
'onception mplementation +ar1eting
% dea generation% 2roect planning
% Development% 2rototype creation% ;esting
% 2roduction%
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Entrepreneur ,et%or1s
nformal gatherings of entrepreneurs to shareexperiences and information
% 'acilitate6 but dont lead
% ,etwor*s should be .by and for/ entrepreneurs
!
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+entoring and 'oaching
0onnecting entrepreneurs with
the right people
at the right time
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#raining - #echnical Assistance
,ational
%e@tension 0ommunity of 2ractice
%Small Business +dministration
%Small Business Development 0enters
State2!ocal%State4
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Youth Entrepreneurship
% Why it is important? 'illing the pipeline with potential
businesses
0reating a culture that values self1
employment
'ostering innovation
% What can be done? n1school programs
+fter1school programs C156 )irl Scouts4Boy Scouts6 etc
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Programs4 +odels4 Resources
% Economic )ardening% nnovation 0enters
% ncubators
% ,etwor*s40lubs% Entrepreneurial
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alancing Available Assets
+sset mapping canhelp you identifyunder utili7ed assetswithin your region
EIually important isidentifying thoseassets which may be
at or over capacity
8/20/2019 Entrepreneurship Power Point Savedown
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Region5s Success 'omponents
'omponentof Success
People (olunteerAssociations
nstitutions PhysicalResources
arriers
+ccess to0apital
Environment
,etwor*s68entors60oaches
;raining =
;echnical +ssistance
$outh
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Your Region5s 'apacity for nnovation
% What are your regions mostcompetitive assets?
% What assets can help
launch new ideas andinnovations?
% What resources does your
region offer to foster
innovation?
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Audience +atters6
% Who are your target entrepreneurs?% What do they need from you?
% Which resources will be most valuable
to your region?
" fti Y
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"rafting Your
Regional Action Plan
!ood plans shape
good decisions"
#hat$s why good planninghelps to ma%e elusive
dreams come true"&
'ester obert Bittel
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Summary
% Success in economic
development strategies does not
happen overnight
% 3ther communities are havingsuccess
% Success reIuires time and energy
from the entire region