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RURAL ENTREPRENEURSHIP or THE STUFF IN THE BAG?

RURAL ENTREPRENEURSHIP or THE STUFF IN THE BAG?. Mickey C. Johnson, District Director Murray State University Small Business Development Center. Famous Entrepreneurs. Sam Walton Bill Gates Fred Smith Bob Bryant Glen Haire Harvey Tilker George Radford Mike Creasey Jerry Haase.

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RURAL ENTREPRENEURSHIP or THE STUFF IN THE BAG?

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  1. RURAL ENTREPRENEURSHIPorTHE STUFF IN THE BAG? Mickey C. Johnson, District Director Murray State University Small Business Development Center

  2. Famous Entrepreneurs • Sam Walton • Bill Gates • Fred Smith • Bob Bryant • Glen Haire • Harvey Tilker • George Radford • Mike Creasey • Jerry Haase

  3. A Successful Small Businessmust be able to • Sell a good or service • In sufficient quantity • At a high enough price • In order to generate a profit

  4. Entrepreneurial Myths • The Risk Taking Myth • The High-Tech Invention Myth • The Expert Myth • The Strategic Vision Myth • The Venture Capital Myth • The Grant Myth

  5. Entrepreneurial Types • Limited Potential • Potential • Business Owners • Entrepreneurs

  6. Limited Potential • Not in the workforce, choose to be employees • Large numbers of these people

  7. Potential • Youth – interested in learning a new career • Aspiring – Motivated, but need to reduce rise through support services • Start-ups – in process of starting but may not have the skills. • Moderate to large numbers of these

  8. Business Owners • Survival – struggling to achieve success • Lifestyle – successful and not seeking to grow • Re-starts – started and failed, but are trying again • Large numbers of survival and lifestyle, modest number of restarts

  9. Entrepreneurs • Growth-Oriented – have a drive to grow and are reaching out to new markets • Serial – Create and grow a new enterprise then move on • EGC’s – Experience high growth, these are referred to as “gazelles” • Modest numbers of growth, very small numbers of serial and EGC’s are rare indeed

  10. Rural Problems • Limited Networks • Low Local Demand • Capital Constraints • Lack of Role Models • Cultural Barriers • Education

  11. Solutions • Think Regionally • Create Homegrown Entrepreneurs • Redefine Education • Create New Markets and Linkages • Develop and Use New Technologies • Encourage Immigration • Utilize Assistance Programs Such as the KSBDC

  12. KSBDC – Who We Are • University Based • 15 Centers Located State-Wide • Clients – Free Consulting Services to Start-ups and existing businesses • Training Courses • Library Resources

  13. KSBDC Operating Results • $2.82 Return on Investment • 590 Jobs Created • 299 Jobs Saved • 194 Loans - $24,558,791 • $3,008,602 State Tax Revenue • $2,977,777 Federal Tax Revenue • 2,658 Clients • 7,791 Training Attendees

  14. What Can You Do? • Report on Economic Impact - Jobs Created - Jobs Saved - Sales Impact - Tax Revenues • Why is it Important? - Business Owners and Employees are Encouraged - May Help Secure Government Incentives, Financing, Investors - May Attract Other Entrepreneurs

  15. Credits: • Center for Rural Entrepreneurship • W.K. Kellogg Foundation • Kauffman Foundation • “Supporting Rural Entrepreneurship” – Brian Dabson • National Commission On Entrepreneurship • “Entrepreneurship and Small Business Survival in the Northeast: The Case of West Virginia” – Doolarie Singh-Knights and Dennis K. Smith • Kentucky Small Business Development Center

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