Why Entrepreneurship?. Session 2 September 13, 2009. Session 2. Who Are They? American Legacy? Research Stories. ENTREPRNEURSHIP INTRODUCED. Entrepreneurs Defined. “ A person who creates and grows a venture.” Jay Kayne Miami University. Entrepreneurship Defined.
Session 2 Who Are They? American Legacy? Research Stories
Entrepreneurs Defined “ A person who creates and grows a venture.” Jay Kayne Miami University
Entrepreneurship Defined “ The process through which ventures are created.” Deb Markley North Carolina
Public, Civic & Social Entrepreneurs Business Entrepreneurs Organizations Communities A Framework Many Faces of Entrepreneurs
Why Entrepreneurship? The Power of Entrepreneurs!
Why Economic Development? In America economic development is the responsibility of communities
Entrepreneurs & the New Economy
Human Talent! “Start with the proposition: The most valuable natural resource in the 21st Century is brains. Smart people tend to be mobile. Watch where they go! Because where they go, robust economic activity will follow.” Rich Kargaard, Forbes Publisher
Why Entrepreneurs? “What distinguishes successful areas from Michigan is their concentrations of talent, where talent is defined as a combination of knowledge, creativity and entrepreneurship.” Michigan Future, Inc. (7/08)
A Sampling of the Research There is a growing volume of research that clearly shows entrepreneurs are critical the community level economic development. Brian Dabson, CEO Rural Policy Research Institute
Business Attraction David Birch & Cogenics 55% Existing Business 44% Startups 1% Relocations
Entrepreneurship & Performance Source: Lowe/SBA
High Growth Entrepreneurs Entrepreneurial Growth Companies or EGCs 2/3 of Job Creation 2/3 of Business Growth 50% of Business Innovation Difference Makers 4-5% of All Firms Present Everywhere
Diversity & Resilance We live in a time where change is rapid and volitile. Creating an econmy that is diverse and resilant is an important economic development goal. Entrepreneurs can help us build more diverse and resilant economies and societies.
Stories from the Field
Research Triangle San Diego
Littleton, Colorado Fairfield, Iowa
Mullen Case Study Challenges: Very Small and Remote Community–Pop. 496 Historical Out-migration & Economic Distress 8 Downtown Businesses For Sale in 2004 Progress Highlights: 7 New Businesses & 2 Business Expansions 18 New Jobs Created in Community 19 Additional Leaders Engaged & Trained $40,000 Raised by Community Foundation Youth Entrepreneurship Program in High School
A Final Thought… Cycle of Progress
Careers vs. Jobs Creating industrial type jobs is no longer enough, we need to create careers that our kids and grand kids want to pursue. E ventures can do that. Outsourcing Outsourcing is part of new world economy. Outsourcing makes everyone an entrepeneur whether the like it or not. Final Considerations…