ENTREPRENEURSHIP:ENTREPRENEURSHIP:Keys to Success and Keys to Success and

Resources to Get You ThereResources to Get You There

Entrepreneur & Inventors ConnectionEntrepreneur & Inventors ConnectionJefferson Co. Economic Development Jefferson Co. Economic Development

ConsortiumConsortiumDecember 7, 2005December 7, 2005

Greg Wise, Community Development Greg Wise, Community Development Specialist/ProfessorSpecialist/Professor

Center for Community and Economic Center for Community and Economic DevelopmentDevelopment

Number of Firms by Number of Firms by Employee Size, 2003Employee Size, 2003

0

5000

10000

15000

20000

25000

30000

35000

40000

45000

Dane

Dodge

Jeffe

rson

Rock

Walw

orth

Wauk

esha

50 +

10 - 49

1 - 9

0

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

Seven Habits for Business Seven Habits for Business SuccessSuccess

Plan thoroughlyPlan thoroughly Get organizedGet organized Find the right peopleFind the right people Delegate wiselyDelegate wisely Inspect what you expectInspect what you expect Measure what gets doneMeasure what gets done Keep people informedKeep people informed

Brian Tracy, entrepreneurship.com, May 17, 2004 – Adapted from Million Dollar Habits, Entrepreneur Press

10 Critical Factors for 10 Critical Factors for Business SuccessBusiness Success

To get where you’re To get where you’re going, you’ve got to going, you’ve got to have a maphave a map

Management: nothing Management: nothing ever happens without ever happens without great peoplegreat people

It’s okay to be a It’s okay to be a watchdog, but boards watchdog, but boards must create valuemust create value

Cash flow: show me Cash flow: show me the moneythe money

You can only grow as You can only grow as big as your marketbig as your market

Maintaining your Maintaining your competitive position competitive position against the frayagainst the fray

Business models: it’s not Business models: it’s not just just whatwhat you do, it’s you do, it’s howhow you do it you do it

Product development: Product development: you’ve got to have you’ve got to have something “cool” to sellsomething “cool” to sell

Customers: you’ve got Customers: you’ve got to have someone to sell to have someone to sell your product toyour product to

Never walk alone: Never walk alone: channels and allianceschannels and alliances

Kurtzman and Rifkin, Startups That Work: The 10 Critical Factors That Will Make or Break a New Company, Portfolio, 2005

Why Does it Matter to Why Does it Matter to “Small” Businesses?“Small” Businesses?

Greater potentialGreater potential Greater riskGreater risk Limited access to capitalLimited access to capital One or few managersOne or few managers Less able to survive major mistakesLess able to survive major mistakes

Where to StartWhere to Start

Is this, or any business, right for Is this, or any business, right for you?you?

Are you financially ready to start a Are you financially ready to start a business?business?

What are you selling and who’s likely What are you selling and who’s likely to buy it?to buy it?

Look in the MirrorLook in the Mirror

Is this, or any business, right for me?Is this, or any business, right for me? Personal inventoryPersonal inventory

Characteristics/Traits and Skills Characteristics/Traits and Skills Setting goals and objectivesSetting goals and objectives

Family; Social; Physical; Community, Family; Social; Physical; Community, Financial; Legal; Spiritual; Risk; LeisureFinancial; 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

Personal Financial Personal Financial FeasibilityFeasibility

Personal Personal Net Worth StatementNet Worth Statement (balance sheet)(balance sheet) Assets (cash, IRAs, etc.) less Liabilities Assets (cash, IRAs, etc.) less Liabilities

(loans, etc.)(loans, etc.) Personal Personal Income StatementIncome Statement (cash (cash

flow)flow) Income less ExpensesIncome less Expenses

What am I Selling and What am I Selling and Who’s Likely to Buy It?Who’s Likely to Buy It?

PricePrice QualityQuality ServiceService SelectionSelection ConvenienceConvenience

Sizing Up Your MarketSizing Up Your Market

GeographicallyGeographically DemographicallyDemographically LifestyleLifestyle

Geographically: Traffic Geographically: Traffic DataData

Fresh Vegetable StandFresh Vegetable Stand Highway 33 in Sauk County Highway 33 in Sauk County

WisconsinWisconsin Target Market: Tourists and Local Target Market: Tourists and Local

ResidentsResidents Locals Purchase during the weekLocals Purchase during the week Open Memorial Day to Labor DayOpen Memorial Day to Labor Day

Is that your final answer?Is that your final answer?

On what days is the traffic volume On what days is the traffic volume on Highway 33 to the heaviest?on Highway 33 to the heaviest? 4th of July weekend4th of July weekend Labor Day weekendLabor Day weekend Saturdays in AugustSaturdays in August Sundays in OctoberSundays in October

Is that your final answer?Is that your final answer?

On what days is the traffic volume On what days is the traffic volume on Highway 33 to the heaviest?on Highway 33 to the heaviest? 4th of July weekend4th of July weekend Labor Day weekendLabor Day weekend Saturdays in AugustSaturdays in August Sundays in OctoberSundays in October

Wisconsin DOT Hwy 33 Wisconsin DOT Hwy 33 Vehicles/HourVehicles/Hour

Rank Vehicles per hour

Date Hour of the day

1 124 Oct 9 2:00 PM

2 121 Oct 9 3:00 PM

3 114 Oct 15 2:00 PM

4 98 May 28 noon

5 97 Oct 15 noon

6 95 Oct 16 1:00 PM

Is that your final answer?Is that your final answer?

Do you think bowlers are more likely Do you think bowlers are more likely to be: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” White Collar” or “Blue Collar”

workers?workers?

Demographically: Adult Demographically: Adult Bowlers by AgeBowlers by Age

Age U.S. Bowlers

18 to 24 13% 25%

25 to 34 22% 25%

34 to 44 22% 23%

45 to 54 15% 15%

55 to 64 11% 5%

65+ 17% 7%

Demographically: Adult Demographically: Adult Bowlers by EducationBowlers by Education

EducationEducation U.S.U.S. BowlersBowlers

College graduateCollege graduate 20%20% 22%22%

Attended collegeAttended college 22%22% 27%27%

H.S. graduateH.S. graduate 39%39% 38%38%

< H.S.< H.S. 20%20% 13%13%

Demographically: Adult Demographically: Adult Bowlers by OccupationBowlers by Occupation

OccupationOccupation U.S.U.S.BowlersBowlers

Professional/managerProfessional/manager 28%28% 27% 27%

Tech/sales/clericalTech/sales/clerical 31%31% 33% 33%

Precision/craftPrecision/craft 11%11% 11% 11%

OtherOther 30%30% 28% 28%

Is that your final answer?Is that your final answer?

Do you think bowlers and golfers Do you think bowlers and golfers subscribe to different magazines? subscribe to different magazines? Maybe …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?

Lifestyle: Magazine Lifestyle: Magazine Subscription Differences of Subscription Differences of

Bowlers and GolfersBowlers and GolfersPublication Bowlers Golfers

Barron’s 26% 28%

Business Week 21% 19%

House Beautiful 13% 6%

Gourmet 13% 13%

Smithsonian 13% 12%

Who Can Help?Who Can Help? PeersPeers

The Connection Group, “Like” Businesses, The Connection Group, “Like” Businesses, Neighbor MentorsNeighbor Mentors

ProfessionalsProfessionals Bankers, Lawyers, Attorneys, Consultants Bankers, Lawyers, Attorneys, Consultants

Local OrganizationsLocal Organizations Chamber of Commerce, SCORE, Economic Chamber of Commerce, SCORE, Economic

Development ConsortiumDevelopment Consortium Public AgenciesPublic Agencies

City and County officials, Universities (UW-City and County officials, Universities (UW-Extension, UW-Whitewater, UWC-Rock), Extension, UW-Whitewater, UWC-Rock), Technical Colleges, Department of Commerce Technical Colleges, Department of Commerce and other state agencies, SBA, IRSand other state agencies, SBA, IRS

University ResourcesUniversity Resources UW-Extension Jefferson CountyUW-Extension Jefferson County

Steve Grabow and TeamSteve Grabow and Team Labor economistsLabor economists Community & economic development specialistsCommunity & economic development specialists Business & marketing specialistsBusiness & marketing specialists Other faculty and student resourcesOther faculty and student resources

UW-Whitewater’s Small Business Development UW-Whitewater’s Small Business Development CenterCenter Deb Malewicki and TeamDeb Malewicki and Team

Wisconsin Innovation Service Center (WISC) – market Wisconsin Innovation Service Center (WISC) – market assessment service for entrepreneursassessment service for entrepreneurs

Business counseling, seminars and classesBusiness counseling, seminars and classes Wisconsin Wisconsin PeerSpectivesPeerSpectives Network – peer-to-peer learning Network – peer-to-peer learning

for growth-oriented companiesfor growth-oriented companies SBDC Business Answerline – 1-800-940-7232SBDC Business Answerline – 1-800-940-7232

or or ask-sbdc@uww.eduask-sbdc@uww.edu

Wisconsin Entrepreneurs’ Wisconsin Entrepreneurs’ NetworkNetwork

Over 50 partnering organizations Over 50 partnering organizations located statewide to provide located statewide to provide assistance to entrepreneursassistance to entrepreneurs

A promise to identify the most A promise to identify the most appropriate and effective services appropriate and effective services for entrepreneursfor entrepreneurs

A system to connect the dots A system to connect the dots between key Wisconsin between key Wisconsin entrepreneurship service providersentrepreneurship service providers

WEN Support and WEN Support and ServicesServices

One-stop access for One-stop access for businesses and businesses and entrepreneurs in all entrepreneurs in all industries and at all industries and at all stages of stages of developmentdevelopment Business PlanningBusiness Planning Management Issues Management Issues

& Training& Training Financial Resources Financial Resources

& Assistance& Assistance Marketing & Marketing &

ResearchResearch

Regulatory Regulatory ComplianceCompliance

NetworkingNetworking Product Development Product Development

& Intellectual Property & Intellectual Property ProtectionProtection

Manufacturing Manufacturing AssistanceAssistance

Import/Export Import/Export AssistanceAssistance

Incubator & Lab SpaceIncubator & Lab Space Internship & Student Internship & Student

ServicesServices … … and more!and more!

Other ResourcesOther Resources The World Wide WebThe World Wide Web

Google Google http://http://www.google.comwww.google.com Encyclopedia of AssociationsEncyclopedia of Associations

Example: National Christmas Tree Association Example: National Christmas Tree Association http://www.christmastree.org/home.cfmhttp://www.christmastree.org/home.cfm

American FactFinderAmerican FactFinder http://www.census.govhttp://www.census.gov SBASBA

Starting a Business Starting a Business http://www.sba.gov/starting_business/http://www.sba.gov/starting_business/ Online Entrepreneurship Course Online Entrepreneurship Course http://www.myownbusiness.org/s1/index.html#2http://www.myownbusiness.org/s1/index.html#2

Mintel REPORTS Mintel REPORTS (via UW-Extension)(via UW-Extension) Consumer Expenditure SurveyConsumer Expenditure Survey http://www.bls.gov/cex/home.htmhttp://www.bls.gov/cex/home.htm Personal Financial StatementsPersonal Financial Statements

SBA http://www.sba.gov/sbaforms/sba413.pdf SBA http://www.sba.gov/sbaforms/sba413.pdf CCH http://www.toolkit.cch.com/tools/perstm_m.asp CCH http://www.toolkit.cch.com/tools/perstm_m.asp

CCED – CCED – Community ProfilesCommunity Profiles http://www.uwex.edu/ces/cced/CountyEconomicProfile.htm http://www.uwex.edu/ces/cced/CountyEconomicProfile.htm Example: Sonoran Institute: Example: Sonoran Institute:

http://www.sonoran.org/programs/eps/si_se_epsindex.html http://www.sonoran.org/programs/eps/si_se_epsindex.html Wisconsin SBDCWisconsin SBDC http://www.wisconsinsbdc.org/http://www.wisconsinsbdc.org/ WENWEN http://wenportal.comhttp://wenportal.com Wisconsin Department of CommerceWisconsin Department of Commerce

hhttp://commerce.wi.gov/sitemap/business/index.htmlttp://commerce.wi.gov/sitemap/business/index.html

How to AccessHow to Access

Be Be EntrepreneurialEntrepreneurial!! Good places to start:Good places to start:

Steve Grabow, UW-Extension Jefferson Steve Grabow, UW-Extension Jefferson County (920) 674-7295; County (920) 674-7295; steve.grabow@ces.uwex.edu steve.grabow@ces.uwex.edu

Deb Malewicki, UW-Whitewater SBDC Deb Malewicki, UW-Whitewater SBDC (262) 472-1365; ask-sbdc@uww.edu (262) 472-1365; ask-sbdc@uww.edu

Dennis Heling, Jefferson County Economic Dennis Heling, Jefferson County Economic Development ConsortiumDevelopment Consortium(920) 674-8710; dennish@co.jefferson.wi.us(920) 674-8710; dennish@co.jefferson.wi.us

Contact meContact me

Greg WiseGreg WiseProfessor and Community Development SpecialistProfessor and Community Development SpecialistCenter for Community & Economic DevelopmentCenter for Community & Economic DevelopmentCo-DirectorCo-DirectorWisconsin Agricultural Innovation CenterWisconsin Agricultural Innovation CenterUniversity of Wisconsin-ExtensionUniversity of Wisconsin-Extension(608) 263-7804; greg.wise@uwex.edu (608) 263-7804; greg.wise@uwex.edu CC&ED Home Page: CC&ED Home Page:

http://www.uwex.edu/ces/cced/http://www.uwex.edu/ces/cced/AIC Home Page: http://aic.uwex.eduAIC Home Page: http://aic.uwex.edu