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Entrepreneurs Famous Successful RURAL ENTREPRENEURSHIP

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Entrepreneurs Famous Successful RURAL ENTREPRENEURSHIP Powered By Docstoc
					                 RURAL
           ENTREPRENEURSHIP
                   or
            THE STUFF IN THE
                 BAG?
              Mickey C. Johnson, District Director
              Murray State University
              Small Business Development Center

7/6/2010                                             1
           Famous Entrepreneurs
              Sam Walton
              Bill Gates
              Fred Smith
              Bob Bryant
              Glen Haire
              Harvey Tilker
              George Radford
              Mike Creasey
              Jerry Haase

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           A Successful Small Business
                 must be able to
                    Sell a good or service
                    In sufficient quantity
                    At a high enough price
                    In order to generate a profit



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           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



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           Entrepreneurial Types
              Limited Potential
              Potential
              Business Owners
              Entrepreneurs




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




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           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

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           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

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           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


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



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           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
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           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



7/6/2010                                        12
           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

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           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
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           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
7/6/2010                                               15
               Center

				
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