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Chapter 3: Small Biz Entrepreneurs
CharacteristicsCharacteristics & CompetenciesCompetencies(RESOURCES)
Example ofExample of
Social Social EntrepreneurshipEntrepreneurship
First…Resources
• Crain’s Daily alert• Business Management Daily• Inc.com• FastCompany.com• NY Newsday• NY Times• WSJ
Start Reading These
• Barron’s• AM NY & Metro• Hispanic Business• NY Enterprise Report• Entrepreneur.com• Smallbiztechnology.com
Start Reading These
• Original Classic: (1700s-1950s) hard worker, loner, fast learner, socially isolated, risk taker, seeks wealth
• Idea Person: (1950s-1980s) hard worker, loner, fast learner, socially isolated, risk taker, fame seeker
• Small Business Owner: hard worker, loner, avg., socially isolated, risk averse, avg. income seeker
SBE Types
• Contemporary Classic (1950s-1980s): hard worker, loner, fast learner, socially isolated, risk taker, wealth seeker
• Managerial (1980s-today): hard worker, team player, fast learner, socially connected, risk averse, wealth seeker
• Sales (1980s-today): hard worker, team player, fast learner (socially), avg. learner (technologically)socially connected, acceptance seeker, risk averse
SBE Types
The Entrepreneurial Nation
The Entrepreneurial Nation
Next Comes…Next Comes…
YOU?YOU?
SBE Qualities
What Do We ALL What Do We ALL Possess?Possess?
SBE Qualities
• Drive• Determination• Hard Worker - ALWAYS working• Extreme Self - Confidence• IDEA People – VORACIOUS / INSATIABLE
Curiosity
SBE Qualities
• Pursuit of Learning / Fast Learners• Self Sufficient• Socially Connected• Seek Wealth
SBE Qualities
• Basic Business Competencies• Industry-Specific Knowledge• Resource Competencies• Determination Competencies• Identifying Opportunities Competencies
Core Competencies
ProfessionalismProfessionalism
– Expert Follow all the industry BEST practices, seek their client’s trust at all times:
• Subcontractors: big firms require subcontractors to meet hundreds of• corporate-dictated procedures• Franchises: corporate parents specify most of the procedures for the
business’s operation• International certifications (ISO 9000): small businesses must write in
full detail how they will ensure consistency and professionalism
Core Competencies
ProfessionalismProfessionalism
– Specialized Owners are passionate about one or a few of the key business functions:
• Specialized firms tend to generate moderate levels of trust among customers
– Minimalized Entrepreneur does everything at the simplest level:
• No systematic accounting• Personal sales• Street vendors, swap meets, art fairs
Core Competencies
• Habitual: Owners for a lifetime.
• Growth: Lifetime owners with a primary goal of success.
• Harvest: Owners with an Exit plan.
• Spiral/Helical: Fluctuating personal periods of growth then stability determined by personal/ family needs.
An Entrepreneur’s Career Paths
• More than 50% of all US businesses• Generate more than half of all US jobs• Issues surrounding Role ConflictRole Conflict and
Succession PlanningSuccession Planning:– How you separate family life from your
business activities– What if the boss gets hit by a bus?
Family Business: It’s Personal
• 36% of entrepreneurs reported reductions in head count last year.
• Only 8% have added jobs.• 71% do NOT expect to add new jobs this year.• Nearly two thirds have seen their sales volumes
and profitability decrease.• 61% think the economy’s on the WRONG track.
Kauffman Foundation survey of entrepreneurs commissioned by Douglas Schoen in 2009.
State of Entrepreneurship Today
Getting Help Getting Help HELPSHELPS
You Can’t Go At It AloneYou Can’t Go At It Alone
• Linked In Groups• Meet Up Groups• WIBO / NYC BSC• Sunshine NYC• Alumni Contacts• Business Network• Social Network• Coaches & MentorsCoaches & Mentors
Build Your Network NOW!!!NOW!!!
Meetup
Resources
• Investor Forums for Seed/Early Stage Co.’s• Business Plan Competitions• Industry Organizations• Angel Funding Options• Business Incubators• Technology/Economic Development Centers• Chambers of Commerce• Others (WIBO, SCORE, SBA, Levin Institute,
Kauffman Organization)
Investor Forums
• UNYTECH / Smart Start Venture Forum (upstate NY venture forum)
• Young Start Up Ventures – www.youngstartup.com
• Keiretsu Forum• Don’t forget about NJ:
• CIANJ• NJTC
Business Plan Competitions
• NYC Entrepreneur Week• Global Entrepreneur Week
Angel Funding
• NY Angels• LI Angel Network
SBIR
• Small Business Innovation Research (SBIR) Grants:– Industrial & Technology Assistance Corp.– Marion Ewing Kauffman Foundation
• Kauffman Campuses Initiative
Incubators
• East River Science Park
• Brooklyn BioBAT
• Business Incubator Assn of NY State
• ITAC: www.itac.org• LIFT: L.I. High Technology Incubator• Economic Development Corporations• Small Business Development Centers• SCORE• SBA: Lender & Small Business Matchmaker
Events• NYC Business Solutions Center (SEEDCo)
Tech/Econ. Development Centers
Other Resources
• Before the Negotiations: What Entrepreneurs Need to Know About Seed and Early Stage Venture Capital
• The Start-Up Company Map: Understanding the Language of Entrepreneurship and the Path Forward
• Do You Have an Investable Business Case?: Your Story Versus What VCs Really Want to Hear
• SeedNY
Other Resources
Other Resources
• Entrepreneurial Learning Institute• www.Entrepreneurship.org • Entrepreneur Daily Dose• Mindset: Tapping Your Entrepreneurial IQ• www.elientrepreneur.com
Other Resources
• Local Chambers of Commerce:– Bronx– Brooklyn– Greater NY– GVCCC– Harlem– Hispanic– Manhattan– Queens– Staten Island
• Entrepreneurial Teams (52%) vs. Solo Practitioners (48%)
• Business Coaching Enterprises: TAB, VISTAGE, The Conference Board
• BNI• University Start-Ups• Company Employee Funding Programs • Prior Work Experience• Contract Workers, Consultants, Interns
Getting Help
Women & Minorities
• www.NAWBO.org • www.wbenc.org • www.score.org/minority_resources.html • www.sba8a.com • Set-asides: dedicated contracting funds for
women & minority-owned businesses• Certification: Proof a majority of ownership is
in fact minority/women-owned• Late/Second Career Entrepreneurs
Women & Minorities
Chapter 4:Small Biz IDEASIDEAS
Creativity, Opportunity &
Feasibility
Where OpportunityWhere OpportunityMeets Need.Meets Need.
Building a BetterBuilding a BetterMousetrap.Mousetrap.
• In Constant Contact With and Focus on the World Around You
• Opportunity Recognition– Turning Life’s LEMONS Into Lemonade
• Entrepreneurial Alertness• Solving Needs, Providing Better Solutions
Where Inspiration Comes From
• Your Passions• Your Education / Expertise• Your Family / Fiends• Your Children• Strangers
New Business Ideas Come From
• Nature• Travel• Your Peers & Fellow Employees• Existing Competitors• Brainstorming
New Business Ideas Come From
•SS - Substitute•CC - Combine•A - Adapt•MM - Magnify/Modify•PP - Put to other uses•EE - Eliminate•R - Rearrange
SCAMPER
• Build a UNIQUE Culture• Define Your Vision/Mission Statements• Contract Workers vs. Full-time Employees• Are You Offering a “Me-Too” Solution • Communicate, LISTEN, Communicate• The USP of YOU• When You Start Out, Your PERSONAL
Brand = Your BUSINESS Brand
We’re ALL MarketersWe’re ALL Marketers
Dare To Be GREAT
Creative Problem Creative Problem SolvingSolving
That’s How It’s That’s How It’s ALWAYSALWAYS Been Done Been Done
DO IT ApproachDO IT Approach
DD DefineDefine the problem the problem
OO OpenOpen your mind & apply your mind & apply creative techniquescreative techniques
II IdentifyIdentify the Solution the Solution
TT TransformTransform: implement the : implement the solution using an action plansolution using an action plan
Task Owner Contributors Start End Contingencies Status
1. Find new work space for staff
Carol Jackson
2/1 4/1 Available capacity Open
1a: Explore space in Main building
Misty Beasley; Melissa Benca; Diana Nash; Paul Grayson; Emmalyn Yamrick; Rosemary Ampuero
2/1 2/15 Available capacity Open
BrainstormingBrainstorming
BrainwritingBrainwriting
The Disney Creative The Disney Creative StrategyStrategy
DreamerDreamer RealistRealist CriticCritic
Go through all 3 Go through all 3 stagesstages
StarburstingStarbursting
StarburstingStarbursting
IDEA / IssueChallenge
WHO
WHAT
HOW
WHERE
WHEN
WHY
Metaphorical Metaphorical ThinkingThinking
StudentStudent
ServicesServices
HealthHealthWellnessWellness
CareersCareers
AdvisementAdvisementHousingHousingMajor/Major/minorminor
RetentionRetentionFacilitiesFacilities
ProvocationProvocation
Attribute ListingAttribute Listing
Student Development
CareerServices
Counseling ResidenceLife
Leadership Internships Crisis Intervention Student Housing
Coaching & Mentoring
Self-Assessments Academic Advising
Roommate Matching
Employer Matching
Reframing MatrixReframing Matrix
4 4 PerspectivePerspective Approach! Approach!
• Product/Service Perspective: Is something WRONG with the product?• Planning Perspective: Are our business plans faulty?• Potential Perspective: If we increase our workload, projects, service offerings, how would we achieve this?• People Perspective: Do we have the right people in the right jobs?
Problem Perspective: X X X
Planning Perspective: X X X
Potential Perspective: X X X
People Perspective: X X X
Problem Being AddressedProblem Being Addressed
