ENTREPRENEURSHIP:
Keys to Success and
Resources to Get You There
Entrepreneur & Inventors Connection
Jefferson Co. Economic Development Consortium
December 7, 2005
Greg Wise, Community Development
Specialist/Professor
Center for Community and Economic Development
Number of Firms by Employee Size,
2003
Da
ne
Do
dg
e
Je
ffe
rs
on
Ro
ck
W
al
w
or
W
a u th
ke
sh
a
The
45000
percentage
40000
of a county’s
firms that
35000
have 0 to 9
30000
employees
25000
50 +
ranges from
20000
a low of
10 - 49
15000
89%
1-9
(Waukesha
10000
0
Co.) to a
5000
high of 92%
0
(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 Success
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Plan thoroughly
Get organized
Find the right people
Delegate wisely
Inspect what you expect
Measure what gets done
Keep people informed
Brian Tracy, entrepreneurship.com, May 17, 2004 – Adapted from Million Dollar Habits,
Entrepreneur Press
10 Critical Factors for Business
Success
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To get where you’re going,
you’ve got to have a map
Management: nothing ever
happens without great people
It’s okay to be a watchdog,
but boards must create value
Cash flow: show me the
money
You can only grow as big as
your market
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Maintaining your competitive
position against the fray
Business models: it’s not just
what you do, it’s how you do it
Product development: you’ve
got to have something “cool”
to sell
Customers: you’ve got to
have someone to sell your
product to
Never walk alone: channels
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 “Small”
Businesses?
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Greater potential
Greater risk
Limited access to capital
One or few managers
Less able to survive major mistakes
Where to Start
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Is this, or any business, right for you?
Are you financially ready to start a business?
What are you selling and who’s likely to buy it?
Look in the Mirror
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Is this, or any business, right for me?
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Personal inventory
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Characteristics/Traits and Skills
Setting goals and objectives
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Family; Social; Physical; Community, Financial; 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 Feasibility
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Personal Net Worth Statement (balance sheet)
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Assets (cash, IRAs, etc.) less Liabilities (loans, etc.)
Personal Income Statement (cash flow)
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Income less Expenses
What am I Selling and Who’s Likely
to Buy It?
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Price
Quality
Service
Selection
Convenience
Sizing Up Your Market
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Geographically
Demographically
Lifestyle
Geographically: Traffic Data
Fresh Vegetable Stand
 Highway 33 in Sauk County Wisconsin
 Target Market: Tourists and Local Residents
 Locals Purchase during the week
 Open Memorial Day to Labor Day
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Is that your final answer?
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On what days is the traffic volume on Highway
33 to the heaviest?
4th of July weekend
 Labor Day weekend
 Saturdays in August
 Sundays in October
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Is that your final answer?
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On what days is the traffic volume on Highway
33 to the heaviest?
4th of July weekend
 Labor Day weekend
 Saturdays in August
 Sundays in October
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Wisconsin DOT Hwy 33
Vehicles/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?
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Do you think bowlers are more likely to be:
“Older” or “Younger” people?
 “High School” or “College” educated?
 “White Collar” or “Blue Collar” workers?
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Demographically: Adult Bowlers
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 Bowlers
by Education
Education
U.S.
Bowlers
College graduate
20%
22%
Attended college
22%
27%
H.S. graduate
< H.S.
39%
20%
38%
13%
Demographically: Adult Bowlers
by Occupation
Occupation
U.S.
Bowlers
Professional/manager
Tech/sales/clerical
Precision/craft
Other
28%
27%
31%
33%
11% 11%
30%
28%
Is that your final answer?
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Do you think bowlers and golfers subscribe to
different magazines? Maybe …
Bowlers tend to read Car & Driver?
 Golfers tend to read Wisconsin Trails?
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Lifestyle: Magazine Subscription
Differences of Bowlers and Golfers
Publication
Bowlers
Golfers
Barron’s
26%
28%
Business Week
21%
19%
House Beautiful
13%
6%
Gourmet
13%
13%
Smithsonian
13%
12%
Who Can Help?
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Peers
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Professionals
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Bankers, Lawyers, Attorneys, Consultants
Local Organizations
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The Connection Group, “Like” Businesses, Neighbor
Mentors
Chamber of Commerce, SCORE, Economic Development
Consortium
Public Agencies
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City and County officials, Universities (UW-Extension, UWWhitewater, UWC-Rock), Technical Colleges, Department of
Commerce and other state agencies, SBA, IRS
University Resources
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UW-Extension Jefferson County
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Steve Grabow and Team
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Labor economists
Community & economic development specialists
Business & marketing specialists
Other faculty and student resources
UW-Whitewater’s Small Business Development Center
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Deb Malewicki and Team
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Wisconsin Innovation Service Center (WISC) – market assessment service for
entrepreneurs
Business counseling, seminars and classes
Wisconsin PeerSpectives Network – peer-to-peer learning for growth-oriented
companies
SBDC Business Answerline – 1-800-940-7232
or ask-sbdc@uww.edu
Wisconsin Entrepreneurs’ Network
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Over 50 partnering organizations located
statewide to provide assistance to entrepreneurs
A promise to identify the most appropriate and
effective services for entrepreneurs
A system to connect the dots between key
Wisconsin entrepreneurship service providers
WEN Support and Services
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One-stop access for
businesses and
entrepreneurs in all
industries and at all
stages of development
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Business Planning
Management Issues &
Training
Financial Resources &
Assistance
Marketing & Research
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Regulatory Compliance
Networking
Product Development &
Intellectual Property
Protection
Manufacturing Assistance
Import/Export
Assistance
Incubator & Lab Space
Internship & Student
Services
… and more!
Other Resources
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The World Wide Web
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Google http://www.google.com
Encyclopedia of Associations
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American FactFinder
SBA
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Starting a Business http://www.sba.gov/starting_business/
Online Entrepreneurship Course http://www.myownbusiness.org/s1/index.html#2
SBA http://www.sba.gov/sbaforms/sba413.pdf
CCH http://www.toolkit.cch.com/tools/perstm_m.asp
CCED – Community Profiles
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http://www.census.gov
Mintel REPORTS (via UW-Extension)
Consumer Expenditure Survey http://www.bls.gov/cex/home.htm
Personal Financial Statements
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Example: National Christmas Tree Association http://www.christmastree.org/home.cfm
http://www.uwex.edu/ces/cced/CountyEconomicProfile.htm
Example: Sonoran Institute: http://www.sonoran.org/programs/eps/si_se_epsindex.html
Wisconsin SBDC http://www.wisconsinsbdc.org/
WEN http://wenportal.com
Wisconsin Department of Commerce http://commerce.wi.gov/sitemap/business/index.html
How to Access
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Be Entrepreneurial!
Good places to start:
Steve Grabow, UW-Extension Jefferson County
(920) 674-7295; steve.grabow@ces.uwex.edu
 Deb Malewicki, UW-Whitewater SBDC
(262)
472-1365; ask-sbdc@uww.edu
 Dennis Heling, Jefferson County Economic
Development Consortium
(920) 674-8710; dennish@co.jefferson.wi.us
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Contact me
Greg Wise
Professor and Community Development Specialist
Center for Community & Economic Development
Co-Director
Wisconsin Agricultural Innovation Center
University of Wisconsin-Extension
(608) 263-7804; greg.wise@uwex.edu
CC&ED Home Page: http://www.uwex.edu/ces/cced/
AIC Home Page: http://aic.uwex.edu