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Educational Materials for Rural Entrepreneurship

Educational Materials for Rural Entrepreneurship. Jason Henderson Center for the Study of Rural America Federal Reserve Bank of Kansas City www.kansascityfed.org/ruralcenter Presented to the National Public Policy Education Conference September 20, 2004 St. Louis, Missouri.

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Educational Materials for Rural Entrepreneurship

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  1. Educational Materials for Rural Entrepreneurship Jason Henderson Center for the Study of Rural America Federal Reserve Bank of Kansas City www.kansascityfed.org/ruralcenter Presented to the National Public Policy Education Conference September 20, 2004 St. Louis, Missouri

  2. What is the Center for the Study of Rural America? • Part of the Federal Reserve System • Monetary policy • Bank regulator • Check and cash clearinghouse • The Center provides economic analysis and insight into the rural economy. What makes rural economies grow?

  3. What Do We Tell Entrepreneurs? • Entrepreneurship matters.

  4. What Do We Tell Entrepreneurs? • Entrepreneurship matters. • Lots of information is available.Do not reinvent the wheel !!!!!

  5. What Do We Tell Entrepreneurs? • Entrepreneurship matters. • Lots of information is available.Do not reinvent the wheel !!!!! • We do not finance businesses.

  6. Entrepreneurship Matters at the State Level State Proprietor and Employment Growth, (1970 to 2000) Annualized percent change Correlation = 0.74 Source: Dept. of Commerce, REIS

  7. Entrepreneurship Matters at the Local Level U.S. Personal Income(by Class of Worker, 2000) Source: March 2000 Current Population Survey, Dept.of Commerce

  8. Information is Available The Center’s 2003 Conference Main Streets of Tomorrow: Growing and Financing Rural Entrepreneurs • Entrepreneurs are Made not Born • Entrepreneurial Skills Can be Developed • Technical Skills – ability to perform key operations of business • Managerial Skills – ability to organize and manage the operations • Entrepreneurial Skills –ability to identify market opportunities • Personal Maturity Skills – self-awareness, accountability, emotional and creative development

  9. A Major League System for Entrepreneurial Development Source: Thomas S. Lyons, “Policies for Creating an Entrepreneurial Region”, Main Streets of Tomorrow:Growing and Financing Rural Entrepreneurs, 2003.

  10. A Major League Farm SystemThe A Level • Skill Levels • Technical Skills: High/Medium • Other Skills: Low/No • Enterprise Development Assistance Providers • Microenterprise programs • Small business development centers • Business incubation programs • Weblinks • Association for Enterprise Opportunity: http://www.microenterpriseworks.org/ • Small Business Development Centershttp://www.sba.gov/sbdc/ • National Business Incubator Associationhttp://www.nbia.org/

  11. A Major League Farm SystemThe AA Level • Skill Levels • Technical Skills: High • Other Skills: Medium • Enterprise Development Assistance Providers • Manufacturing extension programs • Small business development centers • High-technology incubation programs • Small specialized venture funds • Weblinks • Manufacturing Extension Partnerships http://www.mep.nist.gov/ • National Institute of Science and Technologyhttp://www.nist.gov/ • National Association of Seed and Venture Funds http://www.nasvf.org/ • Community Development Venture Capital Alliance http://www.cdvca.org/

  12. A Major League Farm SystemThe AAA Level • Skill Levels • Technical Skills: High • Other Skills: High • Enterprise Development Assistance Providers • Angel investors • Emerging Business Consulting practices • University tech transfer offices • Weblinks • Association of University Technology Managershttp://www.autm.net/index_ie.html • Lists of Angel investorshttp://www.entrepreneur.com/http://www.inc.com/guides/finance/24011.htmlhttp://www.minnesotaruralpartners.org/

  13. A Major League Farm System The Major League • Skill Levels • Technical Skills: Outstanding • Other Skills: Outstanding • Enterprise Development Assistance Providers • Venture capitalists • Professional consulting practices • Investment bankers • Beyond my resource levelIf they come to you for assistance, are they really in the majors?

  14. Do Not Forget … • The Scout who looks for prospective entrepreneurs. • The Diagnostician who assesses the needs of entrepreneurs entering the system. • The Performance Coach who helps entrepreneurs with mental and emotional needs. • A Team Manager who brokers networks of firms at the league level. • Alliance Brokers that facilitate partnerships across league levels. • A General Manager who oversees the whole farm system.

  15. Conclusions • Entrepreneurship matters. • Lots of information is available –Do Not Reinvent The Wheel. • Create a farm system that matches information with the skill levels of entrepreneurs. • Good Luck in Spurring Entrepreneurs – The Pioneers of the 21st Century

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