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Jim Carroll
1. Embrace the Teeter
Totter Factor
… What is so BIG
about
Small Business?
Presented by:
Jim Carroll
Executive Director, BIG Center
Kentucky Highlands Investment Corporation
London, Kentucky
2. KHIC‟s Mission
To provide and retain
employment opportunities
in Southeastern Kentucky
through sound
investments, training and
management assistance.
Regional, private,
non-profit business
development
corporation founded
in 1968 serving 22
counties in Eastern
and Southern KY.
3. Created or retained over 10,000 jobs
Assisted 483 businesses
Invested over $180 million
Created or retained over $120 million in annual wages
4. How Do We Accomplish Our Mission?
Micro- Enterprise Loan Program – up to $35,000
Small Business Loan Program – up to $250,000
USDA B&I Loan Program – up to $10,000,000
Revolving Lines of Credit
Equity Investments
Support Entrepreneurs with Training & Coaching
Business Incubation
5. Definitions…
Small Business – a for profit business with 500
or fewer employees that is independently owned
and operated.
US SBA
Micro Enterprise – a business having 5 or fewer
employees and seed capital of no more than
$35,000.
Wikipedia
Entrepreneur – an individual who starts a for
profit business with the idea to supply a product
or service which is better, faster or cheaper than
what is currently available.
Jim Carroll
7. “For the United States to
survive and continue its
economic and political
leadership in the world, we
must see entrepreneurship as
our central comparative
advantage.”
8. What you should know…
1/3 of GDP comes from companies that didn‟t exist
before 1980
Between 1980 and 2005, young companies (<5yrs)
accounted for ALL net new job growth
Firms have been started in bad economic times
FedEx, Microsoft, Apple, Southwest
50% of Fortune 500 and Inc. 500
Since 1980 the US has made a “profound shift from a
„managerial‟ to an „entrepreneurial‟ economy.”
Peter Drucker
9. What you should
know…
New companies create new
industries
Small businesses are more
productive
Small businesses pay better
wages (+15%)
Employees of small companies
have higher job satisfaction
Small businesses are a major
source of innovation
10. What should concern you…
Little “economic stimulus” is directed
towards Small Business - $15 billion of
$1.5 trillion
Policy tends to hurt Small Business
Sarbanes Oxley
Health Care
Taxes
Higher Education
27% of graduating college seniors plan to work
for nonprofits
More seniors will graduate with sports degrees
than electrical engineering degrees
< 20 business will be started for each $1 billion
in university research
11. What should give you
hope…
SBA Policy…
Elimination or reduction of SBA loan fees
Raising SBA guarantee
Raising loan maximums
Expansion of SBIC program
State is streamlining application processes
Bank regulations focusing on Small
Business
“Economic recovery will be driven, in a large part,
by America‟s small businesses.”
– White House Statement
12. Things I Think I Think…
SEC and states need to allow third party
securities (peer-to-peer loans such as Kiva,
Prosper) to operate without standard
regulation
Allow shareholders of Small Business to
choose SOX compliance
Health care reform – level out small business
costs, eliminate “entrepreneurship lock”
Immigration – green cards for job creators
University Technology License Office
competition
Creating a System of
Educators… Stop vilifying capitalism and free Support for Entrepreneurs
enterprise and Small Business in
Kentucky: Insights and
States need overarching visions for Small Policy Recommendations,
Marley and Dabson
Business Economic Development
Each community must adopt a plan for
creating a Small Business Ecosystem
13. The Teeter Totter Effect
It only takes a small shift one
way or the other to make a
negative or positive impact on
a community. “Just one
person can really make a
difference – either for good or
for bad.”
14. The Teeter Totter Effect
Identify the Champion
Use the Champion to make introductions to
community leaders – don’t expect this person
to deliver YOUR message
Understand the political dynamics
Know the hot-buttons for the community
Show support for other projects already in
place
Communicate, communicate, communicate…
15.
16. Entrepreneur
E
Ecosystem
Training
Capital
Mentoring
Connections
Entrepreneur
Commerce
Facilities
Connections
Networking
17. Entrepreneur
E
Ecosystem
Training
Provide practical business skills training
Recruit Trainers
Provide training to Trainers
Offer classes on a regular basis
Partner with local Higher Ed Institution(s)
Offer lecture series on Entrepreneurship
Encourage participation in Excellence in Entrepreneurship Awards
Publicize Boot Camp to students
Provide facilities to conduct Boot Camp
Encourage High Schools to introduce entrepreneurism
Offer lecture on Entrepreneurship
Offer Junior Achievement program
Encourage participation in Entrepreneur Leadership Institute
18. Entrepreneur
E
Ecosystem
Mentoring
Engage SBDC, SCORE, Chamber of Commerce, ED
Deliver information to Entrepreneurs on existing programs
Provide Mentors and Coaches
Recruit Mentors and Coaches from existing business leaders
Provide training to Coaches
Establish Coaching Connections
Assign Mentors to Entrepreneurs
Mentors to schedule regular meetings with Entrepreneurs
19. Entrepreneur
E
Ecosystem
Facilities
Identify space for collaboration with other entrepreneurs
Establish Business Accelerator (nice to have)
Shared office & conference facilities, shared technology, shared
manufacturing
Below-market rates
Favorable lease terms (short-term, no personal guarantee)
Furnished
20. Entrepreneur
E
Ecosystem
Networking
Utilize technology to communicate with Entrepreneurs
email, Facebook, Twitter
Sponsor regular networking events for entrepreneurs
Establish CEO Roundtable group
Sponsor Lunch & Learn Series
Recruit small businesses to join Chamber of Commerce
favorable rates
benefits
21. Entrepreneur
E
Ecosystem
Commerce
Connections
Establish a formal business networking group
Establish “Do Business Local” campaign
Establish/maintain connections with State and Fed
policy makers
Make connections with University tech transfer
organizations
Sponsor an annual Export Expo
Encourage E-commerce
Identify local developers
Encourage instruction at local education institutions
22. Entrepreneur
E
Ecosystem
Capital
Connections
Involve local banks
Cultivate relationships with local investors,
CDC’s, etc.
Identify local and state private investors
Sponsor an annual Small Business Showcase
Educate entrepreneurs on due diligence
expectations
23. Entrepreneur
E
Ecosystem
Training
Capital
Mentoring
Connections
Entrepreneur
Commerce
Facilities
Connections
Networking
24. What is so BIG
about
Small Business?
Jim Carroll
Executive Director, BIG Center
606.260.0830
jcarroll@khic.org