Is it Time for You to Start and Make a Brand New End?

Today I was reading a stream of comments on Facebook concerning a friend’s announcement that she is changing jobs. A couple of quotes cited in her original post and the comments had great timing. After all, we are at the beginning of a new year and this woman has cast off the old and begun anew. There is a lot here for entrepreneurs and “would be” entrepreneurs and what better time to look at this than a new year.


The first quote is from Harvey Mackay and it goes like this; ...."Although no one can go back and make a brand new start, anyone can start from now and make a brand new end". I do not know the source of the other quote but its message is similar to the first one; “….every new beginning comes from some other beginning's end.....”

There are a number of people out there that would advise any and everyone to become an entrepreneur. I believe it takes a special personality and set of talents to be successful as an entrepreneur but for those considering it, there is no better time than a beginning of a new year to investigate if you have what it takes and if your idea stands up to some scrutiny. Talk to people who have already made the leap, there are some great articles and books out there about what it takes to be an entrepreneur – read them. If you think you have what it takes, talk to some people about your idea. Does it make sense are there any critical flaws in your plan. Then get out there and see how big the market is for your product or service. Can the business grow? How big? What is the competition? What is your advantage? Are you solving a big problem or is your business a “me too” business?

All of the things I have mentioned can be done before quitting your day job. There is nothing wrong going through this assessment and deciding that either your not right for the entrepreneurial life or that your idea won’t fly. You may find that in two, five or ten years from now with a new or revised idea you’re ready to make the move. At least run your idea to ground.

By the way this advice is not only for the twenty and thirty somethings. More people than ever are making the leap in their 40’s, 50’s and even 60’s. I left a 30 year government and corporate career in finance to begin a consulting practice at 55 years of age.

For those of us that have already taken the leap into entrepreneurship these quotes have applicability, as well. Many of us need to adjust and re-adjust are product offering, marketing or operations several times before we get it right. I started my consulting business 18 months and I am not where I want to be or where I thought I would be when I started. I have needed to change directions a couple times and now that I have, it is probably time to re-focus. Right now I see myself going in too many directions.

Look at where you are with your business. How do you recreate your business to make it more successful and what do you change to make it more personally fulfilling for you? Is it a change in personnel, a new marketing campaign, dropping some products or adding others?

Too often we don’t step back from where we are to take a fresh look at where we want to go and how we can get there. Whether it is a dead end job or a business that is not providing a living wage or fulfilling our personal needs we need to assess our situation periodically. Where are you in this process? I’d like to here what you are doing to assess your situation and where you wish to be a year from now.

Developing an Entrepreneurial Economy in Iowa

There has been a great deal of discussion in Iowa over the recent months and years about how to encourage entrepreneurial development. The formation of new businesses has lagged other states for decades and now that the recession has curtailed new plant locations all eyes are on starting new businesses. Certainly we need to do something after all unbeknownst to most, we were the slowest growing state in the 20th century and the first decade of the 21st century was not much different.


Most of the proposals have as there centerpiece an angel or venture capital fund. This is not new either it goes way back to the 1980’s with the creation of the “Iowa Fund” and the “Iowa Product Development Corporation.” These were followed by the Business Development Finance Corporation and the Iowa Capital Investment Corporation. All of these have been noble experiments but in some cases they were not given enough time to work and in other instances they were ill conceived. None of them were enough.

When I say they were not enough, I don’t mean enough money although that could be argued. Providing investment capital does little good if there is little or no entrepreneurial culture, support services or training. These initiatives really need to come before at least simultaneous to the investment capital. They will cost as much or more that the funds directed toward investment capital and they must be given years, perhaps decades to work. If one reads documents prepared by those involved in the North Carolina “Research Triangle” initiative one finds that significant results were not seen for ten to twenty years following its launch.

An entrepreneurial development program that will bring success needs to identify potential service providers and train or re-train them. It needs to educate local and regional leadership and get there buy-in. It needs a commitment from these leaders to work regionally instead of parochially. Those same leaders need to re-direct most of the funds committed to traditional economic development towards developing entrepreneurial businesses. Finally, we need to change the cultural mindset of Iowans. This is the toughest because Iowans have engrained in them the notion that it is better not to take on risky or unfamiliar endeavors than to try and fail.

This initiative is doomed to failure if we do not do something that has opportunities for all regions of the state to succeed at some level. This means an initiative that may be statewide but where program design for a particular region is largely developed locally. The programs should also be, at least in part funded locally, as well.

I have seen this type of program work in other states not unlike Iowa. Recently I have had the opportunity to work with a group of people in Caribbean and South American Nations on an entrepreneurship program for a twenty nation area. I have also had the opportunity to provide input to those attempting to rebuild the economies of Iraq and Afghanistan. In all of these cases I have recommended a comprehensive program that begins with education, training and the building of support services.

I believe that state government has some role to play in all of this. And just like local governments needs to re-allocate funds away from traditional economic development programs and toward entrepreneurship. I also firmly believe that if we are to make significant progress in changing Iowa’s economy the lead and most of the funds must come from philanthropy. This is the only way to keep politics out of it, to keep it flexible and to make quick decisions when necessary. It is also the only way to get a commitment for sustainable. The problem with some of the funding programs mentioned earlier was that they were subject to the whims of people running for office every two or four years. A change in legislature or governors office could doom a program or take it a different direction.

I think this is far more important than many initiatives funded through foundations and other philanthropic organizations. It will take millions of dollars over a number of years but will return far more over the long term. Let me know if you agree or if you are someone with financial means whether you might consider financing a piece of it.

Words for Entrepreneurs to Live By

"The World is my country, all mankind are my brethren, and to do good is my religion." - Thomas Paine

I ran across this quote yesterday and copied it because it is the way I hope I live my life. As I thought more about it I began to think this is the way I attempt to run my business, as well - how applicable this is for entrepreneurs. First of all in today’s society business persons must think globally.

As an example, today before 10:00 am I spoke to two people who were born outside my homeland of the United States. In the first situation I was the customer or client, the person I was speaking to was a female born in Bosnia, who fled prison during the war, lived in Germany for seven years and is now in Iowa running her own business. In the second situation I was the supplier or in this case contractor. The person I spoke to was born in Trinidad and now lives in Jamaica and again runs her own business in Kingston. Whether we like it or not we are in a global society and to be successful in business or in life we must not only except it but embrace it.

My feeling is that there are two ways to do this. One is by attempting to sell to them without knowing their culture, beliefs and traditions. Depending upon the product one is selling this may work for a time, possibly even for five or ten years but eventually someone who understands the customer and their needs will take away the market.

A better way is to fully understand the needs of each customer and provide the product or service in a way that best fills their needs. Even if your product is the same for customers regardless of geography, the payment terms may be different or the way the product is sold or perhaps the way it is delivered. This gets to the part of the quote “…all mankind is my brethren,…”. A customer is a person or group of persons and they should be treated with the same respect and understanding as the customer down the street or across town regardless of race, religion or politics.

All too often, I think business people whether in the U.S. or elsewhere look at customers in a different land as a market to be exploited instead of individual customers with distinct needs and ways of doing business. When we think this way more often than not we have difficulty even penetrating the market let alone capturing it. But if we take the time to understand what they have gone through and what their distinct problems are, we can identify how to help them just as we might the business across town.

Finally, and possibly the most entrepreneurial important part of this quote, “…and  to do good is my religion.” – means that the product or service we produce and sell must do good, it must somehow improve the condition or need of the customer and hopefully mankind.

There are many people who call themselves entrepreneurs who are just out to make a fast buck. I see them on social media and through spam e-mails everyday. They are no more than snake oil salesman and are throwing the word entrepreneur around all over the place. These people are no more entrepreneurs than the person who leaves his or her idea or invention on the shelf and never gets it to market.

The true entrepreneur has a product or service that they truly believe will help solve a problem, large or small and in the end will help people. Whether they are right or wrong about this, they are passionate about what ever the product may be and work day and night to tell the world about it. It is more about seeing their dream to fruition than it is to make money. Making money is only secondary - a way to develop their next product or get even wider distribution of the existing one.

In the end, if successful these products and services will be more sustainable and these true entrepreneurs more financially rewarded than anyone with a get rich scheme. The bonus is that they will be rewarded psychologically, as well. This is the way I approach my business everyday – First and foremost, is what I am doing morally and ethically right and second is it helping someone? If not, hopefully I move on.

So even though Thomas Paine was not referring to business when he said, "The World is my country, all mankind are my brethren, and to do good is my religion"  I believe it applies to entrepreneurs and their businesses today more than ever before. What do you think? Am I reaching here? What have your experiences been? Please comment below.

What Entrepreneurial Training Would be Most Valuable to You?

For the past eight months I have been providing training to economic development professionals on different topics related to working with entrepreneurs. It seems there is a great need for this in Iowa and other Midwestern states. Economic development professionals are skilled at working with established firms, whether those they are attempting to attract into their area or those that are well established in their community. When it comes to helping a star-up or young company, especially ones that may have some technology or non-traditional product it is another matter. I will continue to provide this training, with such workshop topics as "Working with Entrepreneurs," "Developing and Entrepreneurial network and Culture,"  "Assessing Entrepreneurial Opportunities," Entrepreneurial Finance Basics," and "Creating a Regional Angel Fund." 

Are their other topics that you think are missing for community leaders and economic development professionals? Is a half day workshop on each topic that is presented on site the right format? Are economic development professionals the ones that will move entrepreneurial development forward in a community or region or should I be targeting someone else?

I have also developed a couple hour workshop entitled "Is Their an Angel on Your Shoulder" for entrepreneurs that are trying to decide whether angel investment is appropriate for their business. This course could certainly be expanded to four or even eight hours if desired. There are also numerous other topics that could be provided in a workshop format for entrepreneurs. One that comes quickly to mind is, "Preparing Your Business for Outside Investment," and another, "The Pros and Cons of Receiving an Angel or Venture Investment." Can you think of others I should offer? What days work best? Is an eight hour intensive course better or two four hour segments? Is it better if taught in person or would a webinar or some other remote method be better? Are you willing to pay more for an in person workshop. How far would you travel to take such a workshop?

I would like to hear from as many of you as possible so that I can better design courses on meaningful topics and improve those already developed. Please let me know what you think. Thank you. 

Entrepreneurial Networking in Southeastern Nebraska

I spent last evening at the monthly meeting of the I2E Club in Nebraska City, Nebraska. I2E stands for Inventors, Investors & Entrepreneurs and there were some of each at the University of Nebraska Kimmel Education and Research Center in Nebraska City last night. You can find out more about the group if you go to www.i2eclub.org. Since the Nebraska City area borders two other states, I should mention that Iowa and Missouri entrepreneurs are welcome to attend, as well.

The entrepreneurs that showed up are not necessarily the technology nerds that one might find in a university town or Silicon Valley entrepreneur’s club, but they are entrepreneurs nonetheless. They are taking the same risks with their money and security and attempting to start something that if successful will in some way improve the local and possibly regional economy. They came to learn about angel and venture investing – what it is and how it works. I’m sure that many decided it wasn’t a fit for their business which is fine. It allows them to concentrate on the type of financing that does fit. Others in the audience were better equipped to secure equity financing.

The group was extremely interested in the topic asking questions as we went along and contributing their own experiences. It wasn’t a large group by many standards, probably about fifteen people but it was obvious that most of them were regular attendees. I would rather have a group of fifteen involved participants than fifty people sitting on their hands or nodding asleep. Remember, it only takes one or two of these people to make a significant impact on a local economy.

Part of what makes entrepreneurial networking events successful are the people behind the scenes that arrange for food, put the agenda together and secure speakers. Dr. Connie Reimers-Hild and her staff at the Kimmel Center do a wonderful job of organizing everything. “Dr Connie” also does a great job of emceeing the event, getting the crowd involved, making them feel comfortable. These are the things that bring people back time and time again.

I have no doubt that the I2E Club will continue to grow and will lead to other more informal networking by its members at local coffee shops, bars and restaurants. Over time, as people gain trust in one another business will begin to be transacted between members of the club and an entrepreneurial culture will be created. Of course, it takes more than a monthly meeting. It takes technical assistance from area resource providers, some formal business training and coaching and leadership. But its all doable.

It may not look the same as the cultures developed in Boston or San Francisco but will still eventually permeate the local society and create a collaborative, confident, “can do” attitude throughout Nebraska City and the region. This has happened in similar places, such as Fairfield, Iowa, Appalachian Ohio and Valley County, Nebraska and can happen in many other rural areas that take the first step.

What is your community or region doing to promote entrepreneurism? Is it a real program with committed resources or just the newest buzz word? Is it working? If not, what do you think is missing?

Book Review - "Energizing Entrepreneurs, Charting a Course for Rural Communities,"

As promised, here is a review of Energizing Entrepreneurs, Charting a Course for Rural Communities," by Deborah Markley, Don Macke and Vicki B. Luther. Published by RUPRI Center for Rural development and Heartland Center for Leadership, both in Lincoln, Nebraska, Copyright 2005.

It took me longer than it should have to read this book. I guess too much going on this summer. It is not a long book and one that is written so those with some knowledge of local economic development can easily understand it. I finished the book last night while waiting for my daughters and their friend to get out of the Midnight showing of the movie "Eclipse", so I hope my 57 year old brain retained everything at that wee hour.

This book is a "Must Read" for anyone thinking about developing an entrepreneurial development strategy for a rural community. The authors have, arguably more experience working with rural communities on entrepreneurial development than anyone else, at least in North America.

The book does not only guide one through the process of developing a program in a rural community, It discusses different methods used in different situations and it provides cases from throughout Rural America to illustrate that what is being proposed can and does work. It doesn't stop there however it explains why things do or do not work, how to work with different types of entrepreneurs and it suggests alternatives to try if one method doesn't work in your particular instance.

The book provides checklists and forms at the end of most chapters that can be used or adapted for your community and it provides a website where the reader can go for even more resources or to download the forms and checklists -www.energizingentrepreneurs.org.

I also like that the writers do not pull any punches. They continually remind the reader that all of this is hard work and can only be accomplished over many years with persistence, widespread community involvement and adequate capital.

This is as close to a "How To" book as I have found on the subject of rural entrepreneurial development. I hope you get as much out of it as I did.

Book Review of "Entrepreneurship and Local Economic Development, Edited by Norman Walzer

I just completed reading "Entrepreneurship and Local Economic Development", edited by Norman Walzer, published by Lexington Books, copyright 2007. Each chapter written by different authors or set of authors.

I think the book is really a bit mis-titled. A better title might be Entrepreneurship and Rural Economic Development as the book really focus on what rural communities can do to spur entrepreneurship. The book interested me because I am in the heart of Iowa where many of my clients are rural communities or regions. I may have been disappointed had I purchased this book and were an economic development professional in Chicago, New York or Los Angeles.

The book is really a combination of empirical analysis/rural entrepreneurial strategies and case stuidies. I found it extremely useful, if a bit dated. The book was written in 2007, really not that long ago but given that the whole social media industry has blossomed since then it's difficult to stay current. Several of the authors are associated with the Rural Policy Research Intitute's (RUPRI)Center for Rural Entrepreneurship, whose website www.energizingentrepreneurs.org keeps current on such topics.

I would recommend this reading for any economic development professional, local elected official or community leader in all but perhaps the 50-100 largest cities in the U.S. It is extremely comprehensive, makes a great case for entrepreneurship as "The" economic development strategy.It shows the reader how the strategy can work and where it has been successful.

It also emphasizes a regional approach to entrepreneurial development which I belive is the only way to create critical mass in rural areas. The case study of Appalachian Ohio is a great illustration of how one of the poorest areas in the nation can turn things around! It really shows that any region, with the right strategy, leadership and focus can move their economy into the 21st century.

Have any of you read the book? I'd love to hear what you think.

I am currently reading another book by some of the same authors, "Energizing Entrepreneurs, Charting a Course for Rural Communities by Deborah Markley, Don Macke and Vicki B. Luther. Published in 2005, this book is just slightly older than, "Entrepreneurship and Local Economic Development." It is a bit shorter and seems to be more of a how to guide with case studies to provide credibility. I'll let you know what I think when I'm finished reading it.