Small Business and Community: What They Bring and How We Can Support
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This document summarizes a presentation about small businesses and entrepreneurship in North Dakota. It notes that small businesses, defined as having fewer than 500 employees, make up 96% of all businesses and 60% of the private workforce in ND. Both small businesses and entrepreneurs contribute significantly to the state's economy through job creation and by keeping spending dollars local. The presentation discusses the roles of community and corporate social responsibility and how supporting small, local businesses can benefit both businesses and communities. It outlines several roles for extension services in North Dakota to play in enhancing entrepreneurship and small business development, such as providing resources, marketing assistance, mentorship, and helping eliminate common myths about entrepreneurship.
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Small Business and Community: What They Bring and How We Can Support
- 1. Glenn Muske Rural and Agribusiness Enterprise Development Specialist Glenn.Muske@ndsu.edu Small Business and Community CCV Webinar Wednesday April 27, 2016
- 4. And the story is still true! ND Story 67, 677 Small Businesses (96%) + 18,561 farms/ranches (59%) (under $100,000 in sales)
- 5. 2008 Data *May be in both categories US Average 21% Proprietors*/# of employees
- 6. 2008 Data Average Entrepreneur Income US Average $28,638
- 7. What’s a small business? And how do small biz differ from entrepreneurs?? And which do we want? Answers 1. Small business – A common measure: Less than 500 employees 2. 4 common elements: Innovation and planning behaviors + lifestyle and risk attitudes - Terms used interchangeably. 3. Both
- 8. Goal: Enhance Economic Engine of ND CARES Model Create Attract Retain Expand Success
- 9. Economic Sector Objectives: Jobs $$ CSR Access to products and services Quality of life Build communities that attract Add value
- 10. Jobs • 182,314 jobs – 60% of the private workforce • 95.9% of all state’s employers
- 11. $$$ • Money spent outside of community - $0 return • Money spent local chains/franchises - $.43 sticks around • Money spent in local businesses - $.68 sticks around And the funds that stay around, circulate 1.6 to 2.4 times
- 12. CSR Defined (Community/Corporate Social Responsibility) Corporate social responsibility (CSR) is a business approach that contributes to sustainable development by delivering economic, social and environmental benefits for all stakeholders. • 3 Dimensions • Responsibility to consumers, employees and shareholders • Responsibility to environment • Responsibility to broader community • Theoretical Perspective – Enlightened Self-Interest Model • Big issue - Free rider problem
- 13. CSR Measured • Gauged by: • Business commitment to community* • Personal leadership in the community • Community collective action • Business support** * - Areas where financial support comes into play
- 14. CSR Brings to Business: Recognition Goodwill Higher employee morale Enhanced ability to attract new customers Enhanced ability to attract new employees Increased collaboration More customers More return customers Customers as ambassadors Greater feelings of success
- 15. CSR Brings to Community: Individuals and Families Community Morale Services and Products Quality of Life Elected Officials Volunteers New Ideas
- 16. Access to products and services Quality of life Build communities that attract
- 17. Add Value
- 18. One Role for Extension: Help with
- 19. Second Role for Extension Be an Ambassador! Market!!
- 20. Traditional Marketing Online Marketing Promotion PaidPR One-on-one & Networking Word-of- mouth & Reviews Reputation YOU Marketing: Use All the Tools
- 21. Third Role for Extension: Ignite the Passion
- 22. Fourth Role for Extension: Facilitate Learning –Any Time and Any Place
- 23. Eliminate the Myths Free Money Get Rich Quick! If you build it, they will come. You have to be born an entrepreneur “I’ll have all this free time…” It gets easier.
- 24. Other Potential Roles • Awareness and promotion of the small business role • Watching for ideas and opportunities • Networking and connecting – i.e., Chamber of Commerce, Industry contacts • Market development • Resource gathering - $$, data, people, etc. • Mentoring • Locating support services • Best if on-going and long-term • Possibilities include: • Coach • Mentor • Friend • Sounding board • Advisor
- 25. Resources NDSU • Center for Community Vitality – Growing Economies • Manufacturing Extension • Small Business • https://www.ag.ndsu.edu/smallbusiness • Starting Your Own Food Business in North Dakota • Carrington Research Station • Extension Horticulturist Specialists and Others • High Tunnel Project
- 26. More Resources North Dakota • ND Dept of Agriculture • ND Farmers Market and Growers Association • ND Dept of Commerce • State Bank of ND • ND Sec of State • ND Division of Tourism • Entrepreneurial Center for Horticulture • ND Health Dept. • ND Tax Commissioner Federal • USDA Rural Development • Small Business Administration – SCORE – Small Business Development Centers
- 27. Glenn Muske Rural and Agribusiness Enterprise Development Specialist Glenn.Muske@ndsu.edu May, 2016 Comments?? Questions??