Missouri Small Business and Technology Development Centers Blog

I had a birthday recently. To treat myself, I took off to one of our local shops in search of some of my favorite soy candles and whatever else caught my eye.

Several other women were in the store when I arrived. Each of us wandered, slowly, taking in the scents, sounds and sight of the inventory.

Then a couple arrived. As I listened, I heard the man repeatedly ask, “What did we come in here to get?” And I heard the woman patiently reply, “We didn’t come in here to get anything. We came in here to look.”

The fellow was in pain. You could see it. You could sense it. He really tried to understand. In the end, it was more than he could bear, and he told her, “I’ll be in the truck. Take your time.” And she did.

Women see shopping and buying as a process of exploration and discovery. Men go on the hunt. Once they have their prey, they pay for it, bag it and bring it home. Very little distracts them on the way into the jungle, and even less slows them down on the way out.

This insight is not new. What is timely, however, is the emergence of a group of female consumers who really are having a dramatic impact on the marketplace. Aged 50-70, they are in mid-life at the height of their spending power. Author Marti Barletta, in a book released this year by the same name, calls them Prime-Time Women. (more…)

It doesn’t take a crystal ball to predict that both the opportunities and the pressures created by today’s global economy will continue into the next year and beyond. The economic landscape shifts dramatically nearly every month as a result of changes in workforce, access to capital and availability of new information.

In the midst of this, entrepreneurship has emerged as a powerful engine for economic growth. Entrepreneurship itself is nothing new; the emphasis it is now receiving certainly is. The reason for this intense interest has to do with the growing awareness of the long-term regional employment growth created by entrepreneurship.

Not only do these businesses create new local jobs, they also generate new growth and wealth in their communities. Entrepreneurs use regional assets to build their companies, and they are critical to bringing new ideas and innovation to the marketplace. They are largely responsible for the quality of life we all enjoy.

Entrepreneurs are educated risk takers who reap the rewards for an innovative venture. But unlike corporate CEOs or plant managers, entrepreneurs also bear the consequences of failure if their venture fails. They are managerial decision makers who marshal the resources to create success for their company.

Entrepreneurs enter self-employment for many reasons. They may want to fulfill a dream or create a lifestyle for themselves and their families. They may have a winning idea that will benefit other businesses or society as a whole. These entrepreneurs enhance the mix of businesses in their communities. (more…)

The late Robert F. Kennedy is credited with the following statement: “There are those who look at things the way they are, and ask why; I dream of things that never were, and ask why not.”

Although first uttered in a political and societal context, the words can be applied with equal meaning to our nation’s entrepreneurs. For anyone who has started a business, created a product or developed a technology has asked, “Why not?”

Entrepreneurs have the vision to see what is possible. They have the creativity to develop new approaches to old problems and to muster the right resources in the right combination to bring their dreams to fruition. And, they have the self-assuredness to see the vision become reality, often in spite of seemingly insurmountable obstacles. (more…)

Here in the Small Business Development Center, every retail entrepreneur we talk to bemoans the same problem: “How do I compete against these big guys, particularly at this time of year?”

I can see their point. The parking lots at the big box stores are packed from dawn to dusk. One after another, customers exit the stores laden with gifts for friends and family. The lines inside are long, and the clerks are tired. Shelves are emptying fast, and shoppers who haven’t started their holiday gift buying yet are worried about availability of the year’s most popular items. How can a small business compete? (more…)

Baby boomers – typically defined as those folks born between 1946 and 1964 – are the largest buying group in America. These are the kids who were raised with the instant gratification of television and the advent of fast food. They broke with conventional norms in their music and dress. They came of age during decades of prosperity. They are the children of the Greatest Generation — the World War II vets who came back and went to school on the GI Bill — and the grandchildren of the stalwarts of the Great Depression. With their unique history and high expectations, they present a great opportunity and challenge for today’s retailers.

Thousands of Baby Boomers turn 50 every day. Most of them live in two-income households. They represent the generation with the greatest buying power in the history of the country. Because of good health care, many Boomers plan to continue working into their retirement years, so they will have more to spend and longer to spend it than any group before them. (more…)

Alan McClure majored in religious studies at MU, and when you hear him talk about his new business venture, the unlikely connection between the two begins to make sense.

Alan is absolutely reverential about his business – manufacturing single-origin fine dark chocolate bars. Entering his facility northeast of Columbia is like entering the pristine vestiges of a sanctuary. The place virtually glows. It’s immaculate, bright and cool, and when Alan talks about it and the equipment housed there, you sense you’re on sacred ground.

This is a story of someone who followed his passion and created a business that revolves around it. When asked why, Alan simply replies that he has always loved chocolate and is fascinated by the process used to create the delicacy. Surely, passion for the work is critical to an entrepreneur’s success. But passion alone is simply not enough.

Education is important.

“There are no degree programs in chocolate making,” Alan tells me. “You can’t go to school for this. It’s something you have to learn on your own.”

Which is precisely what he did. (more…)

The April issue of Entrepreneur magazine includes a list of the top 50 new franchises of 2007. Franchising can be an important part of the entrepreneurial experience, and many new business owners opt for franchising as a strategy for business start-up. The list of America’s top franchises generally includes household names like Curves or Subway or McDonald’s. You probably haven’t heard of many of the companies on the list of top new franchises, but their businesses offer a unique look at what’s hot and trendy for American consumers. If this year’s list is any indication, eBay-related businesses and gourmet food are hot. The list of 2007’s top franchises are (in rank order): iSold It (eBay drop-off stores), United Shipping Solutions, Massage Envy, Super Suppers, and Dream Dinners.

“Rising Starts: Introducing the Top 50 New Franchises of 2007″ appears in the April 2007 issue of Entrepreneur magazine and is available on-line at www.entrepreneur.com.

From: The National Dialogue on Entrepreneurship. Check out: http://www.publicforuminstitute.org/nde.

I have a friend who hates to fly. I mean, this fellow is a real white-knuckle flyer. No meditation, medication or tricks of the trade make it any easier for him.

He says it’s because he feels totally at the mercy of things he cannot control. He can’t control the plane, he can’t control the weather, he can’t control the turbulence he feels and the speed at which the plane takes off and lands. He says he feels more comfortable on the interstate because he at least has control of his car. Tell him he’s actually safer in a plane. Doesn’t matter – he still prefers to drive.

This friend has also spoken with me about starting his own business. I counseled caution. When you own a business, one of the things you have very little of is control. Nevertheless, we see lots of potential entrepreneurs who want to start their own enterprise because they want control of their work lives, their schedule and their income. The idea of being one’s own boss has very powerful appeal. And while it’s true you can control many of the decisions surrounding business ownership, what you can’t control are the innumerable variables that you will face as your business grows legs, stands up and walks. You can’t control your suppliers; your customers; the economy; requirements of local, state and federal agencies; the weather. (more…)