Entreprenomics

Mission - Purpose - Vision

Center for Entreprenomics

Executive Summary

In January 2005 the Board of Directors approved a recommendation from the Strategic Planning Group that the organization develop a business center that will serve as a regional clearinghouse of information and resources for entrepreneurs and a support system for new business development in North County.

Every business starts out with high hopes for success, and entrepreneurs spend vast amounts of time, energy and creativity to make that success a reality. Unfortunately for most start-up businesses, that hoped-for success never materializes. About 70 percent of all businesses fail within the first two years and for certain industries, such as the restaurant industry, the failure rate is even higher.

Business failure results from a number of reasons, but the most common factors contributing to business failure are:

Poor Planning

Big picture, the two primary reasons for business failures are a lack of knowledge in business planning and management and the lack of adequate capital in the start-up phase.

The risk of business failure will be reduced if the entrepreneur takes adequate time to prepare his start-up and imposes adequate measures to evaluate the operation once up and running. The problem of insufficient funding and cash flow management can lead to excessive borrowing and consequently, businesses become insolvent because their liabilities (borrowings) are higher than their assets. Misjudging expenses and revenues is common and is often why entrepreneurs fall into financial distress.

Before the entrepreneur starts a business, to ensure the business gets off to the best start, it is important that they have sufficient finances, a sound business plan, and access to sound management advice.

In North County, several disparate groups are available to entrepreneurs but no one group brings together comprehensive access and referral to all of the needed resources: planning support, funding solutions, management counsel and expertise, subject area expertise such as HR, legal, accounting, operations, sales and marketing.

Project

The Center for Entreprenomics will fill this void, functioning as an initial contact point for entrepreneurs or aspiring entrepreneurs seeking assistance and information. The Center will also serve as a clearinghouse to coordinate resources and refer clients to the most appropriate provider in its membership community.

Services available from the Center’s member-partners constitute a full range of business offerings including: finance programs, technical assistance, management training, assistance with procurement programs, technology training, international trade counseling, information on obtaining government contracts, workforce development and training, human resources counseling, sales and marketing program development

The Center will continuously evaluate the effectiveness of its services and training for entrepreneurs with rolling client surveys at regular intervals. The survey results will provide valuable information on business start-ups.

Through the establishment of the Center’s Mentors’ Team comprised of seasoned and successful local entrepreneurs, the Center will connect San Diego North’s established business community and entrepreneurial leaders with those just setting out.

Finally, the Center will be working closely with California State University San Marcos to take advantage of its extensive resources. The Office of Extended Studies is in the process of developing a certificate program to complement the mission of the Center for Entreprenomics that is focused on teaching entrepreneurship through workshops, equipping students and staff with practical entrepreneurial and enterprise skills.

The Center will also be working closely with the local Chambers of Commerce. Many of the Chambers currently offer coaching, training and mentoring for their members. The Chambers are well equipped to provide the new start-up with valuable contacts and introductions to local business people. The goal is to have as many of the Center’s clients join their local Chamber as possible.

Goals and Objectives

§ Provide Entrepreneur Support System and Network

o Business development and training programs

o Access to service providers, a mentoring team and incubation facilities

o Emphasizes the needs of high-tech / bio-tech and creative class entrepreneurs

o Supporters and member-partners care deeply about helping our entrepreneurs succeed.

§ Be a Catalyst for Innovation

o Facilitate entrepreneurial innovation by leveraging the speed, agility, and creative power of our corporate partners and government agencies

Commercialize Technology

o Advance new concepts and intellectual property

o Connect entrepreneurs with government and corporate contacts to accelerate commercialization

Be a Source of Inspiration and Opportunity

o Create opportunities for youth and disadvantaged to work with and learn from our entrepreneurs.

o Plant the seeds for building dreams and achievement of future entrepreneurial success

o Develop the knowledge workers of the future - the engineers, scientists, and mathematicians -- that San Diego North needs to support the next waves of innovation.

Drive Hispanic Entrepreneurship

o Contribute to the quality and quantity of knowledge of Hispanic Entrepreneurship by stakeholders who are committed to supporting the Hispanic community.

o Develop and maintain a network for the interchange of resources, guidance, image, opportunities and information concerning Hispanic entrepreneurial activities; such as development of training and research tools, informational databases, and learning aids.

o Develop methods and procedures that help in the understanding and dissemination of knowledge of the entrepreneurial process and purpose.

o Define and promote the role Hispanics play in the local entrepreneurial environment.

Key Components

Community Contact and Outreach - SDNEDC
Initial client survey with follow up surveys every 6 months – SDNEDC
One on one consultation – SBDC, SCORE, WBC

Training and Development Programs

o Business Planning – SBDC, SCORE, Mira Costa / Palomar Colleges, CSUSM, Consultants

o Business Operations - SBDC, SCORE, Mira Costa / Palomar Colleges, CSUSM, Consultants

o Leadership and Management - SBDC, SCORE, Mira Costa / Palomar Colleges, CSUSM, Consultants

o Accounting / Bookkeeping - SBDC, SCORE, Mira Costa / Palomar Colleges, CSUSM, Consultants

o Marketing - SBDC, SCORE, Mira Costa / Palomar Colleges, CSUSM, Consultants

o Sales - SBDC, SCORE, Mira Costa / Palomar Colleges, CSUSM, Consultants

o Customer Services - SBDC, SCORE, Mira Costa / Palomar Colleges, CSUSM, Consultants

Entrepreneurial Certificate Program – CSUSM Extended Studies
Mentoring Teams – Local Entrepreneurs with demonstrated success
Financial Fitness Training – SBDC, FBCS, Community Housing Work
Funding Sources - ACCION, FBCS, CDC, Banks, Credit Unions, Private Investors
Educational Seminars and Forums – Open

Timeline

January – April 2005: Conduct research, identify community partners and determine available resources. Prepare guidance document to establish goals, define resource allocation and set deadlines for project development.

ay – June 2005: Set launch date. Work on branding and develop identity/image (logo, etc.) Create survey and establish system for data collection. Build a referral process that is functional. Perform test run to work out the bugs. Develop marketing program for launch.

uly – December 2005: Take first clients on a trial basis.. Evaluate processes and identify any bottlenecks. Collect client data and analyze for first report in January 2006.

January – December 2006: Launch Center. Continue to take new clients and refer to Center providers. Collect data for analysis and reporting. Evaluate program for success and make necessary corrections. Continue to build provider network.

E-mail: info@entreprenomics.com