Curt's Corner: Developing the Entrepreneur
By Curtis Nelson, EDC President and CEO
When asked what the EDC does, the explanation generally comes down to growing new and existing businesses as part of our area's economic development efforts. But the true value I believe the EDC provides is the development of the entrepreneurs themselves. Successful entrepreneurs create additional businesses and inspire other successful entrepreneurs, thereby creating a sustainable entrepreneurial culture.
On a weekly basis, entrepreneurs and would-be entrepreneurs come through our doors; over 300 of them to date with a dream, or many already running a business. Their hope is that we can provide some level of guidance or support to further their endeavors.
Our job is two-fold. One, we need to understand the business situation, and two, we need to understand the profile of the entrepreneur themselves. If we only do number one, and start giving direction on how to help the business without considering the entrepreneur' s capability to understand and execute on that guidance, we will fail. Actual communication occurs when both parties hear and understand the same thing. Learning occurs when communication is translated into repeatable action.
At the EDC, we operate much like a doctor's office. We start by taking the entrepreneur's vitals, but instead of blood pressure and temperature, we ask some common questions and try to understand what they believe to be the state of their business venture. Beyond that, each patient or entrepreneur is unique. Some are quite capable of writing their own business plan, performing their own market research or crafting their own investor presentation, while others require more hand holding and guidance. We recognize that and adjust accordingly each and every time.
Kirk Taylor, serial entrepreneur and founder of Express Auto Delivery, an EDC client, has said to me before that other organizations fail to see the importance of developing the skills of the entrepreneur. "When you develop the entrepreneur and teach him or her the skills that they lack, then you end up getting more creativity out of the entrepreneur, " stated Taylor. "This ultimately improves the business as well as any possible future endeavors," he adds.
If we are going to build a sustainable entrepreneurial culture, it is essential that we develop entrepreneurs one at a time. The results will be exponential for our communities.
