Entrepreneurs: Born or Made?

September 19, 2011
http://tuoutreach.com/author/clayhickson/

Clay

Entrepreneurs are unique people – but are they born or made?

An entrepreneur is defined as someone who, by risk and initiative, creates a new business venture. Based on this definition we can assume that an entrepreneur has to be proactive and confident in their idea, but is this confidence inherent or a trait that can be learned? This is a highly debated topic and one that is widely researched.

Those who believe entrepreneurs are “born” agree that certain characteristics – like extraversion, willingness to take risks, and innovative thinking –are usually inherited. They state that, while entrepreneurial skills can be learned, the drive to start a business comes from within, and not everybody possesses it. In fact, Northeastern University’s School of Technological Entrepreneurship conducted a study which revealed that 61% had an innate drive to start their own business, and 42% said they started ventures in their childhood.

On the other hand, those who say entrepreneurs can be made believe that relying only on innate traits is not always sufficient. They also agree that most entrepreneurs fail many times, but having some sort of experience and formal training can improve their chances of succeeding. Many entrepreneurs may not be naturally extroverted or be huge risk takers, but having knowledge or experience in business may boost their confidence and encourage them to branch out on their own. Supporters of this theory also have conducted scientific research to back their claim. An entrepreneurial studies professor at Case Western Reserve University conducted a study with 870 pairs of identical twins and 857 pairs of same-sex fraternal twins to see how much of entrepreneurial behavior is genetic and how much is environmental. According to these results, entrepreneurs are 40% born and 60% made.

But is anyone really right or wrong? That will continue to be up for debate.  Ideally, an individual would possess a combination of both innate traits and the proper experience to become an entrepreneur. While having both innate traits and experience is helpful, neither is absolutely necessary.

Entrepreneurs come in all shapes and forms, and have different backgrounds and experiences. People should not let pre-conceived notions of what it takes to become an entrepreneur deter them. In my view, the debate is largely academic. If someone has an innovative idea and can muster the drive required to implement it, they can be an entrepreneur.

And resources like a business incubator such as TowsonGlobal can help either type of entrepreneur.

2 Comments | Entrepreneurship | Tagged: , , , , , | Permalink
Posted by Clay Hickson

Social Media for Entrepreneurs

August 25, 2011
http://tuoutreach.com/author/clayhickson/

Clay

Over the past few years, social media seems to have become an essential part in our lives.   Networking sites have changed the way we interact with the world.  While many sites were created mainly for personal uses, it did not take long for companies to discover the potential for business growth.

Amongst those who have benefited greatly from social media are entrepreneurs and small business owners.  Why?  Because of extensive reach and relatively low cost.   After all, sites like YouTube, Facebook, Twitter and LinkedIn offer access to 1 billion users combined at minimal costs.  And while big corporations have the means to invest in large marketing campaigns to gain recognition, small businesses and start-ups must focus limited funds on more affordable resources.

Social media has become a key marketing tool allowing for more honed targeting of specific new markets.  It can help build awareness and exposure relatively rapidly both locally and internationally.

Lisa Drouillard, owner of My Hopeful Journey, a web-based application for managing infertility treatment programs, says, “Social media has been my primary method of connecting to both my customers and other stakeholders in the infertility community.  I have connected much more easily through social media than by making a cold call.”  Regarding the impact it has had, she says, “Without social media, launching My Hopeful Journey would have been nearly impossible.”

Mark McTamney, owner of BuffTees.com, a small graphic T-shirt company, adds that social media not only has made the process of attracting customers much more organic but also has facilitated customer interaction with the company, allowing him to be more responsive to customers’ needs.


Despite these benefits, many businesses do not explore social media’s full potential because of how time consuming it can be.  It takes time to create a plan that will be effective, and that will offer results over a short period.  People often mistakenly believe that their initiatives will pay off almost immediately while spending a limited amount of time online.  Nowadays, many companies are creating positions in social media marketing because of the important role it plays in gaining exposure and communicating with customers.

While many start-ups and small business owners cannot afford to hire additional employees, having someone dedicated to managing social media efforts could pay off in the long-term.  Both McTamney and Druillard agree that while they do not spend huge amounts of time online, they try to make the most out of their time networking.  “Social media is what I enjoy the most about my business” McTamney says.  “Interacting with my customers is the best part and it is probably the one thing I’d like to continue doing myself.”

Having a business page or blog does not guarantee success.  Like everything else, it takes time, effort, and planning to see results. As Druillard says, “You can’t just put up a Facebook page and expect people to find you”.

1 Comment | Education, Entrepreneurship, Small Business Development, Web Services | Tagged: , , , , , | Permalink
Posted by Clay Hickson

Baltimore “Thinks Big”

June 6, 2011

Clay

Baltimore’s time to think big has arrived! TowsonGlobal and Baltimore area innovators are organizing the first annual Think Big Baltimore, an educational forum where entrepreneurs and investors get together to discuss ideas and opportunities for growth.

This day-long event, hosted at Towson University, will feature expert panel discussions, keynote speakers, and in-depth educational sessions.  Attendees also will have the opportunity to generate new connections, catch up with other entrepreneurs, and share ideas over cocktails and appetizers in a powerful networking session the evening before. Finally, guests will participate in CrowdPitch, an event where selected pitching companies will present in front of a panel of experts and an audience.  Audience attendees will receive $100 of fun money which they can “invest” in their favorite pitching company.   The winner will be selected based on who receives the most “money”.

Events like Think Big Baltimore keep entrepreneurial spirit alive, create more jobs, generate opportunities for start-ups and small businesses, encourage innovation, and promote competition—all necessary for the Greater Baltimore area’s growth and success. Do not miss out on the opportunity to receive valuable advice from experts, or network with peers and investors.  Regardless of the stage a business is in, whether it is just an idea or a reality, Think Big Baltimore will be place to be!

The event will start with a networking reception on Tuesday, July 12th at 6:00 pm, followed by a day-long conference on July 13th, 2011, at Towson University. Use TowsonGlobal’s code 07132011 when you register, to get a special discount.  For more information, please visit http://www.thinkbigbaltimore.com/

Leave a Comment » | Community Outreach, Education, Entrepreneurship, Events, International Business Development, IT, News, Small Business Development | Tagged: , , , , , , , , , , , , , | Permalink
Posted by Clay Hickson

Getting it Right: How to Write a Winning Executive Summary

February 9, 2011

Clay

Research shows it only takes about 17 seconds to make a lasting impression. When you first meet someone, you only get a few glimpses of their personality, but it is enough to make you either want to learn more or to make you lose interest.

The Executive Summary works in a similar way.  It is the very first impression you give to a potential investor and the most important part of a business plan. So, how do you write a winning executive summary?

The main purpose of an executive summary is to explain your business in a clear and concise way.   Investors, CEOs, and lenders are busy and the executive summary may be the only thing they will ever read.  Tell the reader where your company is and where it’s headed, but most of all, show why you think your business will succeed.  Do not explain your entire plan, but highlight the key points.  Providing meaningless details is a mistake that small businesses often make.  Also, clear your vocabulary of superlatives and clichés; avoid using terms like “the best,” “groundbreaking,” “cutting-edge,” and “world class.”  Investors see these words too often; they hold no value and might make your project’s weaknesses much more evident. Be straightforward.

Photo credit: SXC, Brian Griesbaum

To make a powerful argument, you have to structure the summary in an organized way. A successful executive summary should have the following key elements:

  • a description of your company, including your products and/or services
  • your mission statement
  • your business’s management/the team
  • the market and your customer
  • marketing and sales plans
  • your competition
  • your business’s operations
  • financial projections and plans

To write the executive summary for your business plan, start by following the list above and writing one to three sentences about each topic.

Trying to describe your entire business in only a few pages isn’t easy, but if you wait until you have finished the business plan, the executive summary will practically write itself. Once you’re done, ask a friend or someone else to review it.  If they seem bored, or have no idea of what your business is about, then it will probably have the same effect on investors.

To view executive summary templates, and for additional information, visit TowsonGlobal’s Entrepreneurs Portal.

Leave a Comment » | Business Analysis, Education, Entrepreneurship, Events, International Business Development, Small Business Development, Students, Training | Tagged: , , , , , , , | Permalink
Posted by Clay Hickson

TowsonGlobal Announces Business Plan Competition!

November 4, 2010

Clay

Lots of people have innovative ideas, some of us just don’t know how to turn those ideas into money making businesses.  What if you had the chance to take your idea and WIN access to the resources you need to turn that idea into a successful business?  That opportunity is here.

To encourage small business growth and innovation, TowsonGlobal, Towson University’s Business Incubator, is launching an exciting new Business Plan Competition.  The grand prize winner will receive a 90-day Resident membership valued at $5,000 (includes office space, mentoring/advisory services and more), plus a CASH prize!

Competition entrants must be pre-start up or early stage innovative businesses or entrepreneurs who have a fairly well developed idea or technology and are interested in receiving support to develop the business. The competition is open to Towson University Faculty, Staff, Students, and the general business community.

Here’s how the Business Plan Competition will work:

  • Round 1: Entrants will submit a 3-5 page executive summary by February 7, 2011.
  • Round 2: Six finalists will be selected, and they will have one month to finalize their full business plans.
  • Round 3: The winner will be chosen on April 11 when finalists present their plans to a panel of university and business experts.

Business Plan Competition details, eligibility requirements, and timeline can be found under The Entrepreneurs Portal at www.towsonglobal.com.

Questions?  Attend one of the following information sessions to learn more about TowsonGlobal and the Business Plan Competition:

  • Thursday, November 11, 2:00 p.m.-3:00 p.m.
  • Wednesday, November 17, 5:30 p.m.-6:30 p.m.
  • Friday, December 3, 10:00 a.m.-11:00 a.m.

To RSVP for an information session call 410-769-6449 or email info@towsonglobal.com.

Wondering what should be included in your business plan?  Helpful information and templates can be found at TowsonGlobal’s Entrepreneurs Portal, a one-stop online resource for those looking to start and run their own business.

5 Comments | Business Analysis, Community Outreach, Education, Entrepreneurship, Events, International Business Development, News, Small Business Development, Students, Training, TU Faculty & Staff | Tagged: , , , , , , , , | Permalink
Posted by Clay Hickson

CrowdPitch: A Great Way to Support Startup Companies

July 6, 2010

Clay

On June 16, 2010, TowsonGlobal collaborated with Funding Universe to bring CrowdPitch to Towson University. The event gathered more than 70 entrepreneurs and investors in an entertaining and dynamic setting, where selected companies were given four minutes to pitch their ideas to a panel of experts and a live audience.  A brief, three-minute Q&A session followed the presentation, in which the entrepreneurs were able give more in-depth information about their business plans. Audience members also received $100 in “fun money,” which they could use to “invest” in the company of their choice at the end of the program.

As many as 55 companies applied to participate in the free event, but only five were selected to present:  ArtiNNet Corp., MYiLIVE. Port Networks, Tots2Tweens, and WinTheTrophy.  The winner was selected based on the number of votes received from the audience and the panel of judges:  Dave Troy, Baltimore Angels; Rick Faint, Evergreen Capital; Laura Gamble, Skipjack Partners; and  Adam Suri, Maryland State Department of Economic Development.

The Pitchers

The “pitchers” were ArtiNNet with VoicePass, mobile software that uses voice recognition security; MYiLIVE, a personalized boutique shopping website; Port Networks, smart WiFi technology; Tots2Tweens, a web directory for parents; and WinTheTrophy, a legal sports betting and social gaming site.  All presenters were well prepared, eloquent and very passionate about their ideas and most received positive feedback from the panel.  In the end, ArtiNNet won and received $8800 worth of prizes, including accounting/financial services, startup support counseling, Amazon web services, and will be profiled in FundingUniverse’s newsletter that is distributed to 120,000 subscribers.

TowsonGlobal Involvement

 

TowsonGlobal’s staff also participated in the event and got the opportunity to interact with all attendees. “ This is the first time I have been to an event like this.  I was excited to be a part of it.  Now I understand how hard it is to find investors and get a business going!” says intern Lissell Paredes.  Intern Aaron Robinson adds “It was very informative; I didn’t know events like these existed and I’m glad I got to experience it.”

“Overall, CrowdPitch was a learning experience for everyone present, a convenient way to get advice from experts, and a great opportunity to build connections,” says TowsonGlobal Director Clay Hickson.

To see if a CrowdPitch event is coming to a city near you, click here!

CrowdPitch at Towson University

Leave a Comment » | Business Analysis, Entrepreneurship, Events, International Business Development, News, Small Business Development | Tagged: , , , , , , , | Permalink
Posted by Clay Hickson

TowsonGlobal…in Residence

June 9, 2010

Clay

Neighborhoods, ideally, are social communities with considerable face-to-face interaction among residents. Neighbors often act as a resource or offer support when it’s needed the most.  What about in the business world?  It’d be nice to be able to walk next door and find invaluable resources at your disposal, especially for the small business owner looking to expand in this tough market.

Many business incubators provide a whole host of services for start-up ventures such as facilities, workshops, counseling, networking and organizational support, but there is more. TowsonGlobal, Towson University’s International Incubator, goes even further by providing both Resident and Associate member companies access to a variety of in-residence experts that provide creative, inexpensive, and effective counsel necessary to succeed.

Among the good neighbors “residing” at TowsonGlobal are:

CFO-in-Residence
Carol L. Coughlin
CEO/Founder, BottomLine Growth Strategies, Inc.
Attorney-in-Residence
Steven Tiller
Attorney at Law, Whiteford, Taylor, Preston, LLP
Entrepreneur-in-Residence
J. Gary McDaniel
President & Board Member (former), TerraWatt Power, LLC
VP Sales-in-Residence
Scott B. Turnbaugh
President/Founder, Eagles View Consulting LLC
  • The CFO-in-Residence advises on financial and accounting questions, and assists with many strategic business issues.
  • The Attorney-in-Residence counsels on a broad range of legal topics from contractual issues to intellectual property rights protection.
  • The Entrepreneur-in-Residence assists with a variety of strategic issues, including business plan fine-tuning or strategies and contacts for those seeking investment funding.
  • The VP Sales-in-Residence helps in navigating sales challenges, ranging from exploring new sales opportunities to building and managing a sales team.

Tapping into the one-on-one support such specialists as these who have years of experience in numerous fields and industries can make a tremendous difference!

To find out how you can become a member of the TowsonGlobal neighborhood, check out www.towsonglobal.com.

Leave a Comment » | Business Analysis, Community Outreach, Economic Analysis, Entrepreneurship, International Business Development, Small Business Development | Tagged: , , , , , , , , , , , , , , | Permalink
Posted by Clay Hickson

Turning Gloom into Bloom

April 20, 2010

Clay

In these tough economic times, everyone is feeling it.  Some families are watching their budgets, eating dinner at home more, and maybe not getting that new iPad they wanted.  Individuals are not the only ones feeling the pressure, so are businesses.  While big companies may be having cutbacks and layoffs, small businesses also are struggling.  Along with everything else, marketing budgets are tight, so companies are forced to be creative.

One company that is working to turn a challenging situation into an opportunity is Transcending Cosmetics, a TowsonGlobal incubator member company,  through the launch of its new marketing campaign “Turning Gloom into Bloom.” The initiative strives to use every opportunity to stretch marketing dollars and incorporate a variety of tools to help build awareness of the company’s revolutionary all-in-one foundation/concealer Natural Cover and the services of Linda Seidel—Pioneer, Makeup Artist, Author, Educator and Aesthetic Rehabilitation Specialist.

The campaign includes:

  • Partnerships with health professionals and special interest groups like Vascular Birthmarks Foundation
  • Radio talk show appearances such as “Woman Talk Live” and “Your Prescription for Health”, both on WCBM
  • Presentations to groups such as the Lupus Foundation Mid-Atlantic
  • Exploration of new media tools by engaging a consultant to help set up an easy-to-manage social media initiative that will include a corporate Facebook profile
  • Limited targeted advertisements such as in the program book of St. Joseph Medical Center’s gala event A Night with the Stars where Linda also did makeovers on cancer survivors

The campaign is also geared to giving back to customers and the community.  Transcending wants every man, woman and child to have an opportunity to feel confident about the way they look, so they are donating consultations, gift certificates, and time.  The company looks for a variety of avenues through which to share information on how to accentuate one’s best features, and how to deal with some of the common complaints that people have, such as dark under-eye circles, uneven skin tone, and rosacea.

Even in these rough times, companies can prevail and turn a very gloomy situation into a blooming success.

Read more about Transcending Cosmetics and the “Turning Gloom into Bloom” marketing campaign here.

1 Comment | Business Analysis, Economic Analysis, Entrepreneurship, International Business Development, News, Small Business Development | Tagged: , , , , , | Permalink
Posted by Clay Hickson

Follow

Get every new post delivered to your Inbox.