Entrepreneurship in St. Louis

As I have mentioned before in previous blog posts, St. Louis is becoming a big entrepreneurship ecosystem. While it isn't as big as Silicon Valley, it offers plenty of opportunities and benefits for motivated individuals trying to start a small business. I would like to inform all my readers about some of the entrepreneurial options or programs they might be interested in.

For those of you at Saint Louis University I recommend visiting our center for entrepreneurship website. Regardless of you major, there are plenty of options and connections for you to use. One interesting program to look at is the Blue Diamonds Accelerator. While at SLU, you can receive funding for an existing business or idea you have. This program will provide training, mentoring, and support in order to help current students. There are also competitions where you can win money and meet important investors so be sure to check that page out.

The St. Louis Regional Chamber (2017) says, "the city has been the launching ground for many of America's biggest and best companies." Theres a reason so many startups, small businesses, and big companies exist in St. Louis. This is all due to the environment the city and its officials create. They understand the importance of bringing in new ideas and businesses. Thats why there is cheap office space for rent in areas where entrepreneurs can meet one another. If you are truly interested in starting a business in the city, look into these clusters of entrepreneurs and see if its right for you.

This is my last blog post. I'd like to thank all my readers for following my posts, and I hope you have learned something from me.

-Gavin Whitford

References

Entrepreneurship & Innovation. (n.d.). Retrieved April 14, 2017, from http://www.stlregionalchamber.com/work/innovation-entrepreneurship

Elevator Pitch

You're in an elevator going up to do an interview for an internship with a company you love. By chance, the CEO of the company is riding up the elevator with you. This is chance to impress him/her and make an important business connection. You've got maybe thirty to sixty seconds to impress the CEO with your credentials or maybe even your business plan. What do you say? What are the most important things to cover?

The Business Dictionary ("Elevator Pitch," n.d.) defines an elevator pitch as "a very concise presentation of an idea covering all of its critical aspects, and delivered within the duration of of an elevator ride." Practicing an elevator pitch will allow you to show the value of your idea without rambling on and on. By preparing an elevator pitch you not only have a script to use, but ensures you will only include the most important aspects of your business idea.

Saint Louis University offers the unique opportunity to participate in an elevator pitch competition. Five years ago they started their competition with real students and real pitches in the second tallest building in Missouri, the One Metropolitan Square skyscraper. To summarize you must submit a youtube video of you explaining your idea in 30 seconds. If you're selected to move on you will get the opportunity to ride up the skyscraper with wealthy judges. Even if you don't win the competition you can meet important business contacts. Check out the site for more information if you are interested.

References 

What is elevator pitch? definition and meaning. (n.d.). Retrieved April 07, 2017, from http://www.businessdictionary.com/definition/elevator-pitch.html

Writing a Business Plan

If you've started a business before or have even tried, then you probably have some experience writing a business plan. As I've mentioned in my blog before not all entrepreneurs come from money. Therefore, it is important for them to try and get investors and to successfully raise money you need a formal business plan. Even if you don't need funding it is important to create one. For those of you who aren't familiar with a business plan, it is a written document detailing the logistics of your business. It includes your business idea, competitors, target audience, future action plan, and much more. They can range from ten to twenty pages depending on the industry and if you're using it to get investors or just for yourself. If your idea is very technical it could be much longer than a standard business plan.

It is extremely important for entrepreneurs to know how to write a business plan. It is the key to successfully starting a business and getting funding. As a junior studying entrepreneurship at Saint Louis University, I have already had to draft two business plans. My individual business plan was several pages while my group one was over sixteen pages not including graphs, tables, or charts. From my experience I recommend anyone trying to write a business plan to research as much as possible. You don't want to mess up an interview with investors or start a half-assed business. The U.S Small Business Administration (2017) recommends that you project three to five years into the future for these documents. They also provide more detailed information about the parts in a business plan.

I'd like to finish my blog by including a snapshot of a business plan template. Generally there will be many parts in a business plan, but it will vary from industry to industry so make sure to do some additional research.

References 

How to Write a Business Plan | The U.S. Small Business Administration. (n.d.). Retrieved April 03, 2017, from https://www.sba.gov/starting-business/write-your-business-plan

Nature vs Nurture

Are entrepreneurs born or made? Does it have anything to do with genes or is it the environment you grow up in?

A popular belief is that entrepreneurs are born creative and destined to become successful. I don't think its quite that simple. It all goes back to the nature versus nurture argument, but I believe both genetics and your environment play a role in becoming an entrepreneur. Research by the University of Minnesota has highlighted the significance of genes on our personality and traits. They study identical twins who have been separated at birth. This allows them to observe how different environments and cultures account for differences in behavior. Their research has shown that identical twins who have been separated still have similar personalities. Although they have proved genetics play into someones characteristics, they have pointed out that environment does account for the variation in personalities.

While being creative is a must for entrepreneurship, many other characteristics can be learned or improved through experiences and school. I don't think entrepreneurs are some special breed of humans, they're just individuals passionate about their ideas and improving the world. If you are considering becoming an entrepreneur then take a look at 8 tips from Tamara Monosoff (2010):

1. Take a stand for yourself
2. Identify the right business for you
3. Make a business plan
4. Know your target audience
5. Build a support network
6. What kind of money/fundraising will you need
7. Know what value your product offers
8. Get the word out

In addition to my blog post, I would like to promote an interesting blog by a classmate of mine. Joe writes about music and his latest post covers the invention of headphones. It goes into detail about the components of headphones and their importance. If you're a big music fan or want to learn more about the industry visit his blog.

References 

Monosoff, T. (2010, July 19). So You Want to Be Your Own Boss... Retrieved April 03, 2017, from https://www.entrepreneur.com/article/207488

Lewis, T. (2014, August 11). Twins Separated at Birth Reveal Staggering Influence of Genetics. Retrieved April 03, 2017, from http://www.livescience.com/47288-twin-study-importance-of-genetics.html