Resources to Help You

I often hear requests for the latest ideas and trends in entrepreneurship. So, from time to time, this blog will provide links to resources that can help you with your own business prospects.

*Been There, Done That

*Can You Learn To Be An Entrepreneur??

* Austin or Bust!

* Challenges Facing Entrepreneurs

* 10 Tips for a Strong Start

* 9 Way to Prepare for Growth and Success

We hope the information provided here will be useful to you. Let us know what you think!

Ohio County Entrepreneur Club Meeting On Thursday!

Please join representatives from GRADD and the Ohio County Chamber for an organizational meeting of the Ohio County Entrepreneur Club! The meeting will take place on Thursday, March 11, 12:00 p.m. at the Ohio County Chamber Office (1350 Clay Street, Hartford, KY). If you have any questions please feel free to contact us at (270) 926-4433. See you there!

Social Entrepreneurship Offers New Way Of Doing Business

Various economists, sociologists, politicians, and pundits have often argued that the underlying principles of the free market economy(i.e. the pursuit of profit) and the ideals of charity (i.e. helping others without regard for one's own self-interest)are diametrically opposed to one another. On one pole you have the greedy, self-interested business tycoon, who buys and sells goods and services without regard for the human costs of such transactions. On the other pole you see the selfless idealist, who values collective good over that of the individual. These extreme stereotypes are both misleading and potentially irrelevant in the 21st Century due to the fact that a few creative thinkers have decided to think outside the box. In this post, I would like to highlight two of these social entrepreneurs with the hope that some readers within our small GRADD region in Western Kentucky will see that helping others is not an anathema to turning a profit.

Have you ever heard of Muhammad Yunus? Neither had I, but he is truly an amazing humanitarian and businessman. Yunus was trained as an economist at Vanderbilt University, and witnessed abject poverty in his home country of Bangladesh when that nation experienced a severe famine in 1974. During this time of economic and social hardship in Bangladesh, Yunus made a loan $27.00 U.S. Dollars to a group of 42 families so they could create and sell items without having to undertake stringent loan guidelines offered by traditional financial institutions. From this experience, and through his economics research, Yunus founded Grameen Bank to specialize in providing credit and banking services to the working poor. To most people, this would make zero sense. Hypothetically, the working poor do not have the resources nor the collateral to secure loan funds, so why take on the risk? Sounds crazy, right? Wrong. Today, Grameen Bank maintains 2,563 branches and services approximately 81,343 villages throughout Asia, the Americas, and Africa. Grameen has provided $8.86 billion (USD) in microloans, $7.86 billion (USD) of these monies have been fully repaid, and they have a recovery rate of 96.54%! Yunus was awarded the Nobel Peace Prize in 2006 and the Presidential Medal of Freedom in 2009.

Another great example of an innovative and dynamic social entrepreneur is Blake Mycoskie. Mycoskie is the "Chief Shoe Giver" of TOMS Shoes. The story about how he gained such a strange job title is a heartwarming one. In 2006, Mycoskie was a serial entrepreneur (he had started a laundry company, a billboard service, and drivers education website, all while in his 20s), and a former contestant on the reality show The Amazing Race. Following his stint in adventure-reality TV, he decided to return to Argentina for a vacation. He was expecting delicious red wine, excellent food, and was excited to learn the game of polo. However, Mycoskie noticed two things: 1) that the native-Argentinian shoe known as the alpargata was comfortable, versatile, and not available in the United States; and 2) that the majority of Argentinian children he encountered did not wear nor own a single pair of shoes. In poor nations, citizens do not maintain the luxury of automobiles or even bicycles and must rely on their own two feet as their singular mode of transportation. The lack of shoes within these regions perpetuate disease and infections that are otherwise preventable. Mycoskie's entrepreneurial mind went to work. Why not create a business model where for every pair of shoes you sell you then give a pair away to a child in need? He took $500 and created 250 shoe prototypes, and created TOMS:Shoes for Tommorrow. Previously, Mycoskie had anticipated that he would spend the first half of his life making as much money as possible and the second half giving that money away. By converging the concepts of a for-profit enterprise and acts of charitable giving into one cohesive and sustainable business model, Mycoskie has now distributed (as of April 2009) more than 140,000 pairs of shoes to children in Argentina, Ethiopia, South Africa and the United States. TOMS are sold online and in 500 stores nationwide. Mycoskie also encourages participation in the one-for-one movement by his customers by inviting interested individuals to join him on "Shoe Drops." The work of Blake, the TOMS Shoes Team, and the idea of the one-for-one model have been recognized by the Clinton Global Initiative, the U.S. Secretary of State, and numerous others. Mycoskie rightly states that "Business and matters of the heart do not have to be mutually exclusive. That one does not need to choose between passion and business, or the Peace Corps and corporate America, but a blend can exist, and when the model is sound, great things can happen."

As you can see, the perception of what is "acceptable" in the world of entrepreneurship is evolving and changing. Those who are revered in business--Jobs, Walton, Buffet, Ellison, Koch Winfrey, or Zuckerberg--created opportunities by defying convention. Perhaps social entrepreneurs will usher in the next epoch in global business? Could we be on the verge of an era in which profit and goodwill are not viewed as mutually exclusive? Please feel free to share your thoughts on these figures, their business models, and offer your own ideas about social entrepreneurship and what it means for all of us. We want the new incarnation of this blog to not only be about sharing news, events, and networking, but also to facilitate a discussion about the nature of entrepreneurial ideas and what these ideas means for GRADD, Kentucky, the United States, and the world. And, as always, thanks for reading.

19 Blogs You Should Bookmark Right Now

Entrepreneurs are learning everyday that social networking is crucial to business growth through marketing, customer relations, market expansion, etc. Sites such as Twitter, Facebook, the Blogosphere are not merely temporary fads, but could hold a valuable place in the future of American commerce. The folks at Inc. Magazine recently released a listing of the "19 Blogs You Should Bookmark Right Now." Check out these sites here and let us know what you discover.

A NEW Green River Entrepreneur Club!

At its inception, the Green River Entrepreneur Club was met with enthusiasm and great attendance at monthly meetings. The dynamic and dialogue amongst the regular membership was enriching for the entrepreneurial climate for the seven-county GRADD area. However, attendance dwindled as the meetings continued. When we examined the attendance at each of the meetings, we noticed some trends that illustrated the need for outreach throughout the GRADD Region: 70% of attendees were from Daviess County, 17% from Henderson County, 7% from Ohio County, 3% from Union County, and 3% from Webster County. The pressing question that arises from these statistics is simple: How do we tailor the existing Club to aid and assist entrepreurs in each of the GRADD counties? After careful deliberation, we feel that a new incarnation of the club will allow for expanded membership, a diverse range of events, and, ultimately, provide opportunities for all GRADD citizens to achieve their business goals.

The new structure of the Entrepeneur Club involves a two-tiered approach. Our goal is to establish chapters of the Green River Entrepreneur Club in each of the GRADD counties. We hope that each chapter will include local civic and business leaders, young people who are eager to learn about the business world, aspiring entrepreneurs, Chamber of Commerce members, and the like. Moreover, the club chapters themselves will be autonomous and individual to each county. For example, the preference of one chapter may involve monthly lunch meetings that include a speaker. Other chapters may prefer a more relaxed approach that evolves with each meeting. That is the beauty of this type of organization: each club will embody the individuality of the local community! Once these club chapters are established, the existing Green River Entrepreneur Club (operating out of the GRADD Office) will organize and facilitate larger events that bring each of the chapters together for networking, larger speaking events, learning seminars, etc.

Therefore, GRADD is pleased to announce that--with the invaluable assistance of the Ohio County Chamber of Commerce--we will hold our first organizational meeting of the Ohio County Chapter of the Green River Entrepreneur Club on Thursday, March 11, 12:00 p.m. at the Ohio County Chamber Office (1350 Clay Street, Hartford, KY). This meeting will be a strategy session to define the direction of the Ohio County Chapter. We are in the process of planning the organization of additional chapters in other GRADD counties, and will have news on that front very soon!

We hope to see you on the 11th! Please do not hesitate to contact me at joeberry@gradd.com or at (270) 926-4433 if you have any questions.

I'm looking forward to meeting and working with all of you!

--Joe Berry

Kevin Schwartz, CPA to Address Entrepreneur Club

2008 Entrepreneur of the Year, Kevin Schwartz will speak to the Green River Entrepreneur Club on Monday, November 10th at 6:30. Mr. Schwartz will dissect tangled tax regulations and present easy to understand concepts for entrepreneur club members. This is a topic you can not afford to miss. For more information or to RSVP, please contact Adam Lister at 270-926-4433 or adamlister@gradd.com.

GRADD Awards $91,000 to Daviess County Company

On Tuesday October 14th, the Green River Area Development District awarded $91,000 from its Revolving Loan Fund program to Rick and Jill Jones, owners of Livingston Laboratories and Junior Janitorial Services in Owensboro, KY.

The purpose of the Revolving Loan Fund is to finance business expansion and/or renovations of facilities, additional machinery and equipment, and/or working capital. GRADD uses this loan fund to assist eligible recipients located in and seven county GRADD region. For more information or to see if your business qualifies for this low interest loan, please contact Adam Lister at 270-926-4433 or via e-mail at

Future Entrepreneur Club Meetings

The Green River Area Development District, consistent in it's mission to help grow the region's entrepreneurs, is excited to announce the Entrepreneur Club's schedule for the remaining months of 2008.

Buying and Selling Businesses-October

Understanding Taxes-November

Financial Planning-December

Please note, the Green River Entrepreneur Club will not meet in September.

July Entrepreneur Club with Kyle Aud

July's entrepreneur club meeting will focus on the often difficult to manage world of business financing. Business Services Officer, Kyle Aud will help club members better understand how to adequately secure funds essential for their business's equipment, real estate, or permanent working capital needs. Additionally, Aud will discuss the difference between long term and short term debt including how each can affect your business.

As always, all meetings of the Green River Entrepreneur Club are free and open to the public. For more information or to register, please contact Adam Lister at 270-926-4433 or via e-mail at adamlister@gradd.com.

June Meeting to Focus on Business Location

On June 9th, Malcolm Bryant of The Malcolm Bryant Corporation will speak to the Green River Entrepreneur Club about the importance of a business’s location. Malcolm will lead the club through commercial real estate and discuss options available to entrepreneurs and small business owners. Additionally, he will offer suggestions to increase a companies profitability by selecting the perfect location. While now a successful developer, Malcolm started as an entrepreneur and through dedication, hard work, and the faith of his family, he grew The Malcolm Bryant Corporation become the premier local commercial development company and conducts business in more than fifteen different communities and has more than one thousand current, and past, property occupants.

Rep. Tommy Thompson to Speak at Green River Entrepreneur Club

State Representative Tommy Thompson will speak to the Green River Entrepreneur Club on Monday, May 12 at the GRADD office in Owensboro. Thompson, who represents Kentucky’s 14th District in Frankfort, will discuss government and small business, including incentive programs for entrepreneurs. He will also share his personal experiences as a longtime Daviess County entrepreneur. The meeting will begin at 6:00 p.m. with time for networking, and Representative Thompson will speak at 6:30 p.m. The public is invited to attend.

The Green River Entrepreneur Club meets monthly to provide free educational resources and networking opportunities to local small business owners and aspiring entrepreneurs in Daviess, Hancock, Henderson, McLean, Ohio, Union, and Webster counties.

For more details, please contact Adam Lister at (270) 926-4433.

GRADD Awards $50,000 to Union County Roofing Company

On Thursday, March 20th, the Green River Area Development District awarded $50,000 from its Revolving Loan Fund program to C&C Roofing, a metal roofing company located in Morganfield, KY. Principals Scott and Shannon Clements manufacture and install standing seam metal roofing, gutters, down spouts and related flashing. Additionally, they will distribute metal shingles to the residential market.

The purpose of the Revolving Loan Fund is to finance business expansion and/or renovations of facilities, additional machinery and equipment, and/or working capital. GRADD uses this loan fund to assist eligible recipients located in and seven county GRADD region. For more information or to see if your business qualifies for this low interest loan, please contact Adam Lister at 270-926-4433 or via e-mail at adamlister@gradd.com

The Real Estate Deal

By Crystal Detamore-Rodman

Thanks to his friends, landscape contractor Ron DiPietro was well aware of a common real estate loan pitfall that ensnares many unsuspecting entrepreneurs: Seduced by a low interest rate, some companies end up with a short-term commercial mortgage rather than the extended-term, fixed-rate loan they often need over the long run. Having seen friends--and fellow entrepreneurs--experience this problem, DiPietro was determined to not make the same mistake when it came his turn to seek financing for his company, Landscape East & West in Portland, Oregon.

Resolving to think about the big picture and his long-term needs, DiPietro solicited loan offers from a handful of lenders before choosing a $1.5 million, 15-year fixed commercial mortgage from Bank of the West. Says DiPietro, 50, "It gives me peace of mind to know what the payments are going to be over the life of the loan and that I will not have to deal with any fees for refinancing unless I choose [to do so]."

When it comes to commercial real estate borrowing, you can sidestep many potential problems by resisting the urge to make a beeline for your usual lender. Instead, review loan terms from several financial institutions, focusing your search on lenders that specialize in the type of property you're looking to buy. You're likely to find a better financing package from a lender with extensive knowledge of your industry and the property needs that go along with it.

When comparing lenders, be sure to watch out for recall provisions that allow the lender to "call" the loan annually based on changes in your financial circumstances, even if your loan payment history is spotless, warns business financing consultant Stephen Bush. "A commercial borrower [could] be faced with having to refinance their loan at a very inopportune time," he says.
If the process of finding the right lender seems daunting, one option is to let a commercial mortgage broker do the work for you. "A lot of times, lenders only have [a few] loan programs you can fit into," says real estate investment specialist Bill Twyford. "When you go to a mortgage broker, the mortgage broker might have 10 lenders it works with, and each one of those lenders may have five or six [suitable loan programs]. So now you have 50 or 60 [options] that could work."

But the services of a commercial mortgage broker come at a price. They receive a commission based on a percentage of the total amount borrowed, which can range from 1 percent to 4 percent for larger loans and run as high as 6 percent for smaller loans, says Bush.
Once you've picked a lender, hire a commercial real estate attorney who has experience negotiating the type of loan you're seeking. "But don't expect to spend a lot of time negotiating the boilerplate of the lender's documents," says attorney Anne DeVoe Lawler of Jameson Babbitt Stites & Lombard PLLC. "Focus on the business terms, and focus on the big issues in the document that may affect you."While you may be able to persuade the lender to reduce some of the transaction fees, don't make your borrowing decision based on price alone. "The interest rate is rarely the most important factor for the business loan," Bush stresses. "That doesn't mean [you should] ignore it, but a business owner who over-emphasizes the interest rate [will] almost always make multiple mistakes."

Next Meeting...

March's meeting will focus on “E-Business.” Area entrepreneurs and web development companies will, in panel format, discuss the benefits of creating a web presence for entrepreneurships and small businesses. In the technology age, an informative, functional website can significantly improve your businesses chance to grow. Join us March 10th at 6:00 p.m in the GRADD Board Room to learn the helpful tricks to help your site or web based business thrive!

As always, the Green River Entrepreneur Club is free and open to the public. If you are interested in attending, or would like more information regarding the Green River Entrepreneur Club, please contact:
Adam Lister
270.926.4433
adamlister@gradd.com

Ladies Who Launch

The Green River Area Development District will host a small business/entrepreneurial success seminar for women in the Green River region this summer with Ladies Who Launch. For more information, please contact Adam Lister at 270-926-4433 or via e-mail at adamlister@gradd.com.

The Hottest Marketing Trends for 2008

By Kim T. Gordon

Marketers nationwide are setting their plans in motion for 2008. Big-game brands will embrace new technologies and adjust their budgets in some surprising ways. And as an entrepreneur, you can use some of these tactics to reach your own audience in the coming year.

In 2008, you can expect major marketing trends to include:

A shift from traditional to "alternative" mediaAdvertising in newspapers and magazines, and on radio and TV will continue to be marketing staples, but spending in new media will show the biggest growth as advertisers move money into online, mobile and alternative out-of-home advertising. Many marketers are finding alternative media the best way to reach audiences effectively and to yield a measurable ROI. A communications industry forecast published by Veronis Suhler Stevenson predicts alternative advertising spending will increase more than 23 percent from 2006 to 2011, while traditional advertising will have a compound annual growth rate of just over 1 percent.

A growth spurt for interactive marketingInteractive marketing spending will more than triple over the next five years, reaching $61 billion by 2012, according to Forrester Research. To put this into context, interactive marketing, which currently accounts for just 8 percent of all ad spending, will increase to 18 percent of marketers' total advertising budgets in five years.
Interactive encompasses new marketing channels such as e-mail and search marketing, online video ads and social media. Mobile marketing, also a form of interactive media, is getting hotter as consumers become increasingly comfortable using personal computing handsets. Other emerging channels, including game marketing, podcasts and RSS feeds, will claim increasingly larger shares of marketers' budgets.

More off-line support for online campaignsHere's where the value of advertising synergy hits home. In 2008 and beyond, the trend toward using off-line media to drive customers to the web will continue and pick up speed. Traditional media are increasingly relied on to support new interactive campaigns. Display advertising, in particular, will be the workhorse that Forrester Research predicts will reach $14 billion by 2012.
TV is another traditional advertising medium that will increasingly be used to pique consumer interest and point prospects to a website where they can find more in-depth information. Once there, entertaining online video ads may be used to tell a longer, more involved story. Consumer adoption of online video is growing, and most age groups are expected to step up its use in 2008.
Taking Advantage of the TrendsIn 2008, the major marketers who set the trends will help consumers adopt new media consumption methods. And they'll pave the way for small business owners to follow suit without the risk or heavy financial outlay.
Here are four ways to increase sales and your advertising ROI by capitalizing on the hottest trends for 2008.

1. Engage the customer. The move toward alternative advertising versus some of the more traditional methods coincides with the emergence of technologies that enable a one-on-one dialogue with customers. For example, follow the trend of social media by posting your products on sites that encourage customer or peer reviews. Social media add an element of impartiality and are increasingly looked to as reliable sources of information.

2. Integrate your off-line and online campaigns. Look for ways to use off-line media to drive traffic to a website with specialized landing pages that tell a deeper story. Use print and TV ads to start the customer education process and direct potential buyers online to learn more and take the next steps in the purchase process. And direct an e-mail campaign to your current customer database to offset the cost of direct mail. Simply alternate e-mail and postal mail for a cost-effective one-two punch.

3. Move some off-line dollars online. Online advertising now offers a strong alternative to some traditional media, such as print yellow pages. Consider moving some of your traditional directory advertising dollars into online directories and search engines. The vast majority of Americans research their products online before making purchases, so a paid search campaign is an ideal way to make sure you turn up at the top of search results.

4. Follow your customer. Alternative out-of-home advertising opportunities let you place your message wherever your customers go. You can put your name and company logo on the umbrellas used by urban street vendors, or name hiking trails in wilderness areas. The key to using these new opportunities effectively is to place your message where it will appear in the proper context and reach your potential customers when they are in the right frame of mind.
The new year comes full of high-return marketing opportunities. By closely watching the hottest trends, you can make smart choices that let you step ahead of your slower-moving competitors.

How To Trigger Great Ideas

By:Brian Tracy/Entrepreneur.com

A major stimulant to creative thinking is focused questions. There is something about a well-worded question that often penetrates to the heart of the matter and triggers new ideas and insights.
Questions Stimulate Creative Thinking. Some of the best questions I’ve found for business problem solving are the following:
Clarify your desired result Question

#1: “What are we trying to do?” Whenever you become frustrated with slow progress for any reason, step back and ask this again and again.
Analyze your current methodsQuestion

#2: “How are we trying to do it?” If you are experiencing resistance, perhaps your method is wrong. Be willing to objectively analyze your approach by asking, How are we trying to do it? Is this the right way? Could there be a better way? What if our method is completely wrong? How else could we approach it?
Could you be wrong?Question

#3: “Are we right?” It requires courage to face the possibility that you may be wrong, but it also leads to your seeing new possibilities. The rule is: Always decide what’s right before worrying about who’s right.
Question your assumptionsQuestion

#4: “What are our assumptions” about the person, the product, the market or the business? Could we be assuming something that is incorrect? Time management expert Alec Mackenzie once wrote, “Errant assumptions lie at the root of every failure.”
What if your unspoken or implied assumptions were wrong? What would you have to do differently?
Put past decisions on trialAnother form of focused questioning is what I call “zero-based thinking.” This method requires that you regularly put every past decision on trial for its life by asking, “If I had not made this decision, knowing what I now know, would I make it?” If I had not hired this person or gotten involved in this project, knowing what I now know, would I do it over again? If the answer is no to one of these questions, then your aim should be to get out of the decision as fast as possible. Be willing to cut your losses and try something else.
Action ExercisesHere are two things you can do to trigger more and better ideas.
First, be very clear about exactly what it is that you are trying to do. Write it down and describe it as if it were already achieved.
Second, question your assumptions continually. What if there were a better way? Be willing to try something completely different.
This entry was posted on Thursday, February 7th, 2008 at 12:13 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Extreme Entrepreneur Bus Tour

The Extreme Entrepreneurship Tour (EET) is a nationwide tour coming to Owensboro's Riverpark Center on February 5, 2008.


The Green River Area Development District hopes its efforts will help to reach students, inspiring them to write down their goals and the steps to achieve them. The tour’s positive effects don’t stop when we leave the Riverpark Center; all participants are able to continue their relationships with the Extreme Entrerpeneurship Tour through the complimentary use of a web-based contact tool to track goals and form partnerships with like minded individuals.



This rare opportunity is available, free of charge to all area college and high school students. Please visit http://www.extremetour.org/ to RSVP or call Adam Lister at 926-4433 for more information.

Next Meeting...

The next meeting of the Green River Entrepreneur Club will be Monday, February 11, 2008. FBI Supervisory Special Agent Bret Johnson will address the dangers of identity theft. More importantly, he will help you as a small business owner and entrepreneur protect your customers from con artists and identity thieves.

As always, a networking reception will begin at 6:00 in the GRADD board room. The presentation will begin at 6:30. I look forward to seeing you there.
-Adam