Entrepreneurship Week USA – What’s your big idea?

“Many may wonder why entrepreneurship? To put it simply, entrepreneurs and the businesses they form are the underlying building block for our economic engine,” said Glenn Muske, Oklahoma State University Cooperative Extension Service home-based and micro business specialist, and interim assistant director. “Local entrepreneurs bring new jobs, new dollars and new opportunities to a community. All entrepreneurs, whether they build one business or they are a serial entrepreneur building many businesses, are key to economic development.”

A recent study completed by the OSU Cooperative Extension Service, stated in Oklahoma more than 224,000 or 16 percent of all households own one or more businesses. Many of these are small or even micro in size –micro businesses employee less than 10 people – yet, these businesses gross an average of $65,000 and make a $20,000 profit per year. Fifty-four percent reported that their gross and net income had increased from 2005 to 2006.

Entrepreneurs may ask themselves, why start your own business?

Muske said one obvious reason is for income. Yet for many entrepreneurs, income is only part of the picture.

“Forty-eight percent of Oklahoma entrepreneurs are doing it as a way of life and another 25 percent consider it a mix between a way of life and a way to earn income,” he said. “Other entrepreneurs start a business in order to spend more time with family or to be able to use one’s creativity.”

For others, it provides a way to stay in an area where they want to live and more see it as a way to enhance the quality of life within the local community.

To encourage entrepreneurship, especially in youth, an important concept is to introduce them to the possibility of owning their own business as an adult, or even as a youth.

“This means building entrepreneurial concepts and ideas into the programs they are engaged in,” Muske said. “Obviously school is one alternative, but other activities are important as well. Invite youth to share time with local entrepreneurs or encourage them to test the water with an idea of their own.”

With adults, education is the place to begin. In the survey, more than 90 percent of business owners said they had a local Chambers of Commerce, but only 17 percent indicated they were active members.

Chambers of Commerce are in a unique position to develop and mentor entrepreneurs, he said. Local communities can also ensure that regular educational programs are held that cover the basics of starting and operating a business.

“For an aspiring entrepreneur, the message is simple,” Muske said. “What is your big idea? Take it on! There are agencies and people interested and willing to help you succeed. Your local Cooperative Extension Office is a great place to start. Good luck.”

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Katie L. Reim

Oklahoma State University, U.S. Department of Agriculture, State and Local Governments Cooperating: The Oklahoma Cooperative Extension Service offers its programs to all eligible persons regardless of race, color, national origin, religion, gender, age, disability, or status as a veteran, and is an equal opportunity employer.