This year, hundreds of organizations will join together in an unprecedented effort to inspire and encourage young people to consider entrepreneurship as a career choice and to celebrate America’s unique culture of inventiveness during EntrepreneurshipWeek USA, Feb. 24 – March 3, 2007.

EntrepreneurshipWeek USA will include events and activities in communities across the country to inspire, educate and prepare young people, primarily ages 14 to 25, to be America’s next great entrepreneurs and innovators. With the theme,” What’s Your Big Idea? Take it On!” the initiative is designed to serve as an inspiration for young people to think creatively and to turn their ideas into action – whether that means starting a new business, developing an innovation for an existing company or solving a problem that makes society better. Official events are being planned in cities across the county, culminating in Washington, D.C., where the focus will be on the importance of policy to the nation’s entrepreneurs.

EntrepreneurshipWeek USA is being sponsored by the Ewing Marion Kauffman Foundation and by government, not-for-profit organizations and businesses.  A large number of partner organizations are joining the effort as well, each of whom will host and organize activities to help young people see their potential as creative, entrepreneurial thinkers and innovators.
 

Equity Financing

Small businesses often start out with debt.  Bank loans, credit cards, and/or money borrowed from friends or family are often the sources of a business’ start-up funds.  The unfortunate catch-22 to all of this is that although a business needs money to start and grow, the most precarious time for any business is that initial start-up period.  Amidst all the worries about planning, growing, and wondering whether or not the business will succeed, the last thing the business owner wants hanging over his or her head is the worry of how and when to pay back those loans.

An alternative approach to business financing has emerged in recent years, however, in the form of Equity financing.  The Northeast Entrepreneur Fund's Micro Equity Fund gives entrepreneurs the chance to succeed while working on the start and growth of their business with little or no debt.

How does the Micro Equity Fund work?  You, the entrepreneur, will work with our staff to develop your ideas and create your business plan.  If you meet our Micro Equity Fund program criteria, we will then become an investor in your business.  Once you are officially ready to forge ahead and establish a business location, purchase your equipment, build your inventory, and/or launch your marketing campaign, we will contribute financing of up to $20,000.  This is not a loan; rather, it is an investment by the Northeast Entrepreneur Fund.  By making this investment, we become a shareholder in your business. 

Due to the risks involved in being an investor, we are highly selective about this process.  We will only invest in businesses that have been thoroughly planned and researched and demonstrate a high chance for success.  If the business succeeds, we will receive a pre-determined percentage of your profits.  If for some reason the business fails, our investment is lost; however, you will not be saddled with years of debt.

For more information on equity financing for your business, call our Micro Equity Fund manager, Lee Anderson, at 218-749-4191 ext. 312 (800-422-0374 toll-free), or email lee@entrepreneurfund.org.
 

Small Business Administration
Programs & Services Seminar

If you are new to business or thinking about starting a business, and would like to learn more about the U.S. Small Business Administration (SBA), join a web conference call on Wednesday, January 17th at 10:00 a.m.  Participation is FREE and open to the public.

This workshop will help you gain a better understanding of the various SBA programs and services that are available to prospective or current entrepreneurs who need assistance in starting or expanding their businesses. General information will be provided on the following programs and services:

- Procurement Assistance
- Business Development Assistance
- Financial Assistance

The training is available at your desk through your phone and computer. Simply dial the toll-free number to access the audio part of the program (a speaker phone is recommended, if possible) and go to a web-site for the visual presentation. If you do not have access to a computer, you can still participate by calling in.

If this is your first ReadyTalk Conference, it is recommended that you test your browser compatibility and network connection prior to the conference by logging onto: http://www.readytalk.com/test.html.

To participate in the actual conference:

From your telephone:
  1. Dial: 866.740.1260.
  2. Key in the access code 3050802 & press #.
  3. You will be prompted for your name.

On Your Computer:
  1. Logon to http://sba.readytalk.com
  2. In the participant log-in, type 3050802 in the access code field.
  3. Click on “Join”.
  4. Enter at least your name as requested.

Conference lines are limited to the first 75 callers. If you are unable to access the call, email Minneapolis.MN@sba.gov and SBA staff will make arrangements for a second call. We hope you’ll take advantage of this exciting program!
 

Trade Director's Roundtable

DATE/TIME: Friday, January 5, 2007, 8:30 – 10:30 a.m.
LOCATION: Holiday Inn Hotel & Suites (Lyric Room II), 200 West First Street, Duluth
FEE: $15 (includes breakfast)
TO REGISTER: Contact Jackie Geiger at 651-297-1317 or Jackie.Geiger@state.mn.us
 

This Month's Featured Entrepreneurial Resources… 

http://www.city-data.com

Features a very comprehensive database of information about all U.S. cities, including photos, maps, demographics, businesses, and much more.  This website makes marketing research fun and easy to do!
 

http://www.irs.gov/smallbiz

A one-stop resource for small business owners and self-employed individuals.