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Digest of the
Proceedings: UAA-ABM Executive Forum Opening Remarks Thomas R. Case, Dean “The entrepreneur is the heartbeat of business growth, one who organizes, operates and assumes the risk in a business venture in the expectation of gaining a profit. Growing entrepreneurs means a dedication to nurturing the capability to think and be creative in a business environment. About 18 percent of businesses in Alaska are sole proprietorships. These thrive and grow based on entrepreneurial know-how. The people who are starting off at this executive forum are in a position to give us the distillation of their experience in this exciting and important branch of business.” Scott McCracken “Alaska is a young state. There are an abundance of young presidents and vice presidents of companies. They are free thinkers, not bound by the stodgy traditions of Wall Street. Being in a state with $27 billion in the bank account, and an even larger store of resources, stimulates people to think in terms of large visions and to look for ways to capture opportunities. There is still a feeling in Alaska that great things are possible. How can the university help to grow entrepreneurs in Alaska? I have five suggestions: 1. “Eliminate the legal impediments to professors working with businesses to commercialize their inventions. 2. “Bridge the gap between university people with expertise and the businesses that need them. The aviation program and the logistics program are good examples of this working. 3. “Raw ideas have trouble getting the initial capital they need. For example, Lance Ahern had to go to California to capitalize and grow Internet Alaska. 4. “We need more effective networking opportunities to build synergy within entrepreneurial interest areas. High Tech Alaska is trying to do that for the technology sector. 5. “We need to create business incubators to accelerate growth of good ideas into good businesses and support them through the start-up phase. We really need a few of these, not just one all-purpose generic model. “Entrepreneurs have a vision, they are willing to take some risk, and they need to recognize and admit their limitations and get the right kind of help. Greed kills entrepreneurs!” Dr. Michelle Williamson Executive Director, UAA Business Enterprise Institute “How can we promote entrepreneurship in Alaska? How do rich nations become so wealthy? A consistent theme of wealthy nations is the importance of technological innovation in raising living standards. At the UAA Business Enterprise Institute, we promote entrepreneurship in Alaska by providing education, mentorships and a business entrepreneur environment. There are several ways to support technology-based business development in Alaska:
Education: Communication and Collaboration Leadership:
“Our educational institutions provide: a) “Education for entrepreneurship, b) “Intellectual properties for licensing, technology transfer and commercialization from research c) “Institutes such as the BEI to support entrepreneur endeavors “Our business community provides: a) “Leadership, mentorship, internship opportunities b) “Capital for companies, both start-ups and existing ones for expansion. “Our public leadership should be providing: a) “A strong message for entrepreneur opportunities b) “Tax benefits for companies c) “Healthy communities for workers “Our civic leaders should be providing: a) “Every and anything they can, they are an invaluable asset. “Economic growth in Alaska will come either by transfer of entrepreneurial activists from outside of the state, or we can develop and promote economic development through entrepreneurial activities within the state.” Patricia M. DeMarco “The challenge for an entrepreneur is not beginning a business, but sustaining a business until it is successful. Eighty percent of new business start-ups fail before five years. However, small businesses comprise the most significant part of the growing cutting-edge of the economy. Established businesses also need to cultivate internal entrepreneurship to stimulate growth and fresh responses to the changes in the business environment. Successful entrepreneurship requires the right balance of risks to reach a reward. “Successful entrepreneurship requires a strong sense of confidence, self reliance and determination. Between competitors with relatively equal financial and market positions, the one with greater determination and commitment to success is more likely to reach the goal. A successful entrepreneur often has a glow of charisma that comes from a deep commitment to the vision of the business, and can communicate the excitement of that vision to others both within the organization and outside. Entrepreneurs are passionate and focused on their goal, and always sensitive to opportunities to pull resources and other people into their vortex. “One of the most serious problems an entrepreneur faces is the 100-percent-of-zero syndrome. The transition to a successful business often requires an entrepreneur to ask for help. At some point, the personal fortitude of the founder needs the help of a skilled team. The initial financial and bookkeeping functions mature into a finance department; personal promotion turns into a marketing department. Knowing what you don’t know and obtaining the right kind of help requires humility and willingness to share ownership. Knowing where to find the expertise and assistance you need is another key. The College of Business and Public Policy at UAA provides the tool kit for business success: accounting, economics, finance, business management, marketing, computer and information systems, and supply chain management. The Small Business Development Center, right in the middle of the business community, has hands-on assistance for any who ask. The entrepreneurial and business community can tap these resources on a continuing basis to keep up with the changing times.” DISCUSSION Pat Gamble, president, Alaska Railroad Corp.: “ . . .inspiration is a significant component of entrepreneurship, and all entrepreneurs need to be good leaders to succeed.” Calling the CBPP for specific business assistance can help immediately. He took an Alaska Railroad management problem to an MBA class and received good recommendations from the students that helped him solve the situation. Chuck Akers, executive director, Rural Development Council: “We need to focus on ways to generate opportunities in rural villages that will result in business formation. Some communities are just too small to stand alone without connection to a wider area.” Hans Roternik, businessman: “Generation X and the millennium generation have created more new businesses than the last two generations combined. Entrepreneurs are limited by the availability of venture capital.” Jeff Staser, co-chair, Denali Commission: “ We need to move away from government as the source of the economy.” He noted that Julie Kitka, president of the Alaska Federation of Natives, and others are looking at Alaska as an emerging economy and evaluating how we can learn from others around the world in similar situations. The upcoming Winter Cities Conference will provide opportunities for collaboration, he said. Carol Heyman, Chugach Electric Corp.: “We need to be sure entrepreneurs have a good source of skilled workers. This also limits existing business growth, or forces them Outside for the right kind of labor.” Mark Korting, Re/Max Properties Inc.: “The university needs to provide specific things that businesses actually need. For example, I would like to be able to send people there for a real estate degree.” Tom Hawkins, COO, Bristol Bay Native Corp.: “ . . .is looking at a portfolio of businesses, many of them entrepreneurial developments. The SBDC (Small Business Development Corp.) model of ‘training without walls’ is a good model for vocational education as well.” Shane Langland, president, Eagle Enterprises Inc.: “Based on my experience as a small business owner/entrepreneur, Alaska needs two things to support entrepreneurship: first, a fiscal plan for a balanced budget at the state level, and second, a developed work force from which we can draw employees.” Closing Remarks Vern C. McCorkle, Publisher “Entrepreneurs are an essential component of a sustainable economy for Alaska. It is important to connect the parts of Alaska to each other to increase the size of the local markets, and to create larger market units for goods and services. We need to maximize the advantage of our global connections, and we need to build the capability of the Native corporations who control the largest part of the non-government owned lands. We need to sharpen our brain power and work smarter to bring Alaska’s future into a sustainable mode.” |
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