Programs hold promise for growth

I was sitting in a committee meeting for a local non-profit last week lamenting the difficult funding situation that many organizations face. As we reviewed the list of corporate donors from five years ago we saw companies that had merged and no longer maintained local headquarters in the area as well as many family-owned businesses that were struggling through this difficult economy or had disappeared entirely. One of the committee members looked up and said, “The answer is simple. We need more people to start new businesses.”

Hickory has long been known as a city with many family-owned businesses, but it’s not been known as a hot-bed for entrepreneurship. But like the trees beginning to bloom in spring, there are signs that this is changing as several programs designed specifically for entrepreneurs have appeared, building the foundation for future businesses.

CVCC’s Small Business Center is currently running FAST TRAC New Venture, a 36-hour program designed specifically for people considering starting a new business. Fourteen participants are working through each aspect of business start-up, from developing their business concept through creating a marketing plan and identifying potential funding sources. As they proceed through the program participants test the feasibility of their business idea to determine if their business can meet their personal, professional, and financial goals.

FAST TRAC was developed by the Kauffman Foundation for Entrepreneurship, the world’s largest foundation devoted to promoting entrepreneurship. Their website ( www.kauffman.org ) provides helpful information and articles to entrepreneurs, as well as access to publications and e-newsletters to keep you updated of activities and news about the entrepreneurship movement.

CVCC has also created the Catawba Valley Emerging Entrepreneurs Club to promote interest within the CVCC community in creating and managing small businesses. The club has hosted a speakers forum with CVCC President Garrett Hinshaw and local business people, and it has presented programs focusing on critical areas for small business such as developing sales forecasts and creating a business plan. In April the club will roll out its Shark Tank program based on the popular ABC reality series, with students presenting their new business ideas to a panel of judges and potential investors. The event is sponsored by Peoples Bank, and presentations are open to the public on April 14 and April 20. Check out the club website ( www.cveec.com ) for more information.

The biggest challenge that new businesses face is access to capital, and the Catawba County Chamber of Commerce is doing its part to help by sponsoring the Edison Project, a competition where start-ups will compete for cash rewards totaling $10,000 plus pro bono benefits from community resources. Applications for the competition are now available at the Chamber website, and will be taken through May 31. A panel of judges will evaluate the new businesses by their ability to anticipate and adapt over time to changing conditions, become income-generating, and be profitable enterprises in Catawba County. For more information or to enter the Edison Project visit the Chamber website ( www.catawbachamber.com ).

Hickory, western North Carolina’s hub of entrepreneurship? Not yet, but seeds are being planted.

Do you have a business question or topic that would make a good column? Send your ideas or questions to me at jeff.neuville@b-assistnc.com and share your business experience with others.