More tools asked for entrepreneurs (4/29/05)

Helping develop and grow business entrepreneurs — including those who show potential while still in high school — could help create a more vibrant business climate locally.

That finding was part of an entrepreneurial community assessment completed by a team of business students from Ball State University and reported to a local committee and local leaders Thursday afternoon at the administrative offices of the Jay School Corporation.

Among the recommendations made by the students and their professor were to put in place training and tools to help those who want to start or expand a business, including training, loan funds and support.

The committee, which was formed by Jay County Development Corporation, also agreed to help coordinate and arrange a test program in which students at Jay County High School who show potential as entrepreneurs would be paired with a mentor student from Ball State.

“You have an energized community, and it’s been ... a joy to work with this group and county,” Jeffrey Hornsby, Ph.D., who supervised the entrepreneurial community assessment completed by four students.

Those students also had praise for the community they spent researching.

“To see this community go out and make its own success is inspirational,” said Jacob Schpok, a senior business major from the South Bend area.

Also working on the assessment were BSU students Skyler Fort (Indianapolis), Dustin Oberlin (Fort Wayne) and Jessica Lacy (Cicero).

Other highlights from the recommendations made by the students include:

•Create/enhance local entrepreneur training.

•Identify and train local leaders.

•Take steps to stem “brain drain,” or the outward migration of graduates.

•Expand services provided by JCDC and small business development resources.

•Work with other counties on a regional basis.

•Continue to obtain feedback from outside sources.

Hornsby, in opening remarks, noted that it had been one year to the day since he had first discussed the assessment process with Bob Quadrozzi, executive director of JCDC.

The findings and recommendations will be included in an overall strategic development plan that is also being coordinated by a team from Ball State.

One of the recurring themes of the report was that the chamber of commerce is a valuable resource that is under-utilized.

Charlie Freel, a retired Portland Forge executive who has been active in the Portland Area Chamber of Commerce, asked Hornsby and the students, “Does your group recommend a countywide chamber of commerce?”

“I think for counties like Jay, in the long run, that would be the best strategy,” Hornsby said.

The idea of a countywide chamber was floated during development of JCDC’s last five-year strategic development plan in the late 1990s, but was eventually transformed into creation of the community developer position.

That position, which has been filled since its creation by Wayne Bailey, has focused largely on helping with grant applications.

Another suggestion in the report, one which has already been acted upon, is to attempt to put more business tools in one place.

Five local entities — JCDC, Jay County Community Development, the Portland chamber, Jay County Visitor and Tourism Bureau and Jay/Portland Building and Planning — are moving into the Jay Pride Building on South Meridian Street in Portland across from the post office.

“It’s nice to see these recommendations and cross them off the list,” said local banker Barry Hudson, who owns the building.

The possibility of selling the building to the city of Portland has been discussed. Portland Mayor Bruce Hosier said this morning that he will propose that the city purchase the building. Cost estimates are $300,000 to $330,000, Hosier said.

Prior to the purchase, two appraisals of the building would have to be made. The city could not pay more than the average of those two appraisals.

The city council would have final say on the purchase, which would be made through economic development income tax funds.

Among the local challenges to entrepreneurs identified in the assessment were a lack of venture capital and a lack of integration in business development services.[[In-content Ad]]