Missing Ingredient: Entrepreneurs

The title of this blog was the title of an article in the business section of yesterday’s Cleveland Plain Dealer. “Experts” said that what is missing from Cleveland is seasoned entrepreneurs, and that entrepreneurial leaders need to be imported from the coasts and from abroad. While there may be a leadership void for the very few companies that aspire to, and may have the capability of, becoming the next Google, the problem with entrepreneurship in our region, or for that matter, many regions in the country is not leadership for large entrepreneurial companies, but leadership support for the millions of small entrepreneurial ventures.

Incubators, early stage funding, and venture capital groups focus on a miniscule number of start-ups – typically in technology, polymers, or bio-technology – that have the potential (slim, but still potential) of hitting home-runs. Ohio provides funding for technology start-ups, but good luck if you need money for developing and marketing something as a low-tech gun lock that may prevent many children from being accidentally shot.

There are thousands of un-glamorous business concepts that sprout daily but wither on the vine because nobody cares. Those that do take root provide employment for thousands of people. How many more thousands could be employed by small firms if the firms could receive support and even small amounts of grants or other funding? These small firms do not require executives brought in from silicone valley. They need local support, training, advice, and money.

Consider the impact of even micro businesses that are run from home. The government estimates that there are over 20 million home-based businesses with an economic impact of over $350 billion dollars. Many of these businesses provide work not only for the owner but others in the community.

Almost daily I see non-glamorous business ideas, with real market potential, that are just waiting for a modest amount of seed money.

The void we have is a lack of vision and leadership to help the majority of small buisinesses.