Entrepreneur Task Force was established in 2007 with the purpose to encourage and assist entrepreneurs to develop or expand new and existing businesses.
The Entrepreneur Task Force is always seeking new members to help build upon and implement its objectives and goals.
Entrepreneurship Strategies
GOAL: FOSTER ENTREPRENEURIAL EFFORTS
Efforts to foster an improved climate for entrepreneurship should focus on raising community awareness of ongoing entrepreneurial activities
and increasing support for existing and potential entrepreneurs. The Tri-state Area should be encouraged to develop, share, and
capitalize on their entrepreneurial talents. The following objectives are focused on increasing entrepreneurial awareness and activity :
- Objective 1: Increase the visibility and viability of entrepreneurial activities in the area.
- Objective 2: Inventory and enhance business services available to entrepreneurs.
- Objective 3: Tap the entrepreneurial energies of all age groups.
Objective 1
Increase the visibility and viability of entrepreneurial activities.
Recommendation 1:
Create networking, leadership, recognition, and funding programs for entrepreneurs.
Actions:
- Identify existing organizations that provide services for entrepreneurs and review formation of a steering committee.
- Reach out to entrepreneurs and invite them to join the task force that 1) communicates with GREDF and other organizations on matters of importance to entrepreneurs, 2) advocates for necessary support services, and 3) provides entrepreneurship networking opportunities
- Review creation of an Entrepreneur of the Year Award to celebrate the accomplishments and contributions of successful entrepreneurs.
- Host entrepreneurship summits on a regular basis to allow for networking and sharing of insights.
- Capitalize on enhanced awareness of area entrepreneurship to foster the creation of an angel investment network supporting entrepreneurs.
Objective 2
Inventory and enhance business services available to entrepreneurs.
Measurements:
• Assessment of services in the coming months.
• Creation of section of Tristate Summit site for communication efforts.
Recommendation 1:
Inventory key business services currently available to entrepreneurs in the region.
Actions:
- Identify key services for entrepreneurs (e.g., startup assistance, legal, marketing, financial, accounting).
- Conduct an inventory of these services and, in concert with the development of the Entrepreneurship portion of the website.
Recommendation 2:
Assess the state of entrepreneurial services in our region.
Actions:
- Compare existing suite of services supporting entrepreneurs to those available in regions deemed most supportive of
entrepreneurship. - Prepare a list of services that need enhancement in the region.
- Work with economic development stakeholders to enhance these services.
Objective 3
Tap the entrepreneurial energies of all age groups.
Recommendation 1:
Review development of a youth‐focused entrepreneurship‐education program.
Actions:
- Review existing education programs and develop a program focused on needs of the area.
- Review possibilities for a pilot entrepreneurial education program for our area’s youth.
Recommendation 2:
Tap the entrepreneurial experiences of our growing community of retirees.
Actions:
- Invite retirees to actively participate in the activities of the task force.
- Work with SCORE to identify additional areas of assistance.
For more information on entrepreneurship in Illinois, Iowa, and Missouri, review the information below.
Frequently Asked Questions
Do I have what it takes to succeed in business?
You will be your own most important employee, so an objective appraisal of your strengths and weaknesses is essential. Some questions to ask yourself are:
- Am I a self-starter?
- How well do I get along with a variety of personalities?
- How good am I at making decisions?
- Do I have the physical and emotional stamina to run a business?
- How well do I plan and organize?
- Are my attitudes and drive strong enough to maintain motivation?
- How will the business affect my family? Can I support myself and my family during the early stages of the venture when cash may be short?
Few people start a business with all of the bases covered. Honestly assess your own experience and skills, then look for partners or key employees to compensate for your deficiencies. Also identify key business resources such as your local Small Business Development Center that can provide assistance, ideally early in the planning process.
https://www.illinois.gov/dceo/SmallBizAssistance/Pages/default.aspx
http://www.scciowa.edu/business
What is a business plan, and why do I need one?
One of the most important things to do before starting your business is to plan and research your idea to ensure that your business has a favorable chance for success, will meet your expectations, and will provide an adequate reward for the risk involved. Sound business planning will indicate whether you should proceed with investing your financial and other resources, as well as those of lenders and/or other investors.
The business plan helps you evaluate your business on paper to determine if the idea is worth the investment of more time and resources. It precisely defines your business, identifies your goals, and serves as your firm’s resume. It describes the products and services you will sell; the customers to whom you will sell them; the production, management, and marketing activities needed to produce your offerings; and the projected profit or loss that will result from your efforts. It is critical to validate your beliefs before committing to a lease, leasehold improvements, purchase of real estate, equipment and inventory, etc.
Another important benefit of the planning process is that you will project the amount of financing needed for start-up and the early stages of your business. This gives banks and investors the information needed before a credit decision is made, making the business plan a useful tool in securing capital before start-up.
The business plan is not a static document used only for short-term planning and financing; it is a constantly evolving strategic tool that should be applied to management decisions throughout the life of the business. For assistance:
http://ildceo-loc.custhelp.com/cgi-bin/ildceo_loc.cfg/php/loc/enduser/loc.php
http://www.scciowa.edu/business
What legal aspects do I need to consider when starting my own business?
Licenses required, zoning laws and other regulations vary from business to business and from state to state. Your local Small Business Development Center (SBDC) office, economic development organization or chamber of commerce will provide you with general information, but you will need to consult your attorney for advice specific to your enterprise and area. You also must decide about your form of organization (corporation, partnership, limited liability company or sole proprietorship) or tax status (e.g., should you opt for a Subchapter S status?). For assistance:
http://ildceo-loc.custhelp.com/cgi-bin/ildceo_loc.cfg/php/loc/enduser/loc.php
http://www.scciowa.edu/business
Do I need a business license to operate?
There are many types of licenses. You need one to operate legally almost everywhere. If the business is located within an incorporated city limits, a license may be necessary from the city; if outside the city limits, then from the county. For more information about licensing in contact the county or city clerks office. Your local Small Business Development Center (SBDC) can help you determine if you need a state and/or federal license to operate.
http://ildceo-loc.custhelp.com/cgi-bin/ildceo_loc.cfg/php/loc/enduser/loc.php
http://www.scciowa.edu/business
How do I get a state I.D. number?
The organizational id number for an Illinois corporation is the corporate file number. You can go to the corporate search area on the Business Services website, search the corporate name and the file number will be available on the search results. LLC file numbers can be obtained through a search on the Business Services website also. LP file numbers have to be obtained through an abstract. Fee is $10 for an abstract, $20 for expedited results. The LP Division can be contacted at (217) 782-6961 Ext. 7737. This information is required to be listed on filings under the revised Article 9.
Find information on local business services at:
http://www.cyberdriveillinois.com/services/services_business.html
http://www.scciowa.edu/business
How do I get a federal I.D. number?
The Federal Employer Identification Number (EIN) is required of all businesses not operated as a sole proprietorship. The EIN is issued by the Internal Revenue Service. For information and application go tohttp://www.irs.gov/businesses/small/article/0,,id=102767,00.html
http://ildceo-loc.custhelp.com/cgi-bin/ildceo_loc.cfg/php/loc/enduser/loc.php
http://www.scciowa.edu/business
How do I register a business name?
When the business name is different from the owner’s full legal name, the “Assumed Name Act” requires you to register the business name with your county clerk’s office, regardless of the structure of the business.Business names for other than a sole proprietorship are usually registered with the Secretary of State. Find information at and Department of Professional Registration:
http://www.cyberdriveillinois.com/services/services_business.html
http://www.scciowa.edu/business
Can I operate a home-based business out of my home?
In any location with zoning the business must be in an area with proper zoning. This can be learned by contacting the City Clerk or County Zoning Officer. In areas without zoning regulation it is advisable to check with the City or County Clerk for any location restrictions or registration requirements.
http://www.scciowa.edu/business
Where can I find information about how to hire employees?
Choose your employees carefully. Decide before hand what you want them to do. Be specific. You may need flexible employees who can shift from task to task as required. Interview and screen applicants with care. Remember, good questions lead to good answers-the more you learn about each applicant’s experience and skills, the better prepared you are to make your decision. For more information on hiring employees visit:
http://www.scciowa.edu/business
Where can I get information about small business taxes?
Business owners are required by law to withhold the following from the wages paid to employees: federal income taxes, state income taxes and FICA (Social Security) Insurance. Income taxes will also be levied by the federal and state governments on earnings of any business. Therefore, each business must file an income tax return with both agencies. Businesses may be required to file estimated tax returns and pay estimated taxes on a quarterly basis.
For federal tax information: http://www.irs.gov/businesses/index.html
U.S. Internal Revenue Service (IRS): www.irs.ustreas.gov You can go to IRS’s website area for business taxes or call your local IRS office to receive a number of publications that are available upon request to small businesses. One of the most helpful is Your Business Tax Kit, which includes data and forms for a Federal Employer Identification Number and a tax guide for small businesses that can be ordered by calling Forms and Publications at (800) 829-3676 or through a visit to your local IRS office. For State tax information: www.revenue.state.il.us
You may want to contact your local Social Security Administration Office,www.ssa.gov/regions/regional.html, for (FICA) Insurance information.
http://www.revenue.state.il.us/Businesses/index.htm
http://www.scciowa.edu/business
For more FAQ’s about starting your own business, visit: http://app1.sba.gov/faqs/