Entrepreneurial opportunities have increased significantly throughout the US, including right here in Lenawee County. Economic experts note that the barriers to entry into the market have fallen, making it easier than ever to start a company. There has also been an increase in access to capital for startups including crowdfunding and a variety of investment funds. Lastly, many governments, educational institutions, and economic development organizations have created accelerators, training programs, and other initiatives to boost the chances of success for startups.
Lenawee County has a growing entrepreneurial ecosystem that supports businesses from the very first idea to the scaling of an organization. One such resource is an innovative course on entrepreneurship that is available to Adrian College students. Dr. Oded Gur-Arie, Professor of Entrepreneurial Studies and Director of The Grunewald Institute for Entrepreneurial Studies, splits his class into groups of students to develop a business idea, conduct research, and develop a business plan to present to a panel at the end of each semester.
Last week, Lenawee Now’s Jim Van Doren, Tim Robinson, and Gary Clemetson served on the panel that the students presented to, along with Dr. Gur-Arie, Dr. Jeffrey Docking, President of Adrian College, and Professor Jennifer Ellsworth, Associate Professor of Marketing and Director of the Institute for Creativity.
“I was very pleased with the presentations,” said Jim Van Doren, Executive Director of Lenawee Now. “The students put in a great deal of effort on their business ideas and we look forward to exploring several of them that we think could be viable businesses.”
Students developed business ideas in a range of industries, from innovative tech or engineering to service-based. Each group presented their ideas then received pointed questions from the panel. Students also shared how they could move their idea ahead, including what types of resources and funding they would need to turn their idea into a business.
“Often, entrepreneurs get stuck on how to move their idea forward,” said Gary Clemetson, Director of Entrepreneurial Services for Lenawee Now. “I thought the students did a really good job of telling us what the next steps would be to launch their idea.”
The class helps students apply the principles and knowledge they have learned in other classes in a very tangible way. “Students came up with real-life problems to solve,” said Tim Robinson, Director of Operations for Lenawee Now. “Students could see needs in the marketplace and turned them into opportunities.”
Some of the groups even identified barriers that are the same barriers many businesses are facing today: problems with workforce skills and availability, needing additional customer discovery and research, and developing innovative ways to move ahead on a small budget.
Visit our entrepreneurial section to learn more about the programs that are available to entrepreneurs that want to start or expand their business in Lenawee County.