SBV Entrepreneur Network

Sustainable Business Ventures (SBV) has created the SBV Entrepreneur Network. Please JOIN for FREE http://www.entrep.net/app/join/SBV. Here is a link to an Oveview and Login Information: www.sbventures.org/Login

The Sustainable Business Ventures (SBV) Entrepreneur Network connects entrepreneurs to each other, to mentors, investors, technical service providers, educational resources, professional trainers, and consultants to start and grow businesses. SBV invites business owners, mentors, consultants and support organizations to connect from all over Kentucky and beyond.The SBV worked with stakeholders to design, implement and interpret results of a study examining the resources available for entrepreneurial companies in Kentucky.  The Study of the “Entrepreneurial Climate” was scientifically designed to gauge the entrepreneurial environment in Kentucky as viewed by active entrepreneurs. The goal of the study is to determine the past awareness and perceived effectiveness of programs designed to help the entrepreneur and what changes need to be made to provide better assistance to the entrepreneur.

IQS Research, in Louisville, designed the survey which has now been complete by over 840 entrepreneurs and small businesses in Kentucky. Our team reached out to all key trade and professional groups and services providers including the Small Business Development Centers; Chambers of Commerce across Kentucky; Kentucky Chamber of Commerce; Kentucky Association of Manufacturers; Kentucky Association of Economic Development; and the Kentucky Innovation Network.

The following were some of the objectives of the study:

  • Test the perceived effectiveness of current programs
  • Test the awareness of current programs
  • Capture a large enough sample as to provide statistical significance
  • Provide meaningful data on what the needs of the small business

Here are some of the results:

(1) On a scale of 1 to 10, how would you rate Kentucky’s state government in helping entrepreneurs start and grow businesses? 
Thirty-eight percent of respondents thought the state of Kentucky was doing a poor job and only 25.7% feel the state is doing a good job.

(2) “How interested would you be in joining a network of entrepreneurs that advocates exclusively for small businesses and organizes networking events and connects you with other like-minded entrepreneurs and small business owners?
Sixty-two percent of respondents were interested to very interested and 85% were somewhat to very interested in joining an Entrepreneur Network.

(3) Who do you turn to when you need help with your business?
Twenty-six percent of respondents get help from Friends/Family/Professional Peers; 15% accountants; 13% banks; 13% lawyer; and 10% Trade/Professional Association.

(4) How did you fund the startup of your business?
Forty percent said they used savings; 21% Business loan; 12% credit cards; 10% loans from friends & family; 7% Friends and Family investors; 7% home equity loan; 2% angel investors; 2% Crowd funding (Kickstarter, Kiva, GoFundMe); and 1% Venture Capital.

(5) In thinking about the current challenges facing your business, rate each of the following that impact your business? 
Taxes 51%; Staffing 35%; Marketing 46%; Finding Customers 49%; Regulations 40%; Funding to Grow 55%

(6) Which Government Regulations have the most negative impact on your business?
Workplace Safety & Health (44%); Environmental (44%); Employment & Labor 41%; Worker’s Compensation (41%)

(7) How did you come to own this company?
Seventy-seven percent of survey respondents started the company; 10% purchased the business from someone else and 13% came to own their business by other means.

(8) What was your main reason for starting/purchasing this company?
Thirty percent of the survey respondents had always wanted to own a business; 16% were going through a job transition; 27% had a new idea; and 28% had other reasons.

Please JOIN the SBV Entrepreneur Network: http://www.entrep.net/app/join/SBV. Here is a link to an Oveview and Login Information: www.sbventures.org/Login