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They have great ideas that can change the world, or at least their part of the world.
Unfortunately, that great idea may not be enough. Brent Baker, executive director of the Pend Oreille Economic Partnership, said about 40% of companies fail in the first year and 90% fail in the first five years.
“Most people in business don’t have an MBA and have never really studied the business world,” Baker says. “What they have is a passion for something, a skill and a desire for independence, so they start their own business.”
What they often don’t have are the skills and knowledge to make themselves and their businesses successful. Baker hopes to change that by teaching the fundamentals of business success through PEP’s upcoming Entrepreneurship Bootcamp.
The latest result of these efforts is the economic development agency’s Tuesday Boot Camp. This bootcamp is a full-day event that provides business tips, strategies, and fundamentals, from creating business plans and models, to defining marketing and sales practices, to identifying your desired business culture and leadership style. , or how to best accomplish them.
The workshop will be held in the Community Resource Initiative Center conference room from 10 a.m. to 4 p.m. This workshop is sponsored and offered free of charge to existing businesses, start-ups, and aspiring entrepreneurs.
This is the first of what Baker hopes will be an ongoing series of entrepreneurship and leadership workshops hosted by the economic development agency. The free, full-day event, “Fundamentals for Lasting Success,” includes lunch and a private follow-up session for those who wish to attend. Seating is limited and advance registration is required.
“From what I’ve learned, [over my career] “And there’s a certain set of things that I distill through these programs,” Baker said. “If you can do these things and know these eight or nine things and incorporate and understand what they are and why they are important, then you You can do it.” Shift your chances. [toward success]. ”
Baker said he has found that instead of a 10-20% success rate, companies that know and employ these strategies have a 50-80% survival rate. Baker said these strategies can help entrepreneurs get the most out of their ideas and investments with minimal frustration and time loss.
“There are no guarantees, but the odds are highly tilted,” he added.
This strategy is well known and used by many people, from those who run successful businesses to those who work for large corporations. What he wants to do is take the information that giant corporations know and was taught in his MBA program and share it with local businesses and entrepreneurs.
“If you don’t have a purpose, if you don’t have a strategy, if you don’t know your book, if you don’t know how to differentiate yourself from the competition, you’re tied down,” Baker said. “If all this happens, there is a chance that we will succeed, but there is a high probability that we will not succeed.”
Mr. Baker’s career has included everything from owning and operating his own construction company to leading business on a national level. His areas of expertise include real estate, resort management, ranching, forestry, and investments.
Baker, who has lived in Bonner County since 1977, semi-retired in 2016 and embarked on what he calls his “swan song” career in business consulting, coaching and teaching. That led to the launch of his Elevate Now Consulting in 2020 and certification as a Master His Executive Coach.
Baker, who is now executive director of PEP, said that after he semi-retired, he offered to host workshops to help local businesses have similar opportunities.
At that time, I learned that there had been no executive officer on the board of directors for over two years. That was the beginning of a conversation that led to Baker taking the job.
After taking the position, Baker began looking for ways to share his vast business knowledge and the information he had developed over the years with local businesses.
The ideas he shares are secret, and Baker did not invent them. But throughout his business career, he was in a position to learn from and absorb that information. He has collaborated with industry experts and absorbed their wisdom and coaching strategies.
“I had some really good mentors in my life who showed me the way, and I also realized that I was one strong-willed person with skills and passion. And I discovered that I had a passion for learning. I was still learning too late.”
Baker learned her lesson and learned it well, but she wishes she knew then what she knows now. He wants to help others avoid learning similar painful lessons. Therefore, we will talk about the workshop and why he cooperates with his PEP.
Information: Pend Oreille Economic Partnership: Online, pepidaho.org; email, brent@pepidaho.org or phone, 208-290-7752
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