The Co|OPERAtive Phase Four Terrence McLaughlin | Declan O’Hern | Emily Pensak | Grant Robinson | Daniela Vega !1
Table of Contents Executive Summary
3
Background
4
Competition
5
Direct Competition
5
Indirect Competition
6 8
Brand Analysis Business Model
8
Target Analysis
10
Hypothesis
10 11
SWOT Analysis Strengths Overview
11
Weaknesses Overview
12
Opportunities Overview
12
Threats Overview
12
Secondary Research
14
Primary Research
18
Survey
18
Focus Group
19
Secondary Research Insights
21
Primary Research Insights
23
Recommendations
26
Conclusions
27
Bibliography
28
Appendix
29
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Executive Summary From the first day, the goal of our research was to create a positive brand perception that prompted community members to join the coworking space and encourage potential investors to increase company revenue. In just two months post-meeting with the client, Jason Cox, our communications team made significant progress in identifying and implementing a strategic course of action to address the desires of the client. We discovered valuable information from competitive profiling, target demographics, market analysis, and other research techniques that allowed us to hone in on significant insights into the Business Incubation industry. Throughout our research, we’ve set out to answer three main questions: 1. What’s the best way for the client to connect with it’s target audience? 2. What does the target audience want the client to offer? 3. Which message should resonate best with the client’s target audience? Our research uncovered the educational value that business incubators provide, and elected to use this element as the focal point for continuing research and insights. Our team hypothesized that the CoOperative would best benefit by marketing and promoting these educational benefits of membership. The company can offer prospective members an opportunity to learn more about networking, problem solving, management, and business growth. We believe that by conveying this message on social media through graphic and video promotions, the CoOperative can effectively display the company’s features to increase its success.
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Background The Rise of Coworking Spaces A co-working space is more than just a desk or office to work at. Most of these spaces are heavily linked to a sense of community, collaboration, and personal growth. This means that this buying into this category is a high involvement purchase and consumers are spending more time finding the right co-working space for not only their “working space” needs, but what they need out of the community they’re getting involved with. Because coworkers are constantly together sharing ideas, collaborating on projects and potentially founding companies together, consumers must really find a good fit for what they hope to get out of the experience. Co-Working Spaces Are Expanding • According to co-working magazine Deskmag, there will be over 10,000 co-working spaces by the end of 2016 (Foertsch). • Growth in the industry is also proven to mean opportunity for expansion. 62% of those who owned a co-working space reported wanted to expand their spaces because of additional demand (Foertsch).
(Foertsch) Because of The Co|Operative’s recent emergence into the industry, it’s imperative that we learn from other, more established organizations in order to predict challenges The Co|Operative may face in its first year of business. We will also apply lessons from competitors’ successful strategies into The Co| Operative’s brand identity and our communication recommendations. The great thing about new businesses in established fields is the ability to learn from others who have paved the path before us while shaping our own unique message.
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Competition The Co|Operative competes with similar business incubators throughout Alamance County. While none are located in Graham, American Underground, Mercury Studio and Bull City Co-Working are all located in Durham and share similar business models. The Co|Operative also faces stiff competition from HQ Raleigh and HQ Greensboro. There’s also indirect competition in the form of local businesses that offer cafe spots popularly used as work spaces. Spots closest to Graham with Starbucks-like qualities include Mex-Am Cafe and the Roasted Coffee Depot. Because of the Co|Operative’s recent emergence into the industry, it’s imperative that we learn from other, more established organizations in order to predict challenges the Co|Operative may face in its first year of business. Direct competitors of the Co|Operative include American Underground, Mercury Studios, HQ Greensboro and HQ Raleigh. Indirect competitors are Starbucks and other surrounding coffee shops, bookstores, libraries and similar spaces that provide individuals or groups quiet but sociable working spaces. Spots closest to Graham with Starbucks-like qualities include MexAm Cafe and the Roasted Coffee Depot.
Direct Competition American Underground American Underground is an office and co-working space with one location in Raleigh, and three locations in Durham including company headquarters. Their main location features premier accelerator and incubator programs, a tech training academy and startups housed in Durham’s own historic tobacco factory. Unlike Co|Operative, American Underground promotes “Startup Federation,” a global network of the world’s top incubators offering access to company resources on a larger scale. American Underground’s biggest selling point is a partnership with Google that provides Google for Entrepreneurs Tech Hub access to software credits, experts, and unique events from one of the most successful companies in the world. Most notably, their biggest success story is iContact, which sold in February 2012 for $180 million. Their other partners include the Durham Chamber, the RTP Foundation, Red Hat, Duke, NC Central, NC State and UNC Chapel Hill. American Underground also has a stronger media presence than the Co|Operative with 7,586 followers on Twitter and 3,991 likes on Facebook. This is partly because they are well established with multiple locations throughout the country and partly because they post more frequently than their counterpart. Their promotional materials also include video content with real member testimonials and annual reports presented via rap incorporating their emphasis on out-of-the-box thinking.
Mercury Studios Mercury Studio is a co-working space in Durham, NC catering to creative workers like songwriters, artists, novelists, illustrators, photographers and web developers.. The company has an art studio, private office for workshop members and a meeting and event space. They’re extremely design conscious with similar amenities, event and funding opportunities to Co|Operative. Created by two
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young women in 2012, Mercury Studio is a place where office-less freelancers and small-business owners can come together and collaborate with one another in an affordable space. Mercury Studio’s social media presence is larger than Co|Operative’s with over 1,000 followers on both Facebook and Twitter. They also have a strong video presence with promotional videos on Vimeo and videos showcasing creative work accomplished by studio members.
HQ Greensboro/Raleigh HQ Greensboro is a co-working space in Greensboro, NC that is meant to “empower, foster, and cultivate companies that produce long-term job growth and positive social impact.” Their space consists of 15 private suites, 10 private offices and an open work space, as well as a multi-purpose room for classes, workshops and events. Founder Andy Zimmerman developed the company in partnership with HQ Raleigh that builds on the experience and brand already created in Raleigh. There is a reciprocal relationship between HQ Greensboro and HQ Raleigh, where members can use facilities in both locations with membership. HQ Raleigh is a much larger space and holds many partnerships with companies in the surrounding areas. HQ Raleigh is likely Co|Operative’s biggest competitor. HQ Raleigh emphasizes community as much as Co|Operative while benefiting from hefty sponsorships, partnerships and resources. Partners include universities like NCCU and Duke University, Raleigh Economic Development, Innovate Raleigh, and other co-working spaces like Packard Place. HQ Raleigh also has a lengthy list of businesses and startups originating from the incubator to advertise. What sets HQ apart are daily office hours with specific mentors and leaders of the organization to communicate with new or existing members. In terms of social media, HQ Raleigh hails supreme carrying 9,329 Twitter followers and 1,790 likes on the HQ Community Facebook page. Their posts are frequent and heavily engaging. Additionally, their presence on Vimeo is excellent with quality video content relevant to the modern and productive atmosphere they emphasize. According to Spiceworks, a professional network for the information technology industry, 69 percent of marketing, sales and business professionals have used video marketing and 81 percent of people feature video on their brand website. This means video content is something Co|Op should consider.
Indirect Competition There are reasons why Graham residents may choose coffee shops over Co|Operative on a daily basis due to comfort levels with coffee shops and apparent affordability. However research suggests unlimited long-term benefits of working in business incubators over the traditional cafe scene including: Coffee shops lack professional and controlled networking
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It isn’t just proximity to other individuals that promotes productivity. It’s proximity to other entrepreneurs. According to a study at Harvard University, geographic proximity between likeminded workers is valuable in collaboration. “Findings in 35,000 academic papers showed that physical proximity mattered after concluding that correlations between the most cited papers the close distances between authors led to more impactful publications.” Coffee shops can be less cost effective as a longterm space Consumers are likely to spend $10/day at coffee shops while co-working spaces typically accumulate to $7/day if the rent is $200/month. The reality is that direct competitors like HQ Raleigh and American Underground are bigger problems for Co|Operative than indirect competitors like Starbucks and local Graham cafes. There’s also a direct correlation between the establishment of each organization and the quality of its video content which prompts the recommendation that the Co|Operative explore further video options in promoting itself as an up-and-coming business incubator. Individuals in this area clearly respond well to video content but rather than copying strategies directly from competitors the Co|Operative can do better. The fact is that all of these incubators have social media and all of them have video content that show off the incubator’s users. What they don’t have is video content that directly interacts with Graham residents or allows for a full fledge development of their brand and what makes business incubators unique. The Co|Operative must ask themselves: what can we produce that stands out from the rest? What is proven to be more effective than what our competitors produce? What truly moves people? Our research suggests that communities inspire people -- both personally and professionally. If the Co|Operative can capture community in its media presence more powerfully than any competitor they’ll have the hearts of Graham residents in addition to aspiring entrepreneurs across Alamance County. Despite an apparent lack of incentive to work in coffee shops, it may be the case that Graham residents are unaware of these research-backed benefits. To grab these citizens who are unaware of the Co|Operative’s benefits over Mex-Am Cafe, we must make it a communication priority to inform them because the proof is difficult to ignore. And to grab them, video is key.
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Brand Analysis Mission: Collaboration, Creativity, Community The Co|Operative believes that community and collaboration are the keys to creative entrepreneurial success. The Co|Operative’s mission is to provide creatives in Alamance County with both community and collaboration through resources, shared space, mentor programs, workshops and community events. The Co|Operative’s Unique Selling Propositions & Competitive Advantages: • The Perfect Environment: Instead of perfecting a product or business, the Co|Operative has perfected the environment in which these products and businesses are invented. • The Perfect Environment for Anyone: the Co|Operative appeals to individuals with both creative and practical tendencies (right brained vs. left brained) in addition to a lengthy list of potential consumers who can benefit from their services: photographers, entrepreneurs, freelancers, small teams, makers, writers, designers, web developers, etc. • Emphasis on community “Co-working spaces should be the connection between entrepreneurs and community. It has to be more than just a workspace. The entrepreneurial journey is isolating and lonely enough as it is...Coworking spaces need to take on the role of community builders, because they already draw in the one thing that is mandatory for building an entrepreneurial ecosystem: entrepreneurs” (Schnieders).
Business Model Having opened its doors just a couple months ago, Co|Operative’s business model focuses on increasing traffic and expanding property. At the moment, Jason Cox is focused on emphasizing the importance of community involvement and education in entrepreneurial startups while convincing community members that Co|Operative is good for Graham, and what’s good for Graham is good for everyone. The focus is on taking advantage of Co|Operative’s small-town location from the perspective that small towns are community hubs unsaturated by other business incubators. GOAL: Promote Co|Operative as an educational and community-based organization for aspiring entrepreneurs in Graham who may not have other resources readily available to them. “I felt like I could learn more by actually running a company and by talking to others who are running companies. There were so many other ways to learn the skills I needed and they didn’t come with an MBA’s high price tag” -- Kathryn Minshew, founder of DailyMuse, a career advice and job placement site for young female professionals (Coalo).
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Outside the Entrepreneurial Box: What Co|Operative Offers That Others Don’t and the Public May Not Realize • Aside from better access to infrastructure, (Co|Operative has the fastest internet for miles), Co| Operative provides food and physical amenities • Co|Operative works with local universities, entrepreneurship programs, business leaders and the surrounding community • Co|Operative hosts events like launch parties, mixers, meetups and other professional development events • Co|Operative emphasizes community through its newsletter • Co|Operative offers opportunities for resident mentors • Co|Operative offers opportunities to pitch to angel investors, owner Jason Cox belongs to four different angel groups • Co|Operative has a unique and strong personality, the language used on their website speaks for itself and Co|Operative aims to replicate that welcoming, friendly environment into the space itself • Greatest Takeaway for Community Members: Co|Operative(s) really work and they really do improve the community Startup companies that go through incubators have a 90% survival rate for the first 3 years. Of the companies that successfully graduate from incubators, 87% are still in business 5 years later and, most importantly, 84% are still in the community they incubated it ("Pappajohn Entrepreneurial Centerpappajohn Entrepreneurial Center").
What does this all mean for Co|Operative? Co|Operative should be positioned as a company built by the Graham community for the Graham community (and other surrounding Alamance County communities). Statistics on the benefits of startups born and sustained in communities through incubators suggest incredible possibilities for Graham growth. This should be emphasized to inspire community members to support Co|Operative for their own benefit. Past users of incubators also frequently mention benefits of forgoing spending money on business school to learn from incubators themselves. This benefits the countless aspiring entrepreneurs in the surrounding area who likely lack the financial resources to attend college but have dreams of entering the business world. According to the 2014 U.S. Census Bureau, just 14.4% of Graham residents hold a Bachelor's degree or higher. It’s important that those seeking educational opportunities are reached by our communication messages.
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Target Analysis Primary: Males & Females, aged 25-45 This age group is ideal because these individuals may not be locked into a life-cycle stage yet, meaning that they have the liberty to dedicate their time to productivity. Also, this age group makes up a little bit over 30% of the Graham population. In terms of education, the United States Census Bureau shows that in Graham 80% of individuals 25 and over have a high school-level education, and roughly 17% have a college-level education. This statistic further supports the need for the Co|Operative to provide educational services, as most of their clients may not have the level of education needed to start and maintain a business. This doesn’t necessarily mean, however, that the Co|Operative has a slimmer target consumer. Rather, it gauges the abilities and skills of potential clients. Along similar lines, the unemployment rate for this area is 10.3%. This presents a possible advantage because the Co|Operative can target this particular sub-population of people who possess the time to dedicate to the Co|Operative. Research indicates that the rate of new entrepreneurs is highest among the least educated groups - those that dropped out of high school.
Hypothesis By analyzing the research we’ve conducted, our team hypothesizes that The Co| Operative would best benefit by marketing and promoting the educational benefits of membership. The Co|Operative can offer prospective members an opportunity to learn more about networking, problem solving, management, and business growth. In order to most effectively reach the client's target audience, the Co|Operative should consider using graphic and video production, coupled with promotion on social media, to display the environment and services they provide. Throughout our research, we’ve set out to answer three main questions: 1. What’s the best way for the client to connect with it’s target audience? 2. What does the target audience want the client to offer? 3. Which message should resonate best with the client’s target audience? In testing our hypothesis, we will better understand how The Co|Operative’s target audience associates with its primary goal of serving the local community as an educational resource. Additionally, the research will yield valuable insights into how the target audience perceives coworking spaces like The Co|Operative, as well as how The Co|Operative should differentiate itself from similar coworking spaces.
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SWOT Analysis Strengths • • • • • • • • • • • •
Building is owned Founder is motivated Long-term financial commitment from founder Close to major cities as well as smaller suburban communities Space offers an impressive set of technological resources Diverse membership Members can enter the program at any stage of their ventures’ development Newly renovated facilities Comparatively inexpensive membership fees Proximity to educational institutions Emphasizes community through newsletter Graduates of incubators are more likely to succeed than start-ups that don’t participate in incubator programs
Weaknesses • Founded very recently • Lack of social media presence • Possible resources, specifically mentors, are not easily accessible • Small membership base that could negatively affect the community of space
Opportunities
Threats
• Population needs more educational resources (16% have bachelor’s degree according to census bureau) • Potential to help environment of entrepreneurship in area • Local unemployment rate of 10.3% → potential increase in amount of clients • Partnerships with numerous universities in N.C. • Partnerships with other businesses in Graham → sense of small town community
• Location has a slow population growth rate • Local incubator competitors such as American Underground, Mercury Studio, HQ Raleigh, HQ Greensboro • Local co-working spaces such as coffeeshops, libraries, small businesses • Work spaces with free access and WiFi • Alamance County is not an affluent area where people have disposable income to start businesses • Many local residents don’t understand what a coworking space is • Short-term success of space is contingent on the ability to recruit new members
Strengths Overview Overall, our team is optimistic about the success of the Co|Operative. Of the strengths listed in the table above, the primary strengths are centered around the nature of its founding. The founder and owner of the Co|Operative, Jason Cox, is a seasoned and serial entrepreneur, a motivated mentor, and owner of the building in which the Co|Operative is housed. Additionally, Jason is financially successful and is committed to covering operating costs for the foreseeable future. Aside from its founder, the Co|Operative exhibits great strength through its location. While some may see this rural area as being
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problematic for entrepreneurial programs such as incubators, the area in which Graham, NC, is located has a growing exposure to innovation and entrepreneurship. People from all walks of life are eligible to participate in the incubator program, resulting in a varied and diverse membership base. Additionally, the Co|Operative is fairly close to numerous educational institutions. Amongst others, Elon University, Duke University, and UNC Chapel Hill all offer degrees in entrepreneurship. Proximity to these institutions is an important step in establishing vital relationships with external resources.
Weaknesses Overview One weakness of the Co|Operative is that the company is very new and quite underdeveloped. Started by Jason Cox in January 2016, the Co|Operative needs more time and resources to develop itself as a brand and as a reliable and inspiring co-working space for entrepreneurs around the area. Additionally, the Co|Operative currently lacks an active social media presence. Because of this, it is difficult for the company to recruit potential new members, get the word out about the space, promote events, and keep up with competitors. Currently, there are few full-time members of the Co| Operative. With desks unfilled, it is more difficult to establish a sense of community within the space and collaboration is harder to achieve.
Opportunity Overview The location of the Co|Operative proves to be an aspect that can be a potential opportunity for the business. According to the 2014 U.S. Census Bureau, Graham is an area of North Carolina where just 14.4% of residents hold a Bachelor’s degree or higher. Because co-working spaces and business incubators can be seen as a source of education for many who don’t have an extensive education background, it could be an aspect that draws people of the community in. With the local unemployment rate being at 10.3%, there is potentially an increase of unemployed consumers who may be interested in using their disposable time creating a business and using the Co|Operative’s services. Another opportunity arises at the location of the Co|Operative and the possibility of partnerships with the numerous universities that are in the surrounding North Carolina area. With these universities come entrepreneurship students, access to staff and professors who have potentially started a successful business, and access to other amenities a university has to offer.
Threats Overview Graham’s population growth rate is just 9.67 percent meaning the likelihood of both maintaining and increasing long-term the Co|Operative consumers is slim. As a result, the Co|Operative must focus instead on the service they provide and make sure they retain every consumer they have currently. This suggests that the Co|Operative should consider marketing outside of Graham. It’s also bad news for Jason who’s hoping to expand as local lenders may be reluctant to approve loans for expansion if they become aware of the slow population growth. As noted in the competitive analysis, the Co|Operative faces stiff competition from well-established business incubators throughout Alamance County. Coffee shops and libraries offer significantly less than business incubators, but consumers are so comfortable heading to local coffee bars for productivity that changing their daily routine would prove challenging.
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One of the main attractions advertised on the Co|Operative’s website is access to free and fast wifi. While wifi elsewhere may not be as fast, there are other spaces, such as coffee shops and libraries, that offer the same service. The Co|Operative also faces the challenge of marketing to a population that’s less affluent than the typical entrepreneur. Graham’s median family income per year is around $43,000. This places the majority of potential consumers below the national average. Communicating to this demographic may prove to be challenging if consumers feel they do not have the financial support to begin building a business. A bigger problem, aside from the affluence of Graham, is the population’s knowledge on business incubators. Many local residents don’t understand the value of a co-working space, let alone the complex processes of a business incubator. Thus, communications efforts should take into account the minimal knowledge that most people have on the Co|Operative. Lastly, the short-term success of the Co|Operative is contingent on the ability for the company to recruit new members. With a local population of around 15,000 and a low projected population growth, Graham is a less-than-ideal location for membership growth. Instead, the Co|Operative may want to focus their efforts on member retention by providing the best services.
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Secondary Research Location When conducting secondary research, it came to our attention that the location of a working space is important to consumers: In a study conducted by Emergent Research, 95% of members said the location of a coworking space was very important (66%) or important (27%). 0% of members said location isn’t important to them. The co-working space industry is primarily based in metropolitan areas and has a strong presence in New York and California. The Southeast region however has the largest concentration of establishments, with North Carolina holding 2.2% of the establishments in the industry. This is an important factor for the Co|Operative to consider because the rise of co-working spaces also means that the rise of entrepreneurs and members of co-working spaces are rising. This means that members will be able to have an even bigger network of members that can provide even more collaboration and ideas.
Urban Redevelopment Over the last several decades, much of the American workforce has been faced with a great deal of unforeseen challenges. This is in part due to an unfortunate decline in the U.S. economy’s manufacturing sector. Communities across the country have felt the detrimental economic repercussions of this phenomenon, even forcing some to vacate the places they call home. With companies having moved their production operations elsewhere, the availability of large, commercial spaces has grown dramatically. These vacant, and often abandoned spaces have posed unique challenges for communities that at one time relied on this industry to provide employment. Addressing this challenge demanded both collaboration and imagination. Many communities have managed to resolve this challenge by transforming the abandoned into the desirable, and introducing unique commercial spaces to redevelop suffering urban areas. Be it a shopping center, restaurant, coffee shop, library, or office park, these vacant buildings now facilitate an array of different commercial offerings. Throughout our research, it’s become abundantly clear that the role of co-working spaces extends far beyond what was originally understood. Initial research on the subject, along with personal assumptions, seemed to misrepresent and under estimate the role that co-working spaces play in the communities they serve. However, much to our surprise, spaces like the Co|Operative play an essential role in the redevelopment of suffering urban areas.
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Partnerships Many of the Co|Operative’s competitors have teamed up with local universities, startup companies, and businesses to take their brand to the next level and develop their company further. American Underground, one of the Co|Op’s top competitors, has an ongoing partnership with Google that provides Google for Entrepreneurs Tech Hub access to software credits, experts, and unique events from one of the most successful companies in the world. Additionally, they hold partnerships with universities such as Duke, NC Central, NC State and UNC Chapel Hill. Co-working spaces nationwide have also been partnering with larger companies to provide co- working spaces in the area. Verizon, a Fortune 500 company, announced a joint venture with co- working space Grind, to create a coworking space in lower Manhattan with the possibility of opening more throughout the country.
Desired Resources Upon completing secondary research, it was discovered that there are certain services business incubators can provide that correlate to high levels of success (success being increased revenue, company growth, graduation rate, etc.) and increased client recruitment. These services provide the optimal benefits for the Co|Operative member: Linkages to educational resources • Providing networking opportunities • General legal services • Marketing assistance • Help in identifying a management team •
Educational Outlet Upon completing secondary research, it was discovered that there are certain services business incubators can provide that correlate to high levels of success (success being increased revenue, company growth, graduation rate, etc.) and increased client recruitment. These services provide the optimal benefits for the Co|Operative member: Linkages to educational resources • Providing networking opportunities • General legal services • Marketing assistance • Help in identifying a management team • By emphasizing these particular resources in communication efforts, the Co|Operative can attract a multitude of potential clients that have specific needs. Many people already have the ideas of what they want to do. What people seek out in a business incubator are the means and resources to implement those ideas. It’s important for the Co|Operative to make it known that they provide expert services in these categories in order to maximize membership numbers. Past users of incubators frequently mention benefits of forgoing business school to learn from incubators themselves.
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“I felt like I could learn more by actually running a company and by talking to others who are running companies. There were so many other ways to learn the skills I needed and they didn’t come with an MBA’s high price tag” Kathryn Minshew founder of DailyMuse This benefits the countless aspiring entrepreneurs in the surrounding area who likely lack the financial resources to attend college but have dreams of entering the business world. According to the 2014 U.S. Census Bureau, just 14.4% of Graham residents hold a Bachelor’s degree or higher. Additionally, the estimated median household income in 2013 for Graham residents was $38,494 while the estimated per capita income was just $18,279. According to the U.S. Census Bureau, U.S. real (inflation adjusted) median household income was $51,939. Given the staggering expense of a college education, it’s likely that Graham residents, whose average median income is far less than that of the average American, are financially restricted from attaining bachelor’s degrees. The obvious disadvantage is that a higher education is often imperative to successful entrepreneurship and business endeavors, preventing underprivileged residents from reaching their full potential. It’s important that those seeking educational opportunities are reached by the Co|Operative’s communication messages. This information also allows the Co|Operative to emphasize benefits of its price specifically. As hinted by Kathryn Minshew, the great thing about business incubators is that they’re more than just regular spaces. Opportunities for mentorship and collaboration make them educational spaces. There are countless articles describing the push for collegiate business and entrepreneurial programs to collaborate with business incubators for educational purposes much to the delight of experienced professors who understand the benefits they provide. "An incubator is like learning to ride a bike with training wheels.” Charlie Baecker administrative director for the Don Beall Center for Innovation and Entrepreneurship According to a 2012 report from the National Business Incubation Association, there are 1,250 incubator programs in the U.S. and about 32 percent of North American business incubators were sponsored by academic institutions. Clearly students want to learn through incubators and the Co| Operative should take advantages of its proximity to universities with strong business programs always looking for new ways to engage students. Aside from the information we’ve uncovered about the need Graham residents might have for a space like the Co|Operative, we’re missing the element that pushes them from awareness to action. In this case, it’s inspiring and instilling confidence within Graham residents that pursuing a career in business or entrepreneurship is feasible even without a formal bachelor’s degree.
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According to recently released survey data from the U.S. Census Bureau, just over half of business owners have a college degree. So what makes Graham residents any different than the 49 percent of business owners lacking business degrees? Absolutely nothing. This is the message the Co|Operative must send to potential consumers. They must be inspired by themselves and the value that the Co| Operative has the potential to unleash within them. Students with the financial means to attend college do so because they believe they can be better versions of themselves. The Co|Operative can send the message that using their service will do the same, minus a lifetime of crippling student debt. Aside from the significant lack of college degrees amongst America’s entrepreneurial world, A Network Solutions report found that the average business owner is nearly 50 years old. This provides the Co|Operative the opportunity to advertise their services to an audience in front of them given that 29.1 percent of Graham residents are over the age of 60 (Census Bureau) and at this age, the motivation to attain a degree of higher education is nearly obsolete. If the majority of business owners are fifty years old without a college degree, what stops Graham residents from pursuing the same endeavor? Nothing, should say the Co|Operative. In our primary research, we’ll examine whether these insights on Graham residents and their desire to strive for entrepreneurial success is accurate.
Brand Identity Nowadays, many coffeeshops and local businesses with shared spaces are trying to reposition themselves as a co-working space. Starbucks, for example, offers free WiFi to customers and a friendly, cozy environment with tables and chairs for working and socializing purposes. This coffee chain is starting to brand itself as a space that offers a sense of community to customers and that goes beyond the beverage. Importance of Community: Members of a co-working space appreciate being in an environment where they are being encouraged to succeed. In a study done by Emergent Research, it was found that 84% of members said they were more engaged and motivated while working in a co-working space. Members find themselves to be more accountable for getting work done when they are working with and checking in with other members, causing an improvement of success. To guarantee this success, the right people need to be a part of the community at the Co|Operative. A survey conducted by Emergent Research shows 82% of members said the people in the co-working space were very important (43%) or important (42%), proving that the Co|Operative needs to hold value and focus on creating the sense of community within the business to further success and growth.
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Primary Research Survey The survey has four main objectives: 1. Determine the level of awareness among Graham and Alamance County millennials, solopreneurs, and prospective business owners about business incubators and their services. 2. Determine the country’s perception of Co|Operative in relation to competitors while gauging specific factors and characteristics most likely to draw in long-term Co|Operative users. This includes determine values (both business and non-business related) most important to millennials, solopreneurs and prospective business owners in the community. 3. Establish which demographic to focus on by determining who is most likely to use and be excited about Co|Operative in the Graham and Alamance County communities. This will help uncover possible opinion leaders essential to generating community-wide buzz about Co|Operative. 4. Determine how important responders perceive the value of education, among other things, in relation to business incubators. About the Survey The survey contains a variety of questions including multiple choice, checklist, rank order, rating scales, semantic differential scales and likert scales. We also incorporated a mix of both easily answered questions and questions more difficult to complete. We understand the importance of including advanced questions to provide better insight, however we did not make the survey impossible to complete in less than two minutes. The survey begins with general screener questions meant to establish the respondent’s gender, age and occupation. We believe these characteristics provide the most relevant information to segment the potential consumers and, ultimately, determine which marketing efforts should be emphasized. Questions in the survey’s main body are there primarily to uncover the consumer’s workspace preferences, knowledge of general business incubators and personal preferences. This section also aims to begin predicting consumer behavior through developing an understanding of their psychographics (attitudes, lifestyles, values). The final two questions aim to provide miscellaneous insight on how to effectively engage with consumers through marketing efforts. Distributing the Survey The survey was distributed through entrepreneurial-focused Facebook groups as well as employees and owners of miscellaneous small businesses. Copies of completed surveys can be found in the appendices.
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Focus Group Our focus group took place on Thursday, May 5th. 8 people participated -- 6 girls and 2 boys all between the ages of 19 and 22. The group was asked a variety of questions and participated in projective questioning including a word association game. The goals of the focus group were to: 1. Determine how respondents related businesses and coworking spaces to education. 2. Determine how important respondents believed education to be when starting a business. Questions asked in our focus group were created to better understand our target audience’s thoughts and opinions on The Co|Operative and coworking spaces in general. Our main goal was to gauge whether or not the people of Alamance County would be interested in joining something like The Co| Operative, whether that be for educational, social or strictly business purposes. Our focus group began with an introduction period conducted by the moderator. We got to know our interviewees as they introduced themselves by age and major. This created a more comfortable environment that encouraged respondents to participate while facilitating the discussion. We also explained the purpose of the interview to participants, informed them that the session would be taped for documentation purposes and explained what we would do with the information provided. The first set of questions was intended to break the ice and get respondents thinking about coworking spaces. As the questions progressed they focused more on uncovering the core values of respondents in relation to small businesses, entrepreneurship and the role of education. Focus Group Questions 1. Think about all of the things you’re interested in or passionate about outside of your chosen field of study. How do you educate yourself when you want to learn more about these passions and interests? 2. Think about all of the jobs you’ve had. Which were your favorites? Refer to the words posted above and explain how they relate to the jobs you favored most. a. Educational b. Practical c. Collaborative 3. Do you feel that it’s necessary to have a college education to be successful in starting a business? If no, then what do you feel is necessary to be successful in starting a business. Explain. 4. Do you know anyone who has started their own business? if not, imagine what they would be like. Write three words that you think embody that individual’s personality. 5. Which figures in history or entertainment do you feel best personify the word, “entrepreneurship?” Why? 6. Put yourself in the shoes of an entrepreneur. What would you want to learn about most before starting a business? Explain. 7. Imagine that you’re planning to start your own business. Please rank the following resources from 1 - 6 (1 being most valuable) based on how valuable you feel they would be for you when starting your own business? - paid college courses
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- inexpensive or free community college courses - Google search - online educational resources (e.g. TEDTalks, Khan Academy) - a library - experienced mentors Question Explanations Question I: The purpose of this question was to determine how individuals naturally acquire information on a subject they’re curious about. We prompted the idea that the subject was something they were passionate about outside of academia as a projective method of determining what really got respondents going. Individuals typically invest more time into projects they’re passionate about as opposed to those they’re required to complete and beginning a business is more similar to a passion project in terms of information collection. Question II: This question determined what spaces individuals enjoy working in. Underneath the surface, this question asked: what would draw you to spaces like The Co|Operative? Question III: This question aimed to determine how important respondents perceived education to be in the business development process. AKA: How much would an educational coworking space benefit your business endeavors? Question IV: This projective technique aimed to gauge how participants perceived successful individuals. AKA: What qualities would you attempt to emulate when starting a business of your own? Is intelligence or educational background one of them? Question V: Same purpose as Question IV. Question VI: This question aimed to mimic the mindset of The Co|Operative’s key demographic: entrepreneurs. AKA: What resources do you automatically look towards when starting a business? What would be most valuable for you to know? Is mentorship and educational resources on that list? Question VII: The purpose of this question was to determine the importance of education, as perceived by participants, in relation to other resources.
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Secondary Research Insights Location - Importance of Metropolitan area - The Co|Operative can use a location like Graham to its advantage. The South is a great area for coworking spaces with up ad coming metropolitan areas like Charlotte bringing attention to North Carolina. People are moving here and in need of space.
Urban Redevelopment - Like many new incubators, the Co|Operative is in an optimal position to grow and succeed. While this is likely due to a number of factors, our research suggests that the location of the Co|Operative is no doubt significant. Based in the downtown business district of Graham, NC, the Co|Operative is housed in what was once an Opera house. With much of the manufacturing industry (specifically fabric mills) having left the area, the Opera house was closed and left to age in one the towns most central areas. - Retrofitting this Opera house into an incubator has proved incredibly beneficially for the surrounding community. In founding the Co|Operative, the town of Graham now has an opportunity to grow its commercial sector, while also promoting a sense of pride in the city’s newfound entrepreneurial identity. The Co|Operative has not only evolved into a resource for both members of the incubator, but also for the residents of Graham. - From a communications standpoint, the benefits of the Co|Operative sell itself. By proving that the space will provide long-term commercial stability within the downtown, the Town of Graham, along with its residents, will begin to support the actions of the Co|Operative, and encourage the incubator to expand. By fostering a growing entrepreneurial community within this small town of about 14,000 people, the Co|Operative will soon be seen as more than just a co-working space; it will be known for its ability to support development.
Partnerships - Co-working spaces nationwide have also been partnering with larger companies to provide coworking spaces in the area. Verizon, a Fortune 500 company, announced a joint venture with coworking space Grind, to create a co-working space in lower Manhattan with the possibility of opening more throughout the country. This presents an extremely valuable opportunity for the Co| Operative to look into with cities like Raleigh, Durham, and Charlotte close by that are home to some large companies that could be potential partners. - Another partnership that The Co|Operative could consider having is one with the state government of North Carolina. Secondary research showed us that state governments are also getting involved in the funding of co-working spaces. In an effort to expand the tech scene in certain areas, governments are offering these businesses grants to help with expansion. If the Co|Operative wants to eventually expand, a potential partner they should keep in mind is the state of North Carolina that is already known for their financial and research districts, they could also be known as an innovative entrepreneurial state with a successful partnership with the Co|Operative.
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Desired Resources - By emphasizing these particular resources in communication efforts, the Co|Operative can attract a multitude of potential clients that have specific needs. Many people already have the ideas of what they want to do. What people seek out in a business incubator are the means and resources to implement those ideas. It’s important for the Co|Operative to make it known that they provide expert services in these categories in order to maximize membership numbers.
Educational Outlet - Past users of incubators frequently mention benefits of forgoing spending money on business school to learn from incubators themselves. This benefits the countless aspiring entrepreneurs in the surrounding area who likely lack the financial resources to attend college but have dreams of entering the business world. According to the 2014 U.S. Census Bureau, just 14.4.% of Graham residents hold a Bachelors degree or higher. It’s important that those seeking education opportunities are reached by our communication messages.
Brand Identity - As a new business starting out in the small city of Graham, the Co|Operative needs to promote themselves and create a positive brand image for potential new members. They can do this through utilizing social media, which will get the word out about their organization and promote their space and events. Developing consistent social media habits will not only position the Co|Working space to gain the most recognition and powerful and inspiring members, but it will relay their company mission and goals to the world. - Another way that the Co|Operative can brand themselves is through creating positive relations with surrounding small businesses. These engagements will strengthen the small town community of Graham and will help define the Co|Operative as a business that engages those around them and places a large emphasis on collaboration.
Importance of Community - When conducting secondary research one of our biggest takeaways is the importance of community for the success of the Co|Operative. The biggest cultural difference that came with the emergence of the co-working space is the idea that the focus of the space is the sense of community. This is a standout aspect that attracts customers to co-working environments and an aspect that helps retain customers as well.
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Primary Research Insights Survey Questions with TOP Insight? What service would you need the most assistance with if you took advantage of a business incubator? This question aimed to gather vital information on what the Co|Operative can do in terms of enhancing their services for potential members. Since our research primarily focused on the educational benefits of business incubation, we narrowed down the responses to 5 services: Education on business operation, networking opportunities, legal services, marketing campaigns, and management. From the survey, we learned that most need assistance with legal services and education on business operations. Since responses were few regarding networking opportunities, marketing campaigns, and management, we infer that people already feel competent enough to expand their business once started. It’s the complex legal and business operations that may inhibit new entrepreneurs from implementing their ideas. On a scale from 1 to 10, how important do you think social media plays a role in a brand/company’s success? (1 being unimportant, 10 being very important)? This question was included in the survey because the client, Jason, preferred to stay away from social media communications as it only provides a superficial understanding of businesses. However, insight gathered from the survey indicates that social media is a vital part of any business. Answers from entrepreneurs who took the survey ranged from the 8 to 10 values. Although utilizing social media platforms was against the client wishes, it is advisable for the company to consider maintaining a social media presence (if at the very least, provide a Facebook page with basic company information). What do you believe is most crucial in starting a business? This was a very simple, open-ended question that aimed to help us understand what entrepreneurs believe is most important in starting a business. While we understand these responses are opinions, we still believe the information is important. One respondent said “to have an open mind, to educate yourself, and to be flexible.” Another said “Personal development. A strong mindset is one of the biggest differentiators among those who succeed and those who don’t.” The insight here is that as long as the individual makes sure they’re prepared and educated on what starting a business demands, then success is likely to follow. As such, it is important that all the mentors at the CoOperative make sure they develop their personal
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expertise whatever it may be. Passing along high-quality business knowledge will result in the company’s expansion and success.
Focus Group 1.) Think about all of the things you’re interested in or passionate about outside of your chosen field of study. How do you educate yourself when you want to learn more about these interests? “If there is a specific thing that I’m really interested in and I know a student group is involved with it -- I’m involved in a community Fellowship program for elementary aged children -- we get involved.” INSIGHT: People seek out previously established organizations to involve themselves with rather than beginning solo projects. 2.) Think about all of the jobs you’ve had. Which were your favorites? Refer to the words posted above and explain how they relate to the jobs you favored most - Educational - Practical - Collaborative “I work at the Center for Leadership and I’d say it is both Educational because we are engaged in education for ourselves and our client. It was really good to be in a community of like minded individuals all dedicated to learning more and collaborative as well because we had to work towards a common goal.” INSIGHT: People want to be around likeminded individuals pursuing the same goals and they relate this concept to education. 3.) Do you feel that it’s necessary to have a college education to be successful in starting a business? If no, then what do you feel is necessary to be successful in starting a business? Explain “I would say it helps to have an education. It’s not as much the experience and classes but a lot of it has to do with connecting with other people and learning from other people’s experiences which is a huge portion of what being in college is about. It’s about building that network and experiences like running a club or being in a leadership position.” “I think it’s very hard today to get a job without a college degree but I don’t think it’s necessary to start a business.” INSIGHT: People understand that education goes beyond the classroom, they don’t tie education just to an academic setting and they value the importance of networking and learning from others. 4.) Do you know anyone who has started their own business? If not, imagine what they would be like. Write three words that you think embody that individual’s personality. “Intelligence” --> “The root from your business comes from the intelligence behind it. If you don’t have a good product that isn’t well thought out, then people aren’t going to buy into it. The bones of your business need to be built on intelligence.”
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“I thin there are very different forms of intelligence. There is emotional intelligence, academic intelligence, crystalized vs. fluid. I think intelligence captures all those different kinds of dimensions and you are able to recognize your shortcomings if you are intelligent.” INSIGHT: Again, people associate intelligence with characteristics found outside of an academic setting and quantify those as more important. In some aspects of business, street smarts > book smarts, and a lot of that street smarts has to do with networking. 5.) Imagine that you’re planning to start your own business. Please rank the following resources from 1-6 (1 being most valuable) based on how valuable you feel they would be for you when starting your own business? - paid college courses - inexpensive or free community college courses - Google search - online educational resources (e.g. TEDTalks, Khan Academy) - a library - experienced mentors 2 = experienced mentors as #1, 2 = college courses, 2 = free community courses as least valuable INSIGHT: People value education as evident in their ranking of paid college courses, but value experience and mentorship more than lower quality educational resources.
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Recommendations Our recommendation is that The Co|Operative would best benefit by marketing and promoting the educational benefits of membership. Through our findings and research we recommend that you: Brand the Co|Operative as a collaborative and educational community that can kickstart a career or launch an idea. 2. Brand to people without a formal educational background. 3. Utilize Promotional Materials 1.
• Display educational message through video promotions • Create commercial-esque videos showing the environment of the Co|Operative and the • • • •
benefits of joining the collaborative space in Graham would help potential members visualize how the space could benefit them in their career paths Videos should also be posted on the Co|Operative website A competitor of the Co|Operative, Mercury Studio, has a strong video presence with promotional videos on Vimeo and videos showcasing creative work accomplished by studio members A competitor of the Co|Operative, American Underground, utilizes videos with real member testimonials According to Spiceworks, a professional network for the information technology industry, 69 percent of marketing, sales and business professionals have used video marketing and 81 percent of people feature video on their brand website
Utilize Social Media • Because our target audience utilizes social media, specifically Facebook and Twitter, all videos, events, photos, and company news and updates should be shared through these sources to promote the Co|Operative and attract potential members • The Co|Operative currently lacks a presence on social media that is active and consistent. • Utilizing social media would help recruit members and get the word out about the space. Offer education on business operation, legal services and networking opportunities to members Other Recommendations: • Partner with local universities - Recruit entrepreneurship students and faculty to become mentors for Co|Op members • Offer free month trial of membership to allow potential members to experience the community of the Co|Op without full commitment • Hold monthly events with successful entrepreneurs in the area and entrepreneurship professors at universities • Hold informational sessions at Graham community landmarks to attract members
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Conclusions In the survey, we found that:
• • • •
63% of people think that social media plays a very important role in a brand/company’s success 39% of people are aware of what a business incubator is 48% of people prefer to work in an office setting 61% of people would start their own business if they had the right ideas and resources
The focus group revealed that the target audience prefers to work in a collaborative environment as opposed to educational or practical. This is because they get to interact with others and be in a community of like minded individuals that work towards a common goal. The focus group also revealed that they do not think that an educational background is mandatory to start a business. They believe it takes a learning mindset to be successful and although hard to get a job without a degree, it is possible. The focus group showed that the target audience values guidance from experienced mentors when compared to other resources including online resources and community college courses. They believe mentorship is key in starting a new business. The general opinion of people who have started their own businesses is that they are determined, intelligent, detail-oriented, relationship-minded, permeable, motivated, and passionate. Intelligent was a word that most people used, which they claimed is because there are several different definitions for intelligence but it is key in success.
Next Steps In order for the Co|Operative to get their feet off the ground and penetrate their target market, they need to create promotional content that can be used to attract potential members. After creating video and graphic material, they can post content directly on their website and on social media accounts. They can then utilize social media to recruit members and inform the public about the space and specific events taking place. After building a foundation, the Co|Op can reach out to entrepreneurship professionals to create a mentorship program that will benefit members.
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Bibliography Coalo, JJ. "Entrepreneurs". Forbes.com. N.p., 2012. Web. 10 May 2016. Elam, Liz. "When to Ditch the Coffee Shop for Co-Working." Entrepreneur. 15 May 2013. Web. 11 May 2016. Foertsch, Carsten. "2016 Coworking Forecast | Deskmag | Coworking". Deskmag.com. N.p., 2016. Web. 11 May 2016. Lopez, Adriana. "Coworking: Is It Just a Fad or the Future of Business." Forbes. Forbes Magazine, 25 Apr. 2013. Web. 11 May 2016. "Pappajohn Entrepreneurial Centerpappajohn Entrepreneurial Center". Niacc.edu. Web. 10 May 2016. Schnieders, Amanda. "How Co-Working Spaces Lost Their Buzz". Entrepreneurship.org. Web. 10 May 2016. Lopez, Adriana. "Coworking: Is It Just a Fad or the Future of Business." Forbes. Forbes Magazine, 25 Apr. 2013. Web. 11 May 2016.
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Appendix Focus Group Transcript T: (Welcome message) P1: Psych major (Female) P2: Strat Com major (Female) P3: Entrepreneurship Major (Male) P4: Cinema Major (Female) P5: Strat Com Major (Female) P6: Marketing Major (Female) P7: Broadcast Journalism Major (Female) P8: (Male was late to the group so we didn’t get his major) T: Think about all of the things you’re interested in or passionate about outside of your chosen field of study. How do you educate yourself when you want to learn more about these interests and passions? P5: Google P3: Wikipedia P2: I like to read P3: When I see a movie that I like, I use Wikipedia to look up the movies they’ve been in. I think Wikipedia is up there amongst other information sources P2: We watch documentaries a lot P1: If there is a specific thing that I’m really interested in and I know a student group is involved with it – I’m involved in a Community Fellowship program for elementary aged children, we get involved. T: Are there any passions that have been brought out by something you’ve done or seen that you didn’t have before? P2: I volunteered at the Boys & Girls Club last year and I loved it P3: I’m not super into sports but the Mosley Center had an intramural volleyball team, love sand volleyball. T: Think about all of the jobs you’ve had. Which were your favorites? Refer to the words posted above and explain how they relate to the jobs you favored most. • Educational • Practical • Collaborative P7: Mosley Front Desk job is very collaborative, always talking to people, to each other. P2: I work as a copy editor for the Pendulum and we all have to work together so I would say collaborative P8: I work at the Center for Leadership and I’d say it is both Educational because we are engaged in education for ourselves and for our clients. It was really good being in a community of liked minded individuals all dedicated to learning more and Collaborative as well because we had to work towards a common goal.
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T: Do you feel that it’s necessary to have a college education to be successful in starting a business? If no, then what do you feel is necessary to be successful in starting a business. Explain. P3: I would say it definitely helps to have a education. It’s not as much so experience and classes but a lot of it has to do with connecting with other people and learning from other people’s experiences which is a huge portion of being in college about. It’s building that network and experiences like running a club or being in a leadership position. P8: It takes a learning mindset to be successful. They key is learning from your failure and and being able to fail again and having the tenacity to continue on. I don’t necessarily think college is required to develop that mindset. I think the one benefit of college is the ability to space yourself away from your house environment to really develop yourself and your professional career. That opportunity allows you to completely build yourself. P4: I think it’s very hard today to get a job without a college degree but I don’t think it’s necessary to start a business. P6: A lot of the times I think to be respected in general they want to know you have that education background and have put effort forth in your life to get a degree. T: Do you know anyone who has started their own business? If not, imagine what they would be like. Write three words that you think embody that individual’s personality.
T: why do you think intelligence shows up to much? P3: The root of your business comes from the intelligence behind it. If you don’t have a good product that isn’t well thought out, then people aren’t going to buy into it. The bones of your business need to be built on intelligence.
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P6: Also I think to be personable and well liked you need to show you’re intelligent so that they will take you seriously in a business side. P8: I think there are very different forms of intelligence. There is notion intelligence, academic intelligence, crystalized vs fluid. I think intelligence captures all those different kinds of dimensions and you are able to recognize your shortcomings if you are intelligent. T: Which figures in history or entertainment do you feel best personify the word, “entrepreneurship?” Why?
P4: Being serious, Kris Jenner/Kardashian. She’s built her family up from practically nothing. They have an empire it’s ridiculous, people don’t take her seriously. P3: I think she’s one of the most intelligent people. P1: I would say any Kardashian because they literally started from nothing. I feel like they were not famous at all and now they have a TV show, clothing lines, make up, apps etc. P2: The Onion Guy – Scott Dickers he built the Onion all by himself from the ground up. He didn’t go to college, he started in his basement and hired homeless people to work for him. P3: Elon Musk is a perfect example. P3: Mark Cuban P6: Oprah Winfrey P2: JK Rowling T: Are there any qualities that all of these people have in common that isn’t entrepreneur. P5: I think it goes back to intelligence, they are all intelligent in different ways, Kris Jenner is very strategic P2: Determined, Passionate P3: Engaging, Confident, captivating, fearless
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T: Put yourself in the shoes of an entrepreneur. What would you want to learn about most before starting a business? Explain. P6: Taxes, the whole economic part of it, because there is a lot to it. I know it takes a business a couple of years to make back what they put into it. Just learning how much time it takes P3: I think the hardest part is execution, you could have an incredible idea but if you don’t follow through it will crumble. I would ask how they found the determination and drive to start up their idea and continue with it. Just some tips and tricks. P7: Know my audience, you need to know who you’re selling to to be successful P2: How they got people on board or a support team behind them. P6: How you gain trust from other people and trust what your offering. How do you build your reputation? T: Imagine that you’re planning to start your own business. Please rank the following resources from 1-6 (1 being the most valuable) based on how valuable you feel they would be for you when starting your own business? • paid college courses • inexpensive or free community college courses • Google search • online educational resources (e.g. TEDTalks, Khan Academy) • a library • experienced mentors P1: #1 Experienced Mentors, #6 online resources P2: Experience mentors, library P3: xxx P8: #1 Experienced Mentors, #6 online resources P4: College courses (1st), mentors (2nd) P7: College courses (1st), mentors (2nd) T: What is the reasoning for putting cheap community college last? P3: I feel like paid college courses are more informative and better than a free course. Everything on this list is very important. My second is google because anything you need to know you can learn from google. P4: Community colleges second because it is valuable and you get a bang for your buck, P5: there isn’t harm in going to an inexpensive course, you can only gain from it. P3: The #1 thing about entrepreneurship is experience. P8: I think the most important thing to have is capital. It is extremely hard to start a business without capital.
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Focus Group Survey Answer Sheets
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Focus Group Guide Materials List: • (1) Focus group discussion guide for the facilitator • (8) Sheet of paper for name card • (10) Writing utensil • (1) Recording device • (1) Notebook • (1) Computer • (1) Camera Explanation of Focus Group Ask if anyone has had previous experiences in focus groups and explain the purpose of focus groups to the group. Logistics • Explain that the focus group will last about 30 minutes • Point out where the bathroom is and the necessary exit points • Point out the refreshments table Introductory Prompt Welcome and thank you for agreeing to participate in today's discussion. The purpose of this focus group is to learn more about your feelings on education, entrepreneurship, and your role as a student attending Elon University. We want to emphasize that there are no wrong answers to the questions we will be asking today, there are only differing points of view. Please feel free to share your thoughts and opinions openly; we are as interested in negative comments as positive. We are recording the session because we want to ensure we don’t miss any of your comments. Your insights tonight will be extremely helpful but we are not able to write them all down fast enough. Tonight we will be on a first name basis but in our report we assure complete confidentiality. Please ensure that your name tag is visible to everyone in the group. When the discussion begins in a moment, introduce yourselves to everyone in the group by letting everyone know your name and your major. Let’s get started! Are there any questions before we get started? *If not, turn on the voice recording*
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Questions 4. Think about all of the things you’re interested in or passionate about outside of your chosen field of study. How do you educate yourself when you want to learn more about these interests and passions? 5. Think about all of the jobs you’ve had. Which were your favorites? Refer to the words posted above and explain how they relate to the jobs you favored most. • Educational • Practical • Collaborative 6. Do you feel that it’s necessary to have a college education to be successful in starting a business? If no, then what do you feel is necessary to be successful in starting a business. Explain. 7. Do you know anyone who has started their own business? If not, imagine what they would be like. Write three words that you think embody that individual’s personality. 8. Which figures in history or entertainment do you feel best personify the word, “entrepreneurship?” Why? 9. Put yourself in the shoes of an entrepreneur. What would you want to learn about most before starting a business? Explain. 10. Imagine that you’re planning to start your own business. Please rank the following resources from 1-6 (1 being the most valuable) based on how valuable you feel they would be for you when starting your own business? • paid college courses • inexpensive or free community college courses • Google search • online educational resources (e.g. TEDTalks, Khan Academy) • a library • experienced mentors
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Co Operative Survey
Thank you for participating in this survey. From this survey, we hope to better understand what you know about co-working spaces, your involvement in your respective communities, your business interests, and your working tendencies. We appreciate your assistance, and hope that you understand the value your opinion has in our research efforts. Please answer the survey honestly.
General
Between what hours do you feel you are most productive when doing your work? (fill in the blank)
What is your gender? (check one) Male
Female
N/A If you had the ideas and resources to create your own business, would you? (check one)
What is your age? (check one) 18-21
36-46
22-25
47-61
26-35
62-70
71 and over
Yes
No
I don’t know
In order (1-5), list the reasons why you may be discouraged to start your own business:
What is your occupation? (fill in the blank)
Money Time Family
Main
Stress
How likely are you to seek out others’ help for your work (professional and/or personal)? (check one) Very Likely
Social media
Neither likely nor unlikely
News/Media Outlet
Somewhat Unlikely
Advertisement
Very Unlikely
Event promotion
Do you know what a Business Incubator is? (check one) No
2
3
4
5
6
I’ve never heard of it Other (if so, please specify): ____________________
Somewhat
On a scale from 1 to 10, how much do you understand about Business Incubators? (1 being least, 10 being most) 1
How did you hear about the Co|Operative? (check one) Word of mouth
Somewhat Likely
Yes
Other (if so, please specify): ____________________
7
8
9
10
Do you prefer to conduct your work at home or in an office setting? (check one) Home Office Other (if so, please specify): ___________________ !5
Service When doing work (professional or personal), I like to have _______. (Please check all that apply): Fast internet Lots of space Privacy Food/drinks Other people around
Other (if so, please specify): _____________________ _____________________ _____________________ _____________________ _____________________
What service would you need the most assistance with if you utilized a business incubator? (check one) Education on business operation  
Networking opportunities Legal services Marketing campaigns Management
Extra What do you believe is most crucial in starting a business? (fill in the blank)
On a scale from 1 to 10, how important do you think social media plays a role in a brand/company’s success? (1 being unimportant, 10 being very important) 1
2
3
4
5
6
7
8
9
10
Thank you for your time! You have now completed the survey.
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Online Survey Results
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