Entrepreneurship: A Force for Good

LOOKING BACK:

On March 11th, we hosted the second of a year-long series of Ely for Ely monthly gatherings. These gatherings are intended to cultivate organic interaction and strengthen the webs of connection among our entrepreneurially-minded and civically engaged neighbors here in the Ely-area. 

Our March program on Entrepreneurialism: A Force for Good by Nick Dunnom featuring Emily Roose is now available to view on the Boundary Waters Connect YouTube channel. 

Nick explains that buying a small business is a smart and often safer path to entrepreneurship, especially in rural Minnesota, where locally owned businesses are essential to community and economic vitality. Emily shared that The Entrepreneur Fund supports business owners at all stages with advising and financing, helping more people—especially those underserved by traditional lenders—step into ownership.

Entrepreneurship Through Acquisition (ETA) offers a lower-risk alternative to startups, with a 98% five-year success rate. Buyers gain immediate cash flow, brand recognition, and existing systems, making financing easier. With many Baby Boomer-owned businesses set to sell in the coming years, there’s a major opportunity for new owners to step in—often with seller support and financing.

To buy smart, potential owners need a strong team, a financial plan, and a clear understanding of business valuation and due diligence. With tools like SBA loans and help from the Entrepreneur Fund, buying a business can be both accessible and rewarding—sometimes offering a return on investment within the first year.

LOOKING AHEAD:

The next Ely for Ely gathering will take place on Tuesday, April 8 at 7:30am at Ely City Hall in the Council Chambers. Our City Clerk, Harold Langowski, will share insights on how to interact with and navigate city government, committees, and commissions. This program is open to all and free to attend. Attendees will be on their way to their next commitment by 8:45am. 

Basic information about upcoming Ely for Ely programs can be found here.

“Nearly all local living economies include a range of organizations, networks, and funding sources designed to nurture small and “micro” enterprises. Those that begin at home as a way to save a little money, help family or neighbors, or reduce dependence on the bigger economy can sometimes be nurtured into independent businesses serving the broader community.” –Anthony Flaccavento

COMMUNITY ANNOUNCEMENTS:

Our monthly gatherings include time for attendees to make community announcements, which can also be shared via this digital community announcement form. March announcements included: 

Ely’s Entrepreneur Fund Business Advisor, Emily Roose, is facilitating a 6 week course in Grand Rapids on Monday nights April 10 - May 15 for business owners. The cost is normally $600, but thanks to a grant from the Duluth Superior Area Community Foundation, the cost is $120. To register, follow the link to tfaforms.com/5166826, or email Emily at EmilyR@EFund.org. 

Our friend and neighbor Austin Van Scoy has a colleague who will be hosting a workshop on Wednesday, April 2 on Building a Business with Less Stress and More Fun -- Discover practical tips and strategies from successful international entrepreneur George Urvani, who has mastered the art of balancing work and play. Check out the details and registration info online. 

WHAT DO YOU THINK?  

Our planning committee would love to hear from you! Please take a moment to complete this feedback form pertaining to the Ely for Ely monthly programs. We have a few months under our belt, but many yet to plan and execute! This is an excellent time to share your feedback. We'd gladly take it into consideration in our planning processes.