University at Buffalo School of Management

Spring 2025 Buffalo Business 3 Fueling growth Center for Entrepreneurial Leadership demonstrates a legacy of impact Since 1987, the school's Center for Entrepreneurial Leadership has been a driver in Western New York's entrepre- neurship community, helping business owners overcome challenges, inspire inno- vation and propel their organizations to growth and profitability. CEL's offerings range from its flagship Core program to the M&T Bank Emerging Entrepreneurs program (which just celebrated its 20th year) to a wide range of additional courses geared to the specific and evolving needs of small businesses. Last spring, James Lemoine, associate professor of organization and human resources, collaborated with Briana Stenard, associate professor of manage- ment and entrepreneurship at Mercer University's School of Business, on a large- scale data collection project to assess the impact of the CEL on the region. Lemoine's findings included the following: • Compared to the 50% five-year survival rate for new businesses from the U.S. Small Business Administration, entrepre- neurs who attended CEL programming in the past five years reported a business survival rate of nearly 90%. Similarly, SBA data suggests a 10-year survival rate of 30%, whereas the 10-year survival rate for CEL graduates was nearly 87%. • Small businesses were disproportion- ately hit by the impact of COVID-19, and Harvard's Economic Tracker reported that 37.5% of small businesses closed during the pandemic. But for CEL, only 3% of participants in its Emerging Entrepreneurs program were forced to close during COVID. Further, a majority of attendees during the pandemic — two out of three — said the resources and learning from the CEL helped them stay in business and prosper. The positive effect of CEL on business success during the pandemic improves even further for entrepreneurs who stayed active in CEL aer they completed their program. • Most CEL Core program graduates (61%) report that their businesses have grown in terms of revenue and payrolls (only 13% report shrinking), and 88% are confident their businesses will continue to thrive. • Entrepreneurs who complete CEL programs are surprisingly balanced in their work and personal lives. Gallup reports that about 40% of entrepreneurs work more than 60 hours per week, and a survey of U.S. small businesses found that a majority of owners work over 50 hours per week. By contrast, 74% of CEL graduates report working fewer than 50 hours per week, and this lighter workload does not impact their financial success. • According to the U.S. Census Bureau, the average American business employs about 20 people. The average CEL Core program graduate business has hired over 50% more, 31.4 employees. Through the success it fosters in its programs, the CEL has created more than 23,000 jobs in Western New York. • Entrepreneurs who attended a CEL program had average revenues of more than $6 million, while less than 5% of U.S. businesses reach even $1 million. And a conservative estimate indicates the CEL has a nearly $2.7 billion economic impact on Western New York. "The Center for Entrepreneurial Leadership exemplifies our commitment to fostering innovation and economic growth in Western New York," said Ananth Iyer, dean of the School of Management. "By equipping entrepreneurs with the skills and resources they need, we enhance their individual success and contribute signifi- cantly to the vitality of our community."

• Cover