Entrepreneur Friendly Communities
Entrepreneurial Communities: A Profile
Entrepreneurial communities, those communities that support entrepreneurship as a local or regional economic development strategy, are generally characterized by certain behaviors and conditions. There is probably no one correct way to describe what an entrepreneurial community looks like; they are like individual entrepreneurs and come in a variety of sizes, shapes and flavors. Although we can’t give you a cookbook for creating an entrepreneurial community, we can tell you about some of the most distinguishing characteristics of entrepreneurial communities.
- Entrepreneurial communities have a person or group that serves as a champion for entrepreneurship. Champions can help to increase entrepreneurial spirit and support for entrepreneurship as a local or regional economic development strategy. The Minnesota Rural Partners lay out a comprehensive framework for developing and organizing champions for entrepreneurial communities http://www.cafepress.com/mrponline.
- Entrepreneurial communities build on the talents and resources of their residents and local assets. Business owners, especially those with small businesses, tend to be linked or networked together so that they share information and resources and various forms of support. A good source of information on how to do asset mapping in your community can be found at http://srdc.msstate.edu/publications/227/227_asset_mapping.pdf.
- Members of entrepreneurial communities take specific actions to support entrepreneurs. These activities may include providing educational, financial, and technical support for aspiring and new entrepreneurs, adopting policies that facilitate new business development and encourage investment in skilled people, initiating and supporting networks for entrepreneurs, and fostering business relationships between the public, private and non-profit sectors. You can find additional information about activities that communities may want to sponsor to support entrepreneurs at http://www.energizingentrepreneurs.org/content/chapter_5/supporting_materials/1_000039.pdf
- Entrepreneurial communities welcome population diversity; they recognize the importance of new ideas, creativity and innovation that are provided by people who migrate into the community. For a good discussion of diversity and its importance to entrepreneurial communities, go to http://www.ncrcrd.iastate.edu/newsletter/june97/build-soc-capital.html.
Prepared by Deborah M. Tootle, University of Arkansas Cooperative Extension Service and Marion Bentley, Utah State University
Understanding the Role of Entrepreneurs in Our Communities
Entrepreneurial Communities: A Profile
What is an Entrepreneurial Community?
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