Growing Local Companies and Supporting Entrepreneurs
Growing Local Companies and Supporting Entrepreneurs Becky McCrayhttp://tourismcurrents.com/lcra
By 2015, ¼ of all rural workers will be self-employedSource: Stephan J. Goetz, Self-Employment in Rural America: The New Economic Reality, 2008. PDF
“More small firms means more jobs.”Source: Harvard Business Review, Glaeser and Kerr, “The Secret to Job Growth: Think Small.” 2010
“More small firms means more jobs.” “Regional economic growth is highly correlated with the presence of many small, entrepreneurial employers--not a few big ones.” “Industries with smaller firms and more startups enjoyed faster employment growth than other industries in the same city and than the same industry in other cities.” “Cities relying on only a few large firms for employment experienced slower subsequent job growth than cities with an abundance of small firms.”Source: Harvard Business Review, Glaeser and Kerr, “The Secret to Job Growth: Think Small.” 2010
Target growth-minded entrepreneurs Growth-minded Self-employed High GrowthTop Right Photo: Courtesy of Sheila Scarborough.
C-I-S rural entrepreneurship frameworkRUPRI Center for Rural Entrepreneurship Climate Infrastructure Support
Warm up your entrepreneurial climatehttp://tourismcurrents.com/lcra
Entrepreneurial Climate:Value, celebrate, grow and plan for themValue entrepreneurs• Listen to them• Find out their challenges• Measure activity: http://youreconomy.org/Celebrate entrepreneurs• Public recognition• Awards
Entrepreneurial Climate:Value, celebrate, grow and plan for themGrow entrepreneurs• Education• TrainingPlan for entrepreneurs• Integrate entrepreneurship into your plans
Build infrastructure for entrepreneurshttp://tourismcurrents.com/lcra
Entrepreneur Infrastructure:Real estate, utilities, services, regulation Real estate • Flexible zoning • Commercial kitchens • Small office space • Second floors downtown Utilities • Broadband
Entrepreneur Infrastructure:Access to capital and financing Local Dollars, Local Sense by Shuman Locavesting by Cortese
Entrepreneur Infrastructure: Access to capital and financing Community Locally-focused Community banks Development angel investors Loan Funds: CDFIs Community Crowdfunding Slow money capital Direct Public Local stock Cooperatives Offerings exchangesSource: Locavesting by Amy Cortese
Find support providers and resourceshttp://tourismcurrents.com/lcra
Entrepreneur Support:Organizations and community partners Chamber of Economic Library Commerce development City and Colleges and Main Street county universities government News Media Local and Social organizations Media
Entrepreneur Support:Help entrepreneurs support each otherEntrepreneurs will support each other better than you can. • “Research shows that once entrepreneurship gets established, it tends to be self- perpetuating.” Glaeser and Kerr, Harvard Business ReviewEvents: • Networking • Business fairsPlaces: • Coworking spaces • Third places • OnlineCooperative marketing • Small business partnerships
Entrepreneur Support:Youth entrepreneurship resourcesConsortium for Entrepreneurship EducationNetwork for Teaching EntrepreneurshipNFIB Young Entrepreneur FoundationJunior AchievementFuture Business Leaders of America-PBL4-HSource: Dave Shideler, Youth Entrepreneurship: Building a Pipeline PDF
Tourism means more jobshttp://tourismcurrents.com/lcra
“Tourism is a traded business just as much as manufacturing.”Source: Ed Morrison, Economic Development expert
Tourism attractiveness = easier recruiting “If people think it’s a nice place to visit, they think it’s a nice place to live.”Source: Cynthia Reid, Vice President, Marketing, Oklahoma City Chamber of Commerce
Think “Main Street” all over town Organization Promotion Design Economic RestructuringSource: Main Street Four-Point Approach.
C-I-S Model ResourcesCenter for Rural Entrepreneurship• Guide for County Leaders• Entrepreneur CoachingDave Shideler, OSU Ag Econ• Building Entrepreneurial Communities (3 webinars)Texas Center for Rural Entrepreneurship• Entrepreneur Ready Community Certification
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