Economic development depends on Entrepreneurship and Small Business which spawns first in the minds of highly creative people who passionately do what they love to do. The first sentence in this paragraph defines the point of this article and if you get it, you don’t need to read the rest of this post. I bet most of you will keep reading and should.
Many communities and states target Entrepreneurship and Small Business initiatives in specific markets. Usually a survey will tell political and local leaders what industries have the most opportunity to create jobs. This is a flawed strategy.
Go back and read the first sentence and think about what Entrepreneurship and Small Business is all about. The community is not the visionary, and therefore often misses the golden opportunity in industries and markets. Surveys cannot predict what Entrepreneurs will come up with, which is often unrelated to the geographical location.
Entrepreneurship and Small Business is often hindered by communities and states who think they are helping to grow the economy and jobs. This is due to a lack of understanding by political leaders and the community itself.
Venture Capital funds make investment across many companies to ensure the fund does well. They know that they cannot sink the entire fund into one company or specific market without substantially increasing exposure.
Economic development focused on Entrepreneurship and Small Business across diverse markets minimizes the risk of investments through tax credits and funds as well as jobs. This opens the door to local people at all levels who are pursuing Entrepreneurial and Small Business ventures.
Nothing could be better than local Entrepreneurs who are also interested in helping others in the community to succeed.
I will state it one more time—Economic Development depends on Entrepreneurship and Small Business which spawns first in the minds of highly creative people who are passionate about pursuing what they love.