growing local companies and supporting entrepreneurs
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Growing Local Companies and Supporting Entrepreneurs
Becky McCray
http://tourismcurrents.com/lcra
Source: Stephan J. Goetz, Self-Employment in Rural America: The New Economic Reality, 2008. PDF
By 2015, ¼ of all rural workers will be self-employed
Source: Harvard Business Review, Glaeser and Kerr, “The Secret to Job Growth: Think Small.” 2010
“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.”
Target growth-minded entrepreneurs
Top Right Photo: Courtesy of Sheila Scarborough.
Growth-minded Self-employed High Growth
Climate
Infrastructure
Support
C-I-S rural entrepreneurship framework RUPRI Center for Rural Entrepreneurship
Warm up your entrepreneurial climate
http://tourismcurrents.com/lcra
Value 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 them
Grow entrepreneurs
• Education
• Training
Plan for entrepreneurs
• Integrate entrepreneurship into your plans
Entrepreneurial Climate: Value, celebrate, grow and plan for them
Build infrastructure for entrepreneurs
http://tourismcurrents.com/lcra
Real estate
• Flexible zoning
• Commercial kitchens
• Small office space
• Second floors downtown
Utilities
• Broadband
Entrepreneur Infrastructure: Real estate, utilities, services, regulation
Services
• Marketing
• Bookkeeping
• Business law
Local regulation
• Permits
• Licenses
• Utility signups
Entrepreneur Infrastructure: Real estate, utilities, services, regulation
Entrepreneur Infrastructure: Access to capital and financing
Local Dollars, Local Sense by Shuman Locavesting by Cortese
Source: Locavesting by Amy Cortese
Community banks Community
Development Loan Funds: CDFIs
Locally-focused angel investors
Community capital
Crowdfunding Slow money
Cooperatives Direct Public
Offerings Local stock exchanges
Entrepreneur Infrastructure: Access to capital and financing
Find support providers and resources
http://tourismcurrents.com/lcra
Entrepreneur Support: Resources
SBA
• Texas SBDC
Extension
• Texas Extension
Startup America
• Startup Texas
Library Chamber of Commerce
Economic development
Main Street City and county
government
Colleges and universities
News Media and Social
Media
Local organizations
Entrepreneur Support: Organizations and community partners
Entrepreneur Support: Help entrepreneurs support each other
Entrepreneurs 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 Review
Events:
• Networking
• Business fairs
Places:
• Coworking spaces
• Third places
• Online
Cooperative marketing
• Small business partnerships
Consortium for Entrepreneurship Education
Network for Teaching Entrepreneurship
NFIB Young Entrepreneur Foundation
Junior Achievement
Future Business Leaders of America-PBL
4-H
Entrepreneur Support: Youth entrepreneurship resources
Source: Dave Shideler, Youth Entrepreneurship: Building a Pipeline PDF
Tourism means more jobs
http://tourismcurrents.com/lcra
Source: Ed Morrison, Economic Development expert
“Tourism is a traded business just as much as manufacturing.”
“If people think it’s a nice place to visit, they think it’s a nice place to live.”
Tourism attractiveness = easier recruiting
Source: Cynthia Reid, Vice President, Marketing, Oklahoma City Chamber of Commerce
Organization
Promotion
Design
Economic Restructuring
Think “Main Street” all over town
Source: Main Street Four-Point Approach.
Center for Rural Entrepreneurship
• Guide for County Leaders
• Entrepreneur Coaching
Dave Shideler, OSU Ag Econ
• Building Entrepreneurial Communities (3 webinars)
Texas Center for Rural Entrepreneurship
• Entrepreneur Ready Community Certification
C-I-S Model Resources