Entrepreneurship was once ignored because the impacts were small, diffuse, and incremental. But no more. Today, entrepreneurship is more appropriately thought of as economic “gardening” rather than “hunting” (industrial recruiting). Think of it as tending to the seedbed in one’s own backyard as opposed to going out to hunt that one trophy animal.
Business growth or sustaining the health of existing businesses is also an important component in this more contemporary approach to economic development. Business growth and viability are …
What are the economic benefits of entrepreneurship?
The problem with making entrepreneurship the centerpiece of a community or region’s economic development scheme, it is said, is that it just doesn’t matter that much to the economy. It’s certainly valid to want to make investments where they have the greatest opportunity of generating high returns. But is it true that entrepreneurship is of only minor importance to the economy? In a word, no.
The Global Entrepreneurship Monitor (GEM) Project is a comparative international study assessing entrepreneurship’s importance to …
How does entrepreneurship benefit a small rural community?
In brief, successful entrepreneurs:
* bring new dollars into the economy
* put more people to work
* attract new people to the community
* offer new ideas and opportunities
* act as a spark plug for other community activities and events
* are active in community groups and boards.
Entrepreneurs are, in most cases, folks who like a lot of activity around them. In that way, the more entrepreneurs you have in a community, the more activities you will …