Entrepreneurship and Small Business Development

Why It Matters

  • Entrepreneurs create wealth in a community, for themselves, for the people they employ, and for the local economy.
  • Today's small businesses are the innovators and job generators of tomorrow.
  • Nearly all net new jobs are generated by firms that are one to five years old!
  • Not only do new businesses create jobs and opportunities, they bring in new tax revenues, lowering the burden on residents. 
  • Growing businesses are more likely to stay where they launch -- in the community that nurtured their growth and where they are well connected. Small businesses also:
    • Participate in civic groups and community initiatives
    • Help diversify the local economy
    • Enliven and revitalize neighborhoods and downtowns

How Economic Development Partners Support Small Businesses and Entrepreneurs:

  • Incubators (shared office or lab space) and other supportive facilities to start up and grow.
  • Business plan development.
  • Guidance and connections for financing, marketing, and product development.
  • Assistance with grant and loan applications.
  • Hiring, training and managing staff.

The Economic Developers Role

The Economic Developer's role is to work with other service providers in a community to help entrepreneurs and small business owners overcome obstacles to business growth and development.

  • Support for entrepreneurship
  • New business formation, survival and growth
  • Job creation, economic growth and innovation