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