Last year I chaired a work group focused on urban entrepreneurship for Agenda 360, a Cincinnati-region strategic planning effort. One of the issues we struggled with was, what urban communties do effectively to really build entrepreneurship. A very bright lady who works with CDCs finally said something like this:
“Entrepreneurs are like cockroaches… they are very, very good at finding and using what they need. What we need to do is make a pile of rich food available to them. If the pile is available, they will find the right food for them, and they’ll make the best use of it.”
I have been thinking a lot lately about what communities can do to build their base of entrepreneurs. I think there is a little more to this — potential entrepreneurs need emotional and social support, and they need to know how the heck to run a business — but her idea is certainly part of the equasion.
But here’s what I want to know: what kind of rich food do the cockroa…er, our precious entrepreneurs, need?
1) access to capital (banks, angel investors, venture capitalists)
2) education based on business growth since, as an economic developer, that’s what you want these businesses to do…grow. Provide similar services and classes that a business coach would provide (advice on how to become more profitable, how to put systems in place and implement SOPs, how to improve marketing, how to create a growth strategy, etc…)
3) be a liaison for building beneficial partnerships between companies
I’m sure there is much more than that!
Comment by Jonathan Meford — November 13, 2009 @ 1:39 pm
Start up business will do as suggested work with whatever they have and make do. Maybe the question is what do they need to grow? Education and mentors come to mind. Most entrepreneurs have an idea or a skill set but lack all the other skill sets to be successful. Mentors or coaches that can help connect them with the resources are one idea.
Comment by Joel Osterman — November 13, 2009 @ 4:37 pm
Entrepreneurs need two things and that is it! They need to know they will be able to keep what the sow, and to be left alone.
Entrepreneurs will find, beg, borrow, and do it what it takes to succeed if they feel it is worth it. Groups of entrepreneurs show up where it is least expected because no one will meddle with them.
Comment by pete — November 13, 2009 @ 8:50 pm
[...] rich food for the cockroaches (you’ll probably need the link for that to make [...]
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