An entrepreneurial community, or "EC," is one that builds on existing strengths to create new opportunities for community members. These communities look for ways to capitalize on assets to find their niche in the global economy. These communities also work to support the entrepreneurial efforts of their residents. Although many communities are not likely to label themselves as “entrepreneurial,” the reality is that most communities have some entrepreneurial features. These features can serve as valuable resources for uncovering, nurturing, and developing legitimate and coherent strategies for strengthening local and regional economic development efforts.
A second way to describe an entrepreneurial community is to think of the entrepreneurial qualities of a community along a continuum. A community progresses along that continuum as it demonstrates an increasing awareness and commitment to entrepreneurship as a vital part of its efforts to strengthen and transform its economy. Some of these features include leadership development, the capacity and willingness of citizens to work together on community goals, the presence of current and potential entrepreneurs, a business-friendly environment, development opportunities, and financial/capital acquisition assistance. The more features that communities embrace, the more progress they are likely to make along the entrepreneurial continuum.
