Throughout the United States, fostering entrepreneurial activity is increasingly being considered as an economic development strategy. Nationally much attention is being paid to the prospects of building struggling rural economies by supporting entrepreneurs. Urban areas, too, are exploring how they can revitalize business districts and bring their economies in line with the 21st century global marketplace. Increasingly, rural and urban communities are looking to entrepreneurship as a means to create jobs, increase income and wealth, and enhance the quality of life. Likewise, states, regions, and local communities need to invest in contemporary strategies to promote economic growth and prosperity.
Locally owned and managed businesses have a unique place in a community’s economy. Not only are locally owned and managed businesses less likely to relocate as they grow and change, but business revenues are also more likely to be reinvested locally. Employment opportunities for young people, in particular, can add a new level of dynamism that helps to sustain a community, reinforce overall sense of community, and enhance charitable causes and civic investments. Ultimately, employment opportunities for young individuals can provide a level of stability and community spirit that becomes infused in other businesses and public organizations and thereby leads to a stronger quality of life.
