Saturday, 24 September 2016

Supporting your communities’ small business ecosystem

The unhindered entrepreneurial spirit of small business owners and the passion of the community members must be moulded into an everlasting partnership that is beneficial for both. In their co-operation and collaboration lies the well being of a community and its people. A community should support local small businesses and recognize the role they play in strengthening its economic performance. They should connect them with resources to help them grow beyond the boundaries of the community, while keeping the jobs within it.

Exploring the entrepreneurial communities’ activities across the spectrum will provide insights into what it takes to sustain the effort of building a partnership between the both. Fortunately it doesn’t require a great deal of funding as the resources needed are already present in the community. A clear focus on funding, training, and financing for small businesses will go a long way in strengthening the collaboration. The key components to creating a successful entrepreneurial ecosystem are:

·  Creating a steady supply of skilled workers

·  Cultivating technology exchange and innovation

·  Access to funding

·  Promoting awareness and building networks

·  Optimizing the regulatory policies

It is important to work towards an inclusive ecosystem for the businesses and their owners to grow and thrive. You should provide technical assistance and skills training, increased access to affordable capital, and help to create an entrepreneurial environment that also focuses on innovative solutions to the region's problems. Universities, venture creators, supply chains and job-training programs are more likely to contribute to a regions’ prosperity when they are networked and encouraged to work in tandem.

Enhancing the collaboration among these institutions can enrich the business ecosystem, catapult ideas, create job-creating start-ups, help companies find skilled labor and nurture innovations. In order to generate a growing community, it is important that you get the leaders involved, cultivate your local and global networks, and work together. It is imperative to provide the community as well as the business owners the opportunity to get to know one another and strengthen their networks through various events.

Every community has merits that are core to its success and contributes to the economic progress. The community’s leadership must unleash this potential and connect them to their community’s growth model. Strong universities and a vibrant startup community are drivers for the growth of any community. A growing community today, should create the right support network for small businesses and entrepreneurs to flourish and  allow them to take the many steps that will ultimately create the change in their lives.

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