Page 198 - 1-Entrepreneurship and Local Economic Development by Norman Walzer (z-lib.org)

10

Economic Development

Via Understanding and

Growing a Community’s

Microbusiness Segment

Michael D. Woods and Glenn Muske

A common thread among conversations in coffee shops across the United
States is “How can our community remain competitive?” Many communities
are concerned with growth while the rest focus on sustainability. To attain either
goal, these communities see the need to effectively generate economic growth.
Today many, if not nearly all, communities have some type of economic/
community development plan or initiative. The previous chapters in this book
examine many of the concepts and ideas that local communities include in
their discussions and development plans. The ideas discussed include entre-
preneurship development, the communities’ role in development, the impor-
tance of education, both youth and adult, in entrepreneurial development,
and financing. Low, Henderson, and Weiler in chapter 5 examine the struggle
between quantity and quality of entrepreneurs.
If one examines many local plans, a key goal often noted involves at-
tracting the next big manufacturing facility or a large service business such
as a call center or a prison. Even though the odds are low, the possibility of
bringing in industry catches the interest of local leaders. Local resources are
often given little attention and effort, however. In the CARE model, this in-
volves the creation, retention, and expansion of economic resources already
in place (Woods, Frye, and Ralstin 2004).
In this chapter, the authors consider those three elements in terms of mi-
crobusiness development, a key, but often forgotten, community develop-
ment resource. Truly effective community development must be broad-
based in approach and microbusinesses are the broad and underlying base
of the economic engine in most communities. Therefore, this chapter will:
(1) define microbusinesses in terms of who they are and their impact on
a local economy; (2) address the issues faced by microbusinesses; and

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