Page 26 - 1-Entrepreneurship and Local Economic Development by Norman Walzer (z-lib.org)

Introduction and Overview 15

Flavor. The initial approach is a model in design since it networks a broad
range of residents with special skills, helps arrange financing, and focuses
on building a sustainable initiative.
The kitchen incubator program has since broadened to a Regional
Innovation Economy that promotes a Regional Flavor for a relatively
rural area. Participating businesses serve a regional, rather than local, mar-
ket which is often essential to success in rural areas. Community
involvement has been high, and a successful “buy local” approach is key in
the successes. A regional innovation fund and support services have been
created to provide access to capital and technical assistance for start-ups and
expansions. The region is also marketed using a recognizable brand.

GETTING STARTED

The need for a community approach to entrepreneurship in rural areas and
basic principles or practices underlying successful approaches are docu-
mented throughout this volume. The relative importance of small busi-
nesses in rural economies was documented with a wealth of experience on
various facets of entrepreneurial approaches and best practices provided.
The final chapter helps local leaders determine whether a community is
ready for an entrepreneurial approach and ways to identify strengths or
gaps. Loveridge (chapter 13) incorporates discussions throughout this vol-
ume into a set of guidelines that practitioners can use in evaluating readi-
ness and ways to proceed.
Specifically, Loveridge focuses on three main topics: (1) Community and
Networks, (2) Finance and Regulations, and (3) Training and Mentoring.
These areas are crucial in designing an effective system, although each can
be addressed in many ways depending on unique local characteristics.
Community leaders can score their potential for a successful entrepreneur-
ship initiative and use these questions as guides to build capacity. The ques-
tions in this chapter are not meant to prescribe how a community should
proceed; instead, they help practitioners assess the directions that a com-
munity might take in formulating a program or initiative. An overriding
and compelling point is that the ultimate aim of undertaking a community-
based entrepreneurial initiative is to improve the quality of life and pros-
perity of residents rather than focusing solely on starting business ventures.

CONCLUDING OBSERVATIONS

Major economic transitions affecting rural areas have forced community lead-
ers and development practitioners to find alternative and innovative ways
to rebuild the economic base and improve the quality of life for residents.