As we have said before, entrepreneurism is a real buzz word these days. Developing and growing entrepreneurs are the center of many economic development efforts in rural communities.
All communities have many entrepreneurs to brag about. Unfortunately, there are many real entrepreneurs out there that many times are overlooked. They vary from the very small home-based business type up to many of our large companies. According to research by the Kaufmann foundation, there are many types of entrepreneurs.
Most entrepreneurs begin at what is called the aspiring level. All of us know many people at this level. They have business ideas and are strongly considering going into business on their own. Aspiring entrepreneurs typically attend workshops to learn new ideas and network with others. They are caught up in research about their ideas and are motivated to changing their life.
Another level is known as the survivors. Again, we know of many examples of entrepreneurs who are struggling to make enough income to sustain their business and their family. Unfortunately, many of our main street businesses in rural communities fall into this category. They are doing multiple things to generate enough income and are often stressed out. Usually asking for help isn’t in the cards for this group of people.
Entrepreneurs who are well established and generally successful may fall into what is known as the lifestyle entrepreneurs. They are content, not actively trying to make any changes in their business. They are comfortable with the goals of their business and family.
Those who are open to new ways of doing business and always exploring ways to make their business more competitive are known as catalysts. They are successful in their business and open to new ways of doing things.
Another type of entrepreneur is the serial entrepreneur. These are entrepreneurs who tend to move on to a new business idea quickly and are on the lookout for new ideas and opportunities. They may have multiple businesses going at one time.
Finally, entrepreneurial growth companies are those experiencing rapid growth in employees and sales. They are reaching new markets and constantly developing new products or services. They have an innovative and dynamic leadership and workforce program.
As we study the different types of entrepreneurs, we can visualize businesses that fall into one of the above categories. We also know businesses that have characteristics of more than one category. Many successful entrepreneurs have advanced through them to get their business to where it is today.
It is important for communities to recognize their entrepreneurs regardless of where they are on this scale. Community leaders and decision makers need to be on alert to help those entrepreneurs grow their business or to help them make changes to maintain a successful business in the community. Local entrepreneurs offer the most promise for growth in business and job opportunities in rural communities.
