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Ways To Encourage Entrepreneurship In Your Community

How entrepreneurship can be a tremendous asset when it comes to an individual’s personal development is a well-known fact. Still, it isn’t often that the benefits of entrepreneurship for society are put under the microscope.

How do entrepreneurs help their communities?

Both direct and indirect ways that entrepreneurial ventures can aid the development of communities span far and wide. For instance, whenever a new business comes into being, employment opportunities will inevitably arise for community members in which the business sets up shop. With a boost in a community’s employment rate, the standard of living of the said community members also improves. Enhanced quality of life gives way to lower physical and mental health risks and crime. In addition, It makes upward social mobility a real possibility. Because of these and many more reasons, entrepreneurship should actively be encouraged in communities. Following are a few ways to build community interest in entrepreneurial ventures:

Make Entrepreneurship Part of the Curriculum 

It is prudent to instil the value of entrepreneurship in children and young adults as they grow up and figure out what they aspire to do with their lives. Teaching the youth about the benefits of entrepreneurship and providing guidance and direction on how to go about starting a small business can give them just the kickstart they need. 

We can start sharing what we learn with young people and plant a seed of interest in entrepreneurship in their minds. 

Provide Sources of Crowdfunding For Aspiring Entrepreneurs  

Often, people become discouraged from pursuing entrepreneurship because they might not have the capital needed for investments or find it daunting to go to the bank and take out loans. To mitigate these constraints, the community can come together and pool capital to finance promising young businesses. This is a win-win situation because the startup can get the financial backing it needs to get it off the ground. The community members benefit indirectly from the value created by the new business or directly by becoming owners of equity. 

Reward High Performing New Businesses 

Last but not least, it can be encouraging for current entrepreneurs to keep at it and inspire young, aspiring entrepreneurs when communities seek to celebrate and reward businesses and individuals that give back to the community. Many towns worldwide hold annual fairs and events that reward entrepreneurial ventures who fulfil their social responsibility. These rewards may be in the form of cash prizes or even small trinkets and trophies. These can act as a pat on the back for entrepreneurs and inspire young people to take charge!

Check the following reference articles to learn more about the Ways To Encourage Entrepreneurship In Your Community:

  1. Forbes Business Council. (2020, March 16). 14 ways entrepreneurs can get involved with their community. Forbes. (URL)