Many economic development projects rely on outdated industrial attraction formulas to create jobs and revitalize communities. This blog aims to help businesspeople, government officials, and community members avoid activities that do not produce real outside income in the community.
An economic base is an income that you can earn when you produce goods and services in your community. It also refers to the jobs that you can create when you sell those goods and services to other people. Examples of industries that can contribute to the development of a community include manufacturing, tourism, and higher education.
This post will discuss some of the approaches that businesses can take to support economic development.
One of the most important factors that businesses can consider when it comes to supporting economic development is the establishment of a comprehensive retention and entrepreneurship support program. This can be done through the development of a culture that supports new ideas and the serving of the existing economic base businesses. Unfortunately, many organizations think that they need to spend a lot of time and money promoting their advertisements in order to attract and retain potential customers. Instead, they should focus on other factors such as improving the quality of life in the community, encouraging people who are already laid off, and encouraging new entrepreneurs.
Non-basic activities that are not part of the economic base can also be a challenge to business recruitment. For instance, if you are in a rural area or a distressed neighborhood, you might not be able to provide essential services to your customers. This can happen because of the lack of resources or because of an overlooked community or a rapidly growing area.
It’s your job to point out this issue to the management and workers of your community’s economic base. Besides providing essential services, you also need to attract other potential customers by making your products and services attractive to them.
If you are a community that is struggling to maintain its economic base due to the loss of manufacturing jobs, then consider investing in an entrepreneurship program. This type of program can help you develop new ideas and improve the quality of life in your community.
Small businesses have created over 90% of the jobs in the US over the past couple of years. During the Great Recession, new businesses were able to create all the jobs in the country. This is because the creation of an environment that supports entrepreneurship can be done at the regional or citywide level.