An Entrepreneurial Ecosystem For Our Community
The Who, What, Why, Where, When & How...
“In conclusion, one way to think about entrepreneurial communities is to draw upon an example from nature or our own homes. In nature, we understand that healthy ecosystems enable a diverse lifestyle. These healthy environments can tolerate and even thrive in periods of stress. They have resilience and can come back when hit with drought or flood. The same is true in healthy families. Illness and crisis may deeply stress a family, but the family can sustain its members. In good times, all the members of the family thrive in finding success and happiness. Entrepreneurial communities create and sustain an environment or ecosystem that stimulates and supports entrepreneurial ventures, from thriving non- profits to competitive for profits.”
Building a resilient entrepreneurial ecosystem for our Silver Creek Community is a high-order priority; one that provides a platform to start and grow profitable businesses that create desirable, high paying careers; one that builds, improves, and maintains desirable community amenities; and supplies the required resources.
The following briefly outlines the who, what, why, when, where, and how of building and sustaining a vibrant entrepreneurial ecosystem.
Maintaining our economic viability in a rapidly changing world makes it necessary for us to increase our ability to quickly adapt and successfully manage the challenges that change demands of us; individuals as well as organizations. With advanced communication systems at our fingertips, we no longer are insulated from the challenges these accelerating changes force us to face. Our geographic location no longer insulates us from the game changing effects of global competition.
In order to survive and thrive in such an uncertain environment, we must (like any successful team in the world of sports) develop and maintain a superior defensive and offensive strategy; an economic strategy that includes developing an agile and resilient entrepreneurial ecosystem (EE).
The essential elements of building such an ecosystem include developing key capabilities in the following domains: policy (What policies encourage entrepreneurial activity and success?), finance (What kind of financing/funding promotes entrepreneurship?), culture (What kind of culture nurtures entrepreneurship?), support (What support mechanisms are essential for entrepreneurship to flourish?), human capital (What human talent development initiatives build effective entrepreneurs?), and markets (What promising markets should be targeted?).
Key players in supporting and developing these capabilities at the local level include members of the business community, education practitioners, policy makers, local residents, and, of course, entrepreneurs.
Key activities include among others, formulating effective policy, identifying and accessing appropriate financing sources, cultivating a robust entrepreneurial culture, identifying needed coaching and mentoring resources, identifying vital human capital resources, and targeting promising markets. These activities are performed through the collaborative network of the key players mentioned above. Focus and disciplined action is of utmost importance. Completing essential tasks, accomplishing objectives, and achieving goals in a timely manner are vital to realizing desired outcomes.
In addition to in-person communication/meetings, other key resources include use of technology such texting, emails, blogs, webinars, and face-to-face interactive platforms like Skype (Microsoft), FaceTime (Apple), GoToMeeting (Citrix).
It has been said that a journey of a thousand miles begins with the first step. In building a successful EE, making the commitment to starting “now” and taking the “first step” is essential. It is a worthwhile journey with many challenges along the way, but through courageous, focused and disciplined engagement of those challenges comes the desired outcomes. It is a journey as continuous as life itself; one filled with risk and uncertainty; yet one of purpose, progress and prosperity.
This is just a snapshot of the who, what, why, where, when and how of developing an EE for our community. Where the rubber meets the road involves a substantial amount of time and effort. Nonetheless, it adds a vital dimension to the current economic development efforts in our local community and makes for a promising economic future.
If you are interested in more information on this project, email me at: firstname.lastname@example.org
Why Business Model Innovation Matters…
The Silver Creek Economy blog is sponsored by Partnering Technologies, an Arizona-based Learning & Development Company. Their focus is helping rural communities across America and throughout the world build and maintain prosperous, thriving local economies through the systematic application of innovation principles and methodologies. Its founder is Jim Sanderson. Contact him at madison85937@yahoo.