Day 122: What is This Entreprenuer Thing?

Day 122:  What is this entrepreneur thing?   In my neck of the woods communities seem to struggle to figure out how to help start-up businesses.  For some reason start-ups just don’t seem to be treated as sexy.  I think economic development and chamber of commerce organizations should focus 90% of their time helping existing business and start-ups.  Chasing companies get all the attention but it is your start-ups and existing businesses that sustain and truly grow a community.  so, why don’t you spend more time with them?  I saw a number from the SBA that said on average a start-up will spend $24,000 for the first year.  Most of that $24,000 is being spent in your community.  If you have a 100 start-ups each year, which is really a conservative number, these start-ups are spending $2,400,000 in your economy.  That’s an impressive number.  AND, these start-ups can become your next great existing business.  Of course there is a difference in a restaurant and a software developer.  But they all are important to the fabric of a community.  These 100 start-ups can eat up a lot of time for you.  Because of that I would try to focus more on the start-ups that are adding value to a product.  Businesses that are making things.  A dry cleaner or restaurant are important, but when you have limited time, I would focus more on the businesses making stuff.  Next:  What can I offer start-ups?

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