November is Entrepreneurship Month! Entrepreneurship can provide many benefits at the individual level, at the family level, and at the community level. According to Main Street America’s research, approximately 175,000 businesses in Main Street communities employ approximately 2.1 million individuals. But beyond jobs, entrepreneurship can impact, influence, or spur resiliency, creativity, community pride, and so much more. Communities that embrace and support small businesses, especially through a strong local entrepreneurial ecosystem, benefit from a wide range of positive outcomes.
Entrepreneurs are problem solvers. They identify market gaps and opportunities, recognize unmet needs, and identify solutions. This innovative entrepreneurial spirit motivates the development of new products, services, and experiences for the use and enjoyment of residents and visitors. Local entrepreneurs are often better informed about the needs and preferences of their communities than outside businesses, enabling them to create solutions that are better suited to local conditions. Entrepreneurs can also help diversify the local economy by reducing the dependence on a specific industry, making the community more resilient to economic downturns, industry shifts, and external shocks.
Small businesses support communities in many ways, from stronger local economies to vibrant third spaces. Here are three ways that supporting small can help revitalize your Main Street.
Social Impact
Entrepreneurship has a significant social impact on local communities. Entrepreneurs often invest in their communities by sponsoring local sports teams and cultural events, supporting local charities, and participating in community development projects. This sense of social responsibility helps foster a strong community spirit and encourages others to participate in local initiatives. Many entrepreneurs are supporters and board members of their local Main Street Program. Our 2023 Small Business Survey revealed that 80% of small business owners live in the community where their business is located. Local business owners are more likely to reinvest their profits into the community than large corporations. They can have a network of local suppliers, collaborate with other small businesses, and help to create a sense of pride within the community.
Community Resiliency
Entrepreneurs play a role in developing the local talent pool by providing training and mentorship opportunities. Through internships, apprenticeships, and job training programs, they help to build a skilled workforce that can contribute to the growth of the local economy. By supporting education and skills development, entrepreneurs not only enhance the employability of residents but also create a pipeline of future entrepreneurs and community leaders.