It’s no accident that we focus on local entrepreneurship to build community wealth and resilience.
We believe that entrepreneurship does more than provide a means to achieve individual financial self-sufficiency and economic development. Entrepreneurship is an empowerment mindset that everyone has the capacity to develop and that can transform anyone into a leader in building community wealth. We have distilled this philosophy into five core principles:
Local Business = Good
A strong local economy needs businesses that are owned and operated by people living in the community.
Local Businesses Don’t Just Happen
Local business creation doesn’t necessarily happen spontaneously. The conditions for local business creation need to be catalyzed, cultivated and supported. An entrepreneurial culture is essential.
Service Gap = Untapped Potential
Emerging entrepreneurs and owners of early-stage microenterprises – especially in low-income and low-resourced underserved communities – often lack access to business development support and resources.
Starting Small and Bootstrapping is Best
Instead of shooting for the moon with someone else’s money, it’s often better to start small with what you have and who you know, and let your customers finance your growth. “Lean startup” approaches require little capital and rely on bootstrapping a minimum viable product. This approach makes entrepreneurship accessible to those with limited means and encourages the development of an entrepreneurial “ready for anything” mindset.
There Are No Failures
We encourage folks to “go before they know” through rapid prototyping and iterative failure. Our mantra: fail often, fail fast, fail cheap and fail forward.
Tell us what you think: What strategies do you see working to create successful small businesses that build community wealth? Let us know in the comments!
